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Supreme Court to hear Saskatchewan pronoun law appeals amid Charter rights debate

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The Supreme Court of Canada has agreed to hear cross appeals concerning Saskatchewan’s school pronoun law, a controversial measure that prevents children under 16 years of age from changing their names or pronouns at school without parental consent.

No hearing date has been set yet for the case, which involves appeals from both the Saskatchewan government and UR Pride, a 2SLGBTQ+ advocacy group based in Regina.

Premier Scott Moe’s government first introduced the rule in 2023, arguing that parents must be involved in important decisions their children make in schools. UR Pride challenged the policy, claiming it violates Charter rights and harms gender-diverse youth.

A judge initially granted an injunction to pause the policy, but the province later passed it into law and invoked the notwithstanding clause, shielding the legislation from certain Charter challenges for five years.

The province then argued that the case should be dismissed because of the clause’s protection. However, Saskatchewan’s Court of Appeal ruled earlier this year that while the law itself cannot be struck down under the clause, courts can still declare whether it violates constitutional rights.

Importantly, the court noted that Section 12 of the Charter—the right to be free from cruel and unusual treatment—was not covered by the notwithstanding clause, allowing UR Pride to continue its challenge on that basis.

Both parties have appealed to the Supreme Court, asking it to fast-track the case alongside a related challenge to Quebec’s Bill 21, which bans public sector workers from wearing religious symbols. Quebec also invoked the notwithstanding clause in its law, setting up two major constitutional cases that could reshape the boundaries of Charter protections in Canada.

Budget 2025 makes National School Food Program permanent with $216M annual funding

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The federal government’s 2025 budget has pledged to make the National School Food Program a permanent fixture of Canadian education, with $216.6 million in annual funding beginning in 2029 — building on the $1 billion already committed for the program’s first five years.

The initiative aims to ensure that every child in Canada has access to nutritious meals at school. However, experts caution that the move does not mean free lunches for all students, and significant coordination will be required across provinces and territories to make the system equitable and sustainable.

At two schools in north Etobicoke, about 80 students join the breakfast club daily, enjoying cereal, fruit, and yogurt before class. But as Khudaija Sheikh of Albion Neighbourhood Services notes, limited funding keeps expansion out of reach for many families already struggling between “a roof over their heads or groceries on the table.”

Researchers say that while the federal commitment provides a “solid foundation,” the program will only succeed if provinces, municipalities, and community organizations also contribute.

“The current amount isn’t enough for the kind of hot, daily lunch most families imagine,” says Amberley Ruetz, a University of Saskatchewan researcher. She estimates that a U.S.-style universal lunch program could cost $6.50 per student per day, pushing the total national cost into the billions.

Newfoundland and Labrador — the first province to sign a three-year agreement under the national plan — has already expanded its School Lunch Association model to reach half of its 63,000 students, up from one-third last year. Executive director John Finn welcomes the progress but stresses that long-term success will depend on shared investment from governments, donors, and families.

“Federal investment doesn’t mean free lunch,” Finn said. “Every level of government needs to play its part.”

In Ontario, community organizations like the Sharing Place Food Centre have been filling the gaps by subsidizing groceries for school programs by 50%. Its director Chris Peacock notes that rising food prices have forced schools to switch from fresh meals to cheaper “fillers” such as granola bars.

“One in three kids in our region are food insecure,” he said. “The funding helps, but we need provinces to step up and unify what’s now a fractured system.”

Advocates hope that with coordinated policies, the permanent School Food Program could evolve into a universal, locally supported model, ensuring that no child in Canada goes hungry at school.

Canada to overhaul national emergency alert system with $55M federal funding

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The federal government has earmarked over $55 million in the 2025 budget to design a new national emergency alert system, fulfilling a key recommendation from the Mass Casualty Commission that reviewed the 2020 Nova Scotia mass shooting, which claimed 22 lives.

The current National Public Alerting System, known as Alert Ready, broadcasts urgent warnings about public safety threats and natural disasters through cellphones, TV, and radio. It is jointly managed by federal, provincial, and territorial governments, along with private partners.

The commission had sharply criticized the RCMP for failing to use the alert system during the 2020 rampage, instead relying on Twitter updates. Families of victims said a timely alert could have saved lives.

Darcy Dobson, whose mother Heather O’Brien, a nurse, was among the victims, said she remains “cautiously optimistic” about the announcement.

