Canada has new laws and measures taking effect in March
Several new laws are set to take effect in Canada, bringing changes that will impact Canadians nationwide.
Canada will see a number of laws and measures implemented this March, and changes range from firearms regulations to new language requirements for lawyers trained abroad.
But perhaps the new rule that’s most likely to impact most Canadians is the upcoming cap on insufficient funds banking fees. Starting in March, banks can only charge a maximum of $10 for transactions declined due to insufficient funds.
And although it’s not new, an ongoing initiative that will compensate some firearms owners is slated to end in March.
Here are all the laws and rules kicking in soon.
Cap on insufficient funds banking fees
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Next month, Ottawa is implementing a cap on the amount that Canadian banks can charge for non-sufficient funds (NSF) fees.
Starting March 12, the NSF fees will be capped at $10 when a customer doesn’t have enough money in a personal deposit account to cover a payment. Banks charge NSF fees when a cheque or pre-authorized debit (PAD) payment is declined due to insufficient funds, and the customer doesn’t have overdraft protection. With those fees typically ranging from $45 to $48, the cost can add up.
“These fees disproportionately impact the financial well-being of low-income Canadians who do not have access to overdraft protection and can perpetuate debt cycles by reducing the amount of available funds with which a consumer could pay their bills,” the government notice reads.
Banks can only charge one NSF fee per account over two business days. Learn more about the new policy on the government site.
Assault-Style Firearms Compensation Program (ASFCP) ends in March
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Since May 2020, the Government of Canada has banned over 2,500 assault-style firearms in an effort to tackle gun violence.
Businesses and individual firearms owners must permanently deactivate or safely dispose of any assault-style firearms by Oct. 30 this year. Failure to do so could result in criminal charges.
“The Assault-Style Firearms Compensation Program (ASFCP) was developed to provide an option for eligible businesses and individuals who own these prohibited firearms to comply with the law,” reads the government website.
To be eligible for compensation, Canadians must declare their firearms by March 31.
New language requirements for foreign-trained lawyers
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Starting on March 1, lawyers in Canada who were trained abroad must soon meet the updated Language Screening Requirement, according to the National Committee on Accreditation (NCA).
“This requirement requires that all applicants to the NCA complete a language competency screening test, in either French or English, before their qualifications are assessed,” reads the notice.
To meet the English requirement, applicants must complete a proctored Versant English Placement Test (VEPT) with a minimum overall score of 61. Applicants can demonstrate their competency in French after completing one of three language tests.
Read the NCA’s language requirements on its website.