Canada is introducing a number of new laws and measures in the next month. This May, most of the incoming measures focus on finances, ranging from taxes to banks. Before the month comes (or once it has), here’s what you need to know.
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New Laws And Measures Coming To Canada In May
New Rules for Banks
The Liquidity Adequacy Requirements 2026 Guideline will take effect on May 1, 2026. While there’s a lot of information in this guideline, all you really need to know is that it will implement new rules onto federal banks, bank holding companies, as well as trust and loan companies.
These rules will ensure that these banks have enough funds to cover client withdrawals and payment and settlement obligations at all times. Being able to avoid liquidity problems in the future prevents further issues from forming later on.
Daily Interest From The CRA
With tax season wrapping up, you’ll either be getting money back or owing some. If you’re in the owing group (whether that’s from your taxes or otherwise), then be sure to pay back the money as soon as possible as the Canada Revenue Agency (CRA) will be implementing daily compound interest on outstanding balances from the due date.
This interest will continue until your balance is paid in full. Although, this doesn’t apply if you owe $2 or less, which is the threshold for what the CRA will collect interest on. This new rule will start on May 1, 2026.