“A public alert would have prevented the murders of many innocent people, including my own mother,” Dobson said. “But this funding must lead to real, meaningful change.”

Currently, Ontario-based Pelmorex Corp. operates Alert Ready for the government — a setup some experts say limits transparency and flexibility.

The Canadian Radio-television and Telecommunications Commission (CRTC) has launched a public consultation to gather feedback on improving alert accessibility, including multilingual alerts and broader coverage nationwide.

Nova Scotia officials welcomed the federal funding, noting the province’s progress since the tragedy. In August, it launched the NS Alert app, which delivers real-time emergency updates via 3G and Wi-Fi networks on both Android and iOS.

“The province welcomes collaboration and federal support to ensure the safety of all Canadians,” said Sarah Sibley, a provincial spokesperson.

According to the budget, Public Safety Canada will receive $55.4 million over four years starting in 2026–27, followed by $13.4 million annually to sustain the new alerting model.

The proposed overhaul marks one of the first tangible federal responses to the Mass Casualty Commission’s findings, signaling Ottawa’s intent to modernize how Canadians are warned during crises.

BIOTECanada Hails Federal Budget Wins for Life Sciences Growth and Innovation

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BIOTECanada, the national industry association representing Canada’s biotechnology and life sciences sector, has praised the 2025 Federal Budget for delivering “breakthrough wins” that strengthen the country’s innovation ecosystem and economic resilience.

In a statement released via Business Wire, BIOTECanada said the budget’s measures will accelerate investment, research, and regulatory modernization—helping Canada position itself as a global leader in biotechnology and a key driver of sustainable growth.

Key Announcements and Investments

The federal budget identifies life sciences as a strategic national sector, prioritizing it under major innovation and financing programs, including:

  • A $1-billion Venture Capital Catalyst Initiative (VCCI) with a dedicated directive for life sciences investment.

  • The expansion of SR&ED (Scientific Research and Experimental Development) eligibility to support early-stage R&D.

  • A more competitive intellectual property (IP) regime to protect and scale Canadian innovations.

  • Dual-use technology commitments, supporting advancements that serve both civilian and defence applications.

“The government clearly recognizes life sciences as a strategic driver of Canada’s economy,” said Wendy Zatylny, President and CEO of BIOTECanada.
“These measures strengthen the full innovation continuum—from early-stage research to scale-up investment—helping companies grow in Canada, attract global capital, and anchor more of the value chain at home.”

Sector Significance

Canada’s life sciences industry employs thousands of skilled professionals, drives innovation in health, environment, and food security, and attracts significant foreign direct investment.

Globally, countries are increasingly treating biotechnology as a pillar of economic and national security. Canada’s investments position it to capitalize on this momentum, fostering a robust foundation for future growth.

BIOTECanada noted that continued collaboration between government and industry will be essential to translate these policy commitments into long-term competitiveness and sustainable economic impact.

About BIOTECanada

BIOTECanada represents over 200 member organizations spanning pre-commercial biotech startups, global pharmaceutical firms, venture investors, accelerators, and academic institutions.

The association advocates for biotechnology as a critical tool in addressing human health, food sustainability, and climate challenges — areas increasingly central to Canada’s global leadership goals.

“A strong life sciences sector depends on consistent, connected policy—from SR&ED research to venture capital support. The 2025 budget helps complete that continuum,” Zatylny added.

For more information, visit www.biotech.ca.

(Source: Business Wire)

Canada Reconsiders $27.7B F-35 Fighter Deal as Saab Offers Gripen Production Partnership

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Canada’s ambitious $27.7 billion F-35 fighter jet deal with the United States has entered a period of uncertainty, as Prime Minister Mark Carney’s government reviews the purchase amid rising costs and strained relations with President Donald Trump’s administration.

While the Royal Canadian Air Force (RCAF) continues preparations for the arrival of the first 16 jets already under contract, a strategically timed proposal from Sweden’s Saab has injected new complexity into Canada’s fighter procurement debate.

Saab’s Pitch: A Gripen Production Line in Canada

Swedish aerospace firm Saab, which produces the JAS 39 Gripen multirole fighter, has offered to establish a domestic assembly line in partnership with Bombardier if Canada reconsiders its full F-35 order.

