The federal Liberals plan to create a financial crimes agency to tackle online scams, all part of a national anti-fraud strategy, Finance Minister François-Philippe Champagne announced on Monday.
The government will introduce the strategy on Nov. 4 as part of its fall budget, Champagne said at a press conference.
The announcement comes as the minority government looks for a partner in Parliament to help pass its financial agenda.
“This is a big bold step,” Champagne said. “As fraud becomes more sophisticated, more Canadians are being impacted.”
Increasingly intricate financial scams — such as ghost texts, phishing links and phony bank emails — pose a growing threat to Canadians, the minister said.
$643M in losses
Canadians lost an estimated $643 million to fraud in 2024, a nearly threefold increase since 2020, according to the Canadian Anti-Fraud Centre, which estimates only five to 10 per cent of scams are reported.
Among the government’s proposed measures is a plan to amend the Bank Act so that it requires banks to have policies to prevent and address fraud.
“Fighting financial crime in the 21st century is something very complex,” he said. “I want Canada to be best in class.”
The cost of a new financial crimes agency is yet to be calculated, Champagne spokesperson John Fragos told CBC, meaning there will not be a specific amount allocated to it in the coming budget.
Champagne made the announcement alongside Public Safety Minister Gary Anandasangaree, Wayne Long, secretary of state for Canada Revenue Agency and Financial Institutions, and Stephanie McLean, secretary of state for seniors.
Finance Minister François-Philippe Champagne, speaking on Monday from Ottawa, outlines the federal government’s plan to create a new financial crimes agency, to fight fraud and organized crime ahead of Budget 2025.
‘An affordable budget’
The Liberal’s latest pre-budget announcement comes as the Conservatives renew demands for “an affordable budget.”
On Monday, Conservative Leader Pierre Poilievre said that under the Liberals, Canada has “become a country of empty bank accounts, empty fridges and empty stomachs.”
He made the claim in a letter to Prime Minister Mark Carney demanding the government cut taxes and keep the deficit under $42 billion.
Last month, the parliamentary budget officer projected the budget would increase to $68.5 billion this year, up from $51.7 billion last year.
Carney’s first budget will likely include another substantial deficit, though cuts are possible as the prime minister has promised “responsible and pragmatic choices.”
In his letter, Poilievre said the deficit could be reduced by “unlocking more resource development and revenue, and cutting wasteful spending on bureaucracy, consultants, corporate welfare, foreign aid and payouts to false refugee claimants.”
The Conservative leader called for cuts to income tax, capital gains tax, the industrial carbon tax and homebuilding taxes. He also called for the government to scrap the federal fuel standard and end a ban on single-use plastic packaging.
Last week, the Bloc Québécois made 18 demands of the budget, six of which it said were “essential” for its support.
These include an increase to the federal health transfer to the provinces, new infrastructure investments, an expansion of the rapid housing initiative, interest-free loans for first time homebuyers and boosting Old Age Security payments for those aged 65 to 75.
The party is also calling for a one-time $814-million payment to Quebecers it says the federal government owes in carbon tax rebates, even though the federal levy never applied in the province.
These measures would be largely “self-financing,” Bloc finance critic Jean-Denis Garon said.
The Liberals could pass a budget with the support of the New Democrats, given their seven seats in the House.
Interim NDP Leader Don Davies laid out his party’s priorities during a meeting with Carney last week, telling reporters he wants to see “substantial investment” in jobs, health care and housing.
