Canada
Canadian financial repression is mild and works mostly through bank regulation and the housing market. OSFI gives Government of Canada debt a 0% risk weight and Level 1 liquidity status, with the same treatment for CMHC-guaranteed mortgage-backed securities. The Bank of Canada ended quantitative tightening in 2025 and since December 2025 buys treasury bills at primary auctions. Housing is the most regulated store of value: a federal ban on non-Canadian buyers runs to 1 January 2027, Ontario and British Columbia levy 25% and 20% foreign-buyer taxes, and both provinces cap rent increases on sitting tenants at or below inflation. Crypto is fenced in by a $30,000 annual limit on most tokens for retail clients of regulated platforms and by stablecoin reserve rules; the Stablecoin Act, which bars interest to holders, is passed but not yet in force, while a $10,000 cash-payment ban and crypto transaction reporting are still bills.
- 10 in force
- 1 enacted
- 2 proposed or under discussion
Measures as of
How the index is built
Each segment is what one category of rules, or the market pillar, adds to the index. The full bar is 100.
- Captive demand 3.2
- Central bank financing 6.4
- Capital controls 3.2
- Rate caps 2.8
- Prudential sovereign bias 4.0
- Directed credit 0.0
- Tax incentives 0.0
- Real asset restrictions 3.7
- Transaction taxes 0.0
- Market pillar 8.0
Index = 80% × rules (29.1) + 20% × market (40.0) = 31.3
The method in plain words
- Rules pillar (0–100). Each of the 9 categories can add up to its weight (the weights sum to 100). A category's intensity grows with every in-force measure in it: one measure counts by its severity factor (0.25 for severity 1, 0.5 for 2, 0.8 for 3), and each further measure closes part of the remaining gap, so breadth adds with diminishing returns: two severity-3 measures give 96%.
- Market pillar (0–100). The average of the market readings below: how negative the real policy rate is, and how much of the government's debt is held by its own central bank and banks.
- Index. 80% rules + 20% market when market data exists, otherwise rules alone. Laws passed but not yet applying count only in the outlook; proposals never count.
The 9 categories
Weight = the most points a category can add to the rules pillar. Intensity = how much of that weight the in-force measures fill. Open a category to see the measures counted; “What is this?” shows the instruments behind it, worldwide and in history.
- 1 enacted not countedWeight 16Intensity 25%Points 3.2 → 8.0 once enacted laws apply
Mandated holdings of government debt by pension funds, insurers or banks. What is this? →
Captive demand: measures counted in the index Measure counted Severity Factor Points 1 of 3 0.25 3.2 - Weight 16Intensity 50%Points 6.4
Central bank purchases of government debt, yield curve control, direct monetary financing. What is this? →
Central bank financing: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 6.4 - 1 proposed not countedWeight 16Intensity 25%Points 3.2
Limits on moving money abroad, outbound investment limits, FX controls. What is this? →
Capital controls: measures counted in the index Measure counted Severity Factor Points 1 of 3 0.25 3.2 - Weight 14Intensity 25%Points 2.8
Caps or ceilings on deposit or lending rates, and administered interest rates. What is this? →
Rate caps: measures counted in the index Measure counted Severity Factor Points 1 of 3 0.25 2.8 - Weight 10Intensity 50%Points 4.0
Prudential rules that favor sovereign debt (zero risk weights, liquidity-buffer rules, leverage-ratio exemptions). What is this? →
Prudential sovereign bias: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 4.0 - Directed creditWeight 10Intensity 0%Points 0.0
State-directed lending, credit guidance, and mandates to invest domestically or in state priorities. No in-force measures here. What is this? →
- Tax incentivesWeight 7Intensity 0%Points 0.0
Tax privileges for government bonds, or tax penalties on competing assets. No in-force measures here. What is this? →
- 1 proposed not countedWeight 6Intensity 76%Points 3.7
Rent controls, property curbs, and limits on owning gold, cash or crypto. What is this? →
Real asset restrictions: measures counted in the index Measure counted Severity Factor Points 1 of 3 0.25 0.7 1 of 3 0.25 0.7 1 of 3 0.25 0.7 1 of 3 0.25 0.7 1 of 3 0.25 0.7 - Transaction taxesWeight 5Intensity 0%Points 0.0
Financial transaction taxes, stamp duties and similar levies on non-government assets. No in-force measures here. What is this? →
Market pillar 40.0 / 100
The average of the readings that have data, worth 20% of the index (8.0 points here).