The company, already expanding production to meet Ukraine’s 100+ Gripen order, confirmed it is “considering Canada as a third production site after Sweden and Brazil.”

“We confirm discussions with Saab about the Gripen,” said Mark Masluch, Senior Director of Communications at Bombardier, adding that the company is “open to providing local expertise if the government of Canada decides to go this route.”

A joint venture between Saab and Bombardier is reportedly being discussed, offering Ottawa an industrial offset alternative that could strengthen the country’s aerospace manufacturing base.

However, defence officials caution that operating a mixed fleet of F-35s and Gripens could become a logistical and financial challenge.

F-35 Deal Under Review

Canada originally committed in 2022, under Prime Minister Justin Trudeau, to purchase 88 F-35 fighter jets from Lockheed Martin to replace its aging CF-18 Hornet fleet.

Upon taking office, Prime Minister Carney ordered a comprehensive review of the deal amid ballooning costs and mounting political friction with Washington.

The Auditor General’s 2025 report cited “skyrocketing costs, pilot shortages, and inadequate infrastructure,” with the total project cost rising from $19 billion to $27.7 billion.

“We are full steam ahead until we hear otherwise,” testified Deputy Defence Minister Stefani Beck in October, emphasizing that the RCAF continues to prepare training, infrastructure, and staffing for the F-35 rollout.

Nonetheless, the Carney government’s review, initially expected to conclude in the summer, remains incomplete.

Political and Strategic Crosswinds

Canada’s defense relationship with the U.S. has soured in recent months, as President Trump imposed a series of retaliatory tariffs and made controversial remarks suggesting Canada could become the 51st American state.

This political turbulence has fueled speculation that Ottawa may seek greater autonomy in defense procurement, making Saab’s offer particularly timely.

“Gripen for Canada” could give Ottawa a locally built, NATO-compatible alternative that reduces reliance on the U.S. defense supply chain, analysts note.

However, Lt.-Gen. Jamie Speiser-Blanchet, Commander of the RCAF, warned that introducing a second fighter type would be “a costly logistical nightmare” for operations and maintenance.

Industry and International Context

The JAS 39 Gripen—a lightweight, supersonic multirole jet—has seen renewed demand following Sweden’s NATO integration and Ukraine’s procurement program. The aircraft is prized for its agility, low maintenance costs, and interoperability with NATO systems.

Meanwhile, Lockheed Martin continues to face production delays and cost escalations in multiple partner nations.

The Canadian Department of National Defence (DND) has confirmed that its F-35 review report has been submitted to the Prime Minister’s Office, but no final decision has been announced.

Outlook: A Fighter Fleet in Flux

As the Carney government weighs its options, analysts warn that further delays could jeopardize Canada’s air defense readiness.

“The longer the review takes, the harder it becomes to pivot,” said a senior defence analyst. “Every month of uncertainty risks losing delivery slots and operational momentum.”

With Saab publicly courting Canadian industry partners and the F-35 deal under political strain, Ottawa finds itself at a pivotal crossroads — one that could redefine Canada’s air power strategy and defense industrial policy for decades.

Volvo Canada Achieves Record Sales in 2024, Driven by Conquest and CPO Strategies

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Volvo Car Canada has achieved a new all-time sales record, delivering 13,404 vehicles in 2024, a 4.2% increase over the previous year. The brand’s performance was driven by strong conquest sales initiatives, luxury SUV demand, and a rapidly expanding Certified Pre-Owned (CPO) program.

The milestone reflects Volvo’s success in attracting buyers from mainstream and luxury competitors through its blend of safety, value, and premium innovation.

Sales and Market Performance

Volvo recorded its best-ever monthly sales in September 2025, selling 1,769 vehicles, up 35% year-over-year.
The top-selling models were:

  • XC60: 35% of total sales

  • XC40: 26%

  • XC90: 20%

This surge underscores the continued popularity of luxury SUVs among Canadian buyers and Volvo’s growing appeal in the premium market.

Conquest Sales Strategy

Volvo’s Conquest Bonus program has been key to its growth, incentivizing drivers from brands like BMW, Audi, Lexus, Toyota, and Subaru to make the switch.

Through cash bonuses, special lease rates, and competitive financing, Volvo’s program bridges the gap between mainstream affordability and luxury performance. Eligibility and offers vary by region and model, but the strategy has proven effective in winning over new customer segments.

