The Canadian government is planning to create a new financial crimes agency to fight online scams. Finance Minister François-Philippe Champagne said the national anti-fraud strategy will be introduced on November 4 as part of the fall budget.
Fraud is increasing fast. Scammers are using fake texts, phishing links, and bogus bank emails. Canadians lost around $643 million to fraud in 2024, nearly three times more than in 2020. Experts say only 5–10% of scams are reported.
The government also plans to amend the Bank Act to require banks to have strong policies to prevent and handle fraud. Champagne said the move is “a big, bold step” to make Canada “best in class” in fighting financial crimes. The cost of the new agency is not yet clear.
At the same time, opposition parties are pushing for budget changes. Conservative Leader Pierre Poilievre called for lower taxes and a smaller deficit under $42 billion, warning that Canadians face “empty bank accounts, empty fridges, and empty stomachs.” The deficit is expected to reach $68.5 billion this year.
Other parties also have demands. The Bloc Québécois wants more health funding, housing support, and payments to Quebecers, while the NDP wants increased investment in jobs, health care, and housing. The Liberals may need support from these parties to pass the budget.
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