Real policy rate
39.7 / 100-0.8% · Aug 2026
Policy rate minus inflation. A real rate of +2% or more scores 0; −5% or less scores 100; in between it scales in a straight line. Savers lose most when it is deeply negative.
Policy rate 2.25% minus consumer price inflation 3.034% (year on year), 2026-08.
Debt held by the central bank and domestic banks
40.2 / 10024.1% of government debt · 2025-Q4
Share of government debt held by the domestic central bank and domestic banks. 0% scores 0; 60% or more scores 100; in between it scales in a straight line.
Central bank 5.88% + domestic banks 18.24% of general government debt, 2025-Q4.
Indicators
Measured data from international sources, alongside the rules above. Real rates below zero mean savers lose purchasing power.
Policy rate, inflation and real rate
Who holds government debt
The liquidation effect follows Reinhart and Sbrancia: with a negative real rate, about −(real rate × debt) of GDP moves from savers to the state each year. It uses the policy rate, so treat it as a rough guide. Sources: BIS, BIS central bank policy rates; BIS consumer prices; IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Measures
Every measure tracked here, with its legal basis and sources. Only in-force measures count in the index.
In force (10)
Bank of Canada ends QT and buys GoC treasury bills at primary auctions
Adds 6.4 points to the index
The Bank of Canada ended quantitative tightening and restarted asset purchases with term repos from 5 March 2025, then resumed purchases of Government of Canada treasury bills from 16 December 2025, bought in the primary market at GoC auctions on a non-competitive basis. Purchases of GoC bonds, in the secondary market, are expected to start around 2027.
Why it counts: The central bank becomes a standing, price-insensitive buyer of new federal debt at auction as its balance sheet grows with currency in circulation, absorbing part of each bill issue.
Legal basis Bank of Canada market notice: restart of Government of Canada treasury bill purchases and 2 more
Bank of Canada market notice: restart of Government of Canada treasury bill purchasesPrimary source
“The Bank will resume purchases of treasury bills effective December 16, 2025, with purchases being conducted in the primary market at GoC auctions on a non-competitive basis.”
Bank of Canada Act (R.S.C., 1985, c. B-2), Section 18(c)Primary source
“buy and sell securities issued or guaranteed by Canada or any province;”
Bank of Canada market notice: operational details for restarting asset purchases to end quantitative tighteningPrimary source
“Today, the Bank of Canada is announcing its plan to complete its balance sheet normalization, ending quantitative tightening.”
Criminal interest rate cut to 35% APR
Adds 2.8 points to the index
Section 347 of the Criminal Code makes it an offence to lend at a criminal rate, defined as an annual percentage rate above 35 per cent on the credit advanced. From 1 January 2025 the cap moved from an effective annual rate of 60% to 35% APR; regulations exempt commercial loans over $500,000 to non-individuals and allow up to 48% APR on some commercial loans between $10,000 and $500,000 and on small pawn loans.
Why it counts: A legal ceiling on lending rates limits what non-bank lenders and credit investors can earn on high-risk consumer credit; it is mild and narrow, as it binds only far above market rates.