Certified Pre-Owned Program Expansion

The Certified Pre-Owned (CPO) lineup has emerged as a major contributor to Volvo’s market share. Each CPO vehicle undergoes a 170+ point inspection, comes fully reconditioned, and includes comprehensive warranty coverage.

The CPO program appeals to value-conscious consumers seeking affordable luxury, combining safety, quality, and financial flexibility — helping Volvo compete directly with mainstream brands while maintaining its premium image.

Affordability and Financial Offers

Volvo Canada continues to attract buyers through targeted affordability initiatives, such as:

  • Rate reductions for conquest customers (e.g., 0.5% lower rates on select models),

  • Flexible leasing and financing options, and

  • Competitive pricing across both new and CPO segments.

These offers allow customers to experience premium vehicles without the traditional luxury price tag.

Impact and Future Outlook

Volvo Canada’s combination of product innovation, smart financial incentives, and a robust pre-owned strategy has fueled record-breaking momentum.

With the brand expanding into electric and hybrid mobility, Volvo is well-positioned to sustain growth and capture a larger share of Canada’s evolving luxury vehicle market.

“Our focus on safety, sustainability, and accessibility continues to resonate with Canadians,” Volvo executives noted, highlighting the brand’s commitment to a customer-first, electrified future.

Industry analysts expect Volvo’s upward trajectory to continue through 2026 as more consumers migrate toward EV and hybrid models.

How Presales Drove Canada’s Condo Boom and Collapse

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Canada’s preconstruction condo boom — once a symbol of unrelenting real estate optimism — has turned into one of the sharpest downturns in decades, with sales plunging 95% and a record wave of project cancellations sweeping across the Greater Toronto and Hamilton Area (GTHA).

According to data from Urbanation Inc., just 319 preconstruction units sold in the third quarter of 2025, compared with 7,773 during the same period in 2021, when the market was at its peak. The collapse has left 6,981 units across 32 projects cancelled since early 2024, with another 20 projects (over 4,000 units) at risk.

The Rise — and Fall — of the Presale Frenzy

In 2021, 30,844 preconstruction condos were sold across the region — a record-breaking figure fueled by investor speculation and easy financing. But experts now say the system was a “house of cards” built to fall, as preconstruction prices outpaced real market fundamentals.

“Preconstruction is gambling,” said Dave Fleming, broker with Bosley-Toronto Realty Group Inc. “It was unsustainable, but you couldn’t hear yourself talk because everyone else was ringing the bell on another sale.”

By 2022, preconstruction condos averaged $1,400 per sq. ft., compared with $1,100 for resale units — a 28% premium. Today, resale values have fallen to $957 per sq. ft., while preconstruction prices have only dipped 4%, widening the gap to 41% — the largest on record.

Shrinking Spaces, Soaring Prices

Adding to the imbalance, condos have become smaller but costlier. Data from Statistics Canada’s Housing Statistics Program shows that the median condo size in Toronto fell from 1,000 sq. ft. in the 1970s to under 650 sq. ft. by 2022.

“Condominiums were intended to be cheap starter homes,” said Carolyn Whitzman, senior housing researcher at the University of Toronto’s School of Cities. “They haven’t been that for a long time.”

The Financing Domino Effect

After the 1990s condo crash, lenders began requiring that up to 70% of units in new projects be presold before financing construction. Developers turned to aggressive sales campaigns through “platinum agents,” who often targeted investors buying multiple units.

“The goal of selling out fast creates inherent risks,” said Shaun Hildebrand, president of Urbanation. “Investors ignored negative cash flows — brokers stopped talking about the numbers.”

Without a central registry to track investor activity, some buyers committed to three or more units across projects, amplifying the speculative bubble.

Lessons and Warnings for the Future

Experts argue that the current crash mirrors speculative cycles seen globally. Some recommend treating preconstruction contracts like securities, requiring disclosures and penalties for misleading buyers.

“We’ve been treating housing — a basic need — like a stock,” said Whitzman. “We’ve been so dependent on speculation that it’s biting a lot of people now.”

Ben Haythornthwaite of CoStar Group noted that other countries reduce speculation by raising deposit requirements and delaying sales until construction is closer to completion.

“The longer the boom, the bigger the bust,” Haythornthwaite said.

