In March 2023, former Prime Minister Justin Trudeau's government enacted regulations limiting non-sufficient funds (NSF) fees to a maximum of $10 in Canada. This initiative seeks to ease the financial burden on consumers, as banks typically charged fees between $45 and $48 for such occurrences. Additionally, banks must provide account holders with a three-hour alert before charging an NSF fee. This measure, set to take effect in March 2026, is expected to save Canadians $4.1 billion over ten years and reflects the government’s commitment to consumer protection through consultations and careful planning.
According to an order-in-council dated March 12, two days before Trudeau resigned, banks won't be allowed to charge more than $10 if someone doesn't have enough money in their personal accounts.
The government predicts the measure will reduce NSF fees charged by Canadian banks by $4.1 billion over 10 years, highlighting its potential financial impact on consumers.
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