Legal basis Criminal Code (R.S.C., 1985, c. C-46), Section 347(2), definition of "criminal rate"
Criminal Code (R.S.C., 1985, c. C-46), Section 347(2), definition of "criminal rate"Primary source
“means an annual percentage rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds 35 per cent on the credit advanced;”
Crypto trading platforms: $30,000 annual net purchase limit for retail clients (non-specified crypto assets)
Adds 0.7 points to the index
Under the exemptive decisions that let crypto asset trading platforms operate in Canada, a client may buy, on a net basis over the preceding 12 months, no more than $30,000 of crypto assets other than 'Specified Crypto Assets' (bitcoin, ether, bitcoin cash, litecoin and compliant value-referenced crypto assets). Under the suitability model, limits are $30,000 for non-eligible investors and $100,000 for eligible crypto investors, with no limit for accredited crypto investors; residents of some provinces (Alberta, British Columbia, Manitoba, Québec and Saskatchewan in the April 2026 Coinbase decision) are excluded.
Why it counts: Caps how much retail savers can move into most crypto assets through regulated domestic platforms, limiting one route out of bank deposits and Canadian-dollar assets.
Legal basis OSC Director's Decision: Coinbase Canada Inc. and Coinbase, Inc. (exemptive relief under Ontario securities legislation, passport decision), Investment limit condition and 1 more
OSC Director's Decision: Coinbase Canada Inc. and Coinbase, Inc. (exemptive relief under Ontario securities legislation, passport decision), Investment limit conditionPrimary source
“in the preceding 12 months does not exceed a net acquisition cost of $30,000.”
OSC Staff Notice 33-757, Investment limitsPrimary source
“$30,000 for a client that does not meet the definition of an eligible crypto investor, $100,000 for a client that meets the definition of an eligible crypto investor, and no investment limit for a client that meets the definition of an accredited crypto investor.”
Stablecoins on Canadian crypto platforms must be backed by cash, 90-day Canadian or U.S. government debt, or money market funds
Adds 3.2 points to the index
Registered crypto trading platforms may let clients buy or deposit only value-referenced crypto assets (stablecoins) that meet conditions in their exemptive decisions, including a reserve in the reference currency made up of cash, debt with 90 days or less to maturity issued or guaranteed by the government of Canada or of the United States, regulated money market funds, or other assets regulators consent to.
Why it counts: Stablecoins sold to Canadians must park their reserves in cash and short-term sovereign paper, creating captive demand for treasury bills while holders earn nothing.
Legal basis OSC Director's Decision: Coinbase Canada Inc. and Coinbase, Inc., Condition XXIX(b) and Appendix C (value-referenced crypto asset conditions), para. (d)(i) and 1 more
OSC Director's Decision: Coinbase Canada Inc. and Coinbase, Inc., Condition XXIX(b) and Appendix C (value-referenced crypto asset conditions), para. (d)(i)Primary source
“investments that are evidence of indebtedness with a remaining term to maturity of 90 days or less and that are issued, or fully and unconditionally guaranteed as to principal and interest, by the government of Canada or the government of the United States;”
OSC Director's Decision: Coinbase Canada Inc. and Coinbase, Inc., Condition XXIX(b)Primary source
“Value-Referenced Crypto Assets other than Value-Referenced Crypto Assets that meet the terms and conditions in Appendix C of this Decision.”
Ban on purchases of residential property by non-Canadians (to 1 January 2027)
Adds 0.7 points to the index
The Prohibition on the Purchase of Residential Property by Non-Canadians Act bars foreign nationals and foreign-controlled commercial enterprises from buying residential property, with exceptions for some temporary residents, protected persons and other prescribed cases; the regulations limit it to census metropolitan areas and census agglomerations. In force since January 2023, it was extended in 2024 from 1 January 2025 to 1 January 2027; a repeal provision of the 2022 enacting act is listed as not yet in force.
Why it counts: Closes the domestic housing market to foreign capital, narrowing the buyer pool and the exit value of Canadian residential property; mainly an affordability measure.
Legal basis Prohibition on the Purchase of Residential Property by