Meanwhile, real estate lawyer Leor Margulies described the cycle as part of human nature:

“It’s an emotional market. When buyers believe prices will rise, that belief fuels the fire. The ones hit hardest are those who bought more than they could afford.”

Outlook: A Market in Reset Mode

As the dust settles, analysts say the psychological shock may reshape Toronto’s housing landscape.

“After witnessing all this, who’s going to walk into a condo sales centre in 2026?” Fleming asked. “It’s like saying in 2009, ‘I want to buy a mortgage-backed security.’”

Canada’s condo market now faces a hard reckoning — one that could redefine how housing, speculation, and consumer protection intersect in one of the world’s most volatile real estate markets.

(Source: The Globe and Mail)

Canada’s 2025 Budget to Eliminate 40,000 Public Service Jobs, Says Clerk of Privy Council

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Ottawa: Canada’s top public servant, Michael Sabia, has warned that the 2025 Federal Budget’s cost-cutting plan will result in the loss of approximately 40,000 public service jobs as part of Prime Minister Mark Carney’s effort to rein in government spending.

In a memo sent to federal employees following the tabling of the government’s first budget, Sabia — the Clerk of the Privy Council — said the commitment to cut $60 billion over five years will bring “real consequences” for workers and their families.

“That number has real consequences for people who serve their country and for their families. I am not going to try to diminish those consequences — they are real,” Sabia wrote.

Programs to Be Reduced or Terminated

Sabia explained that to meet the Carney government’s fiscal targets, several federal programs will be scaled back, narrowed in scope, or terminated altogether.

“In all, the public service will need about 40,000 fewer people, including some reductions already underway,” the memo said.

These cuts will only proceed once the federal budget passes Parliament later this month.

Swift Decisions and Employee Support

Sabia noted that once the cuts are authorized, decisions will be made swiftly to avoid prolonging uncertainty within the public service.

He assured staff that those affected by layoffs or early retirements will receive support, emphasizing the government’s commitment to manage the transition responsibly.

“We will act quickly to minimize uncertainty — and support those impacted as they navigate this change,” he added.

Fiscal Goals Behind the Cuts

The Carney government’s first federal budget centers on spending less and investing more, with a focus on innovation, housing, and infrastructure. However, this reallocation of resources comes with significant public sector downsizing — one of the largest since the early 1990s.

The $60 billion reduction in federal expenditure over five years is intended to help Canada stabilize its deficit while redirecting funds toward productivity and economic growth.

If passed, the plan will reshape the federal workforce and redefine the scope of government operations, marking a major shift in Ottawa’s fiscal and administrative priorities.

(Source: Internal memo obtained via CBC / Federal Budget 2025 highlights)

KOHO Becomes One of Canada’s First Fintechs Registered as a Payment Service Provider

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Toronto: Canadian fintech leader KOHO has officially become a registered Payment Service Provider (PSP) under the Retail Payment Activities Act (RPAA), making it one of the first fintech companies in Canada to receive this designation from the Bank of Canada.

The milestone, announced via Business Wire, represents a major advancement toward a more transparent, secure, and consumer-first financial system in the country.

By achieving PSP registration, KOHO is now operating under a nationally recognized regulatory framework that enhances the security of user funds, strengthens operational risk management, and enforces ongoing compliance and accountability.

Commitment to Security and Trust

KOHO’s registration signifies a deepened commitment to customer protection and regulatory transparency. Operating under the RPAA framework requires significant investments in people, processes, and technology, ensuring that KOHO maintains the highest standards in financial safety and operational resilience.

“We are incredibly proud to be one of the first registered Payment Service Providers in Canada, marking a pivotal moment in our journey and for the broader fintech industry,” said Daniel Eberhard, founder and CEO of KOHO.
“This registration is the strongest possible testament to the robust tools we’ve built to protect our users and strengthen trust in Canada’s financial system.”

Under the new framework, accountability at KOHO extends directly to its board of directors, reinforcing a culture of responsibility that aligns with the Bank of Canada’s oversight.

Shaping the Future of Regulated Fintech

This development marks a new era of accountability and oversight within Canada’s rapidly evolving fintech ecosystem. By voluntarily embracing federal regulation, KOHO is positioning itself as a pioneer in responsible financial innovation, setting a standard for transparency and consumer confidence in the digital finance sector.

Industry experts see this as a key moment for Canada’s fintech landscape, demonstrating how firms can balance innovation with compliance while contributing to a more resilient national payments infrastructure.

About KOHO

Founded in 2014 and headquartered in Toronto, KOHO offers Canadians a no-fee spending and savings account, accessible via the KOHO app and koho.ca. Its financial tools include:

  • Cover: short-term overdraft protection,

  • Credit Building: tools to help users improve credit scores, and

  • RoundUps: automated savings through micro-investments.

With a mission to empower financial well-being and simplify money management, KOHO continues to transform how Canadians spend, save, and grow their finances.

(Source: Business Wire | www.koho.ca)

Canada Mulls US GENIUS Act Approach to Stablecoin Regulation in 2025 Budget

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Ottawa: Canada’s 2025 Federal Budget has unveiled plans to introduce new stablecoin legislation, closely aligned with the U.S. GENIUS Act, as part of the government’s broader payments modernization strategy.

The proposal, announced on November 4, aims to regulate fiat-backed digital assets to make transactions faster, safer, and more transparent while addressing emerging security and systemic risks in the growing crypto economy.

Under the plan, stablecoin issuers will be required to:

  • Maintain adequate reserve assets,

  • Comply with national security standards,

  • Implement redemption and risk management policies, and

  • Adhere to data protection requirements.

The Bank of Canada will administer the system, with CA $10 million allocated over two years (2026–27) to oversee implementation. Annual operating costs of CA $5 million will be funded through fees from regulated issuers.

Security Concerns and Crypto Risks

While the budget notes that national security safeguards will be embedded in the framework, it stops short of listing specific measures.

Chainalysis, a blockchain analytics firm, cautioned that the stablecoin ecosystem remains vulnerable to shocks — recalling the TerraUSD (UST) collapse in May 2022, which wiped out over $60 billion in market value after losing its U.S. dollar peg.

“The incident underscored the dangers of experimental token models and inadequate collateralization,” Chainalysis said.

The firm also cited major exploits such as the Euler Finance hack in March 2023 (losses of $197 million) and the Curve Finance breach in July 2023, which compromised hundreds of millions in assets.

According to Chainalysis, wider institutional adoption could amplify risks:

“A significant depegging event could compel institutions to realize losses, triggering wider financial contagion.”

Industry Reaction: Optimism and Advocacy

Despite these risks, the Canadian crypto industry has largely welcomed the government’s move.

Stand With Crypto Canada, representing more than 60,000 advocates, called the measure a “major step toward faster, cheaper, and borderless payments.”

“We’re working to ensure Canada builds a thriving blockchain ecosystem that powers innovation and economic growth,” the group said on X (formerly Twitter).

Coinbase Canada CEO Lucas Matheson hailed the development as a “turning point for innovation,” adding:

“Stablecoins will make payments faster, cheaper, and more accessible for all. This shows Canada is ready to lead on digital money.”

Mirroring the U.S. GENIUS Act

Canada’s move strongly mirrors the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, passed by U.S. Congress in June 2025 with bipartisan support.

The GENIUS Act established:

  • Clear legal definitions for payment stablecoins,

  • 1:1 reserve backing in cash or Treasury bills,

  • Mandatory audits and reporting, and

  • AML/KYC compliance requirements.

Large issuers with over $10 billion in circulation fall under federal supervision, while smaller firms are regulated at the state level.

Observers note that Canada’s proposal closely echoes this model — aiming to protect consumers, preserve monetary stability, and position the Canadian dollar competitively in the evolving digital economy.

Stablecoin Market Outlook

According to Bitwise CIO Matt Hougan, the stablecoin and tokenization market is on the verge of exponential expansion.

“People underestimate how fast these technologies will remake markets,” Hougan said. “It’s easy to imagine this market growing 10x or more.”

As of January 2025, total stablecoin supply stood at $187.5 billion, with USDT, USDC, and DAI controlling 97% of total users. USDT dominates the sector, serving over 5.8 million wallets — more than twice USDC’s footprint.

Canada’s approach, analysts say, balances innovation with accountability — potentially positioning it among the global leaders in crypto regulation, alongside the U.S., EU, Japan, and South Korea.

