Recommendations for Improving Canada's Financial Sector

This document is a written submission for the pre-budget consultations ahead of the upcoming federal budget. It outlines a series of recommendations aimed at enhancing the effectiveness and competitiveness of Canada's financial sector. The proposals include making financial services more affordable for consumers by implementing consumer-driven banking, expediting cash flow for businesses through the launch of a real-time payment system, and boosting productivity by establishing competition mandates for financial sector regulators. Furthermore, it emphasizes the need to protect monetary security by regulating the issuance of fiat-backed stablecoins and removing barriers that hinder Canadians' access to tax-advantaged savings. The document highlights the current challenges faced by Canadians, such as high fees for financial services and limited access to financing, and stresses the importance of political action to address these issues. Overall, the recommendations aim to create a more productive, inclusive, and resilient economy.