Promise History
2.03.05 - “We will eliminate] the “swipe fee” on HST and GST for credit transactions [to support our small and medium-sized businesses”
15-Aug-2021
Although consultations are underway, transaction costs have not been eliminated.
19-Apr-2021
The status is “in progress” because consultations are in progress. In the budget, the government is less specific than in the electoral promise with regards to precise actions that they will do to reduce SMEs’ credit fees but the actions undertaken go, for now, at least partially in the sense of the promise.
“The government will engage with key stakeholders to work towards three objectives: - Lower the average overall cost of interchange fees for merchants - Ensure that small businesses benefit from pricing that is similar to large businesses - Protect existing rewards points of consumers. Following consultations with stakeholders, detailed next steps will be outlined as part of the 2021 Fall Economic Statement, including legislative amendments to the Payment Card Networks Act that would provide authority to regulate interchange fees, if necessary”
Forward - A Real Plan for the Middle Class
Reference Documents
“Le gouvernement libéral de Justin Trudeau a promis d’agir afin de faciliter la marche des affaires au sein des petites et moyennes entreprises partout au pays. On peut citer l’élimination des frais sur les taxes de vente (TPS/TVH) pour les paiements par carte de crédit. Cette mesure promet des économies pouvant atteindre 500 millions de dollars chaque année pour les commerçants. La réduction des frais de traitement des cartes de crédit est une autre mesure qui constitue l’aboutissement d’une entente conclue il y a un an entre le fédéral et les sociétés Visa et MasterCard. ”
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