(Source: The Block)

Canada Announces Stablecoin Regulation Framework in 2025 Federal Budget

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Ottawa: Canada is preparing to introduce legislation to regulate fiat-backed stablecoins, marking a major step toward creating a secure and transparent digital asset framework. The proposal was unveiled in the 2025 Federal Budget, signaling the country’s intent to promote “safe innovation” while protecting consumers and financial stability.

According to the budget document, the upcoming legislation will require stablecoin issuers to:

  • Maintain adequate reserve holdings,

  • Implement clear redemption policies,

  • Establish risk management frameworks, and

  • Ensure protection of users’ personal information.

“The legislation will also include national security safeguards to support the integrity of the framework so that fiat-backed stablecoins are safe and secure for consumers and businesses to use,” the document stated.

Oversight and Implementation

The Bank of Canada will oversee the new regulatory regime, retaining CA $10 million from its Consolidated Revenue Fund remittances over two years beginning 2026–27 to administer the framework. From 2028 onward, the bank’s annual administrative costs, estimated at CA $5 million, will be funded through fees collected from regulated stablecoin issuers.

In parallel, the federal government is preparing amendments to the Retail Payment Activities Act to extend oversight to payment service providers utilizing stablecoins.

Officials said the legislation aims to foster confidence and accountability in the fast-evolving crypto ecosystem, ensuring stability while enabling innovation.

Global Context and Industry Consultation

According to Bloomberg, Finance Canada and other federal agencies have been holding intensive consultations with industry stakeholders and regulators to finalize the classification and risk framework for stablecoins. The talks reportedly focused on avoiding capital flight to U.S. dollar-backed tokens while encouraging domestic innovation.

The announcement aligns Canada with a growing global movement toward stablecoin regulation. The U.S. GENIUS Stablecoin Act, passed in July 2025, has become a model for digital asset oversight. Similarly, Europe’s MiCA framework and ongoing regulatory initiatives in Japan and South Korea reflect the worldwide trend toward establishing secure stablecoin ecosystems.

As of November 4, global stablecoin circulation totaled approximately $291 billion, with U.S. dollar-backed tokens dominating the market. Analysts at Standard Chartered estimate that up to $1 trillion could move from emerging market bank deposits into U.S. stablecoins by 2028.

Canada’s forthcoming legislation, experts say, could play a key role in retaining digital capital within Canadian markets while supporting the country’s ambition to be a leader in financial innovation.

(Source: The Block)

Canada Announces Fast-Track Immigration Pathway for H-1B Visa Holders

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Ottawa: Canada has announced a fast-track immigration pathway for H-1B visa holders, forming part of a broader plan to attract skilled professionals and strengthen the country’s innovation and research ecosystem, according to the 2025 Federal Budget, as reported by CIC News.

The new initiative comes in response to the recent U.S. H-1B fee hike, which increased application costs to US $100,000, and seeks to draw displaced talent into Canada’s high-demand sectors such as healthcare, advanced technology, and research.

According to the government, the measure aims to “strengthen Canada’s innovation ecosystem, address labour shortages, and attract top global talent in key sectors.” It forms part of the International Talent Attraction Strategy and Action Plan introduced in the 2025 Budget.

Funding and Research Recruitment Plan

Under the plan, Canada will launch a one-time initiative to recruit over 1,000 international researchers, backed by an investment package worth up to CA $1.7 billion. The goal is to help Canadian universities hire global talent and enhance their research capacity.

The funding package includes:

  • CA $1 billion over 13 years to the Natural Sciences and Engineering Research Council, Social Sciences and Humanities Research Council, and Canadian Institutes of Health Research for a new Accelerated Research Chairs Initiative.

  • CA $400 million over seven years to the Canada Foundation for Innovation to upgrade research infrastructure.

  • CA $133.6 million over three years to assist international PhD students and post-doctoral fellows relocating to Canada.

  • Up to CA $120 million over 12 years to help universities hire international assistant professors.

Boosting Recognition of Foreign Credentials

To complement the strategy, Budget 2025 proposes creating a Foreign Credential Recognition Action Fund, allocating CA $97 million over five years starting 2026–27. Managed by Employment and Social Development Canada (ESDC), the fund will work with provinces and territories to streamline the credential recognition process and help skilled newcomers integrate faster into the workforce.

Officials said the initiative reflects Prime Minister Mark Carney’s government’s ongoing effort to attract top global talent while addressing labour shortages in key sectors critical to Canada’s economic growth.

(Source: Economic Times)