OTTAWA - Ottawa plans to make it easier for Canadians to move their banking and investment accounts in a bid to increase competition and reduce costs for consumers.

The government said as part of Tuesday’s federal budget it will move to eliminate investment and registered account transfer fees, which it said cost Canadians on average $150 per account.

It also said it intends to work with banks on ways to simplify the process of switching primary chequing accounts to other Canadian financial institutions.

“We will introduce measures to enhance competition across the economy – starting with the financial and telecommunications sectors,” said Finance Minister François-Philippe Champagne in the prepared text of his budget speech.

The moves should offer a boost to fintech companies looking

See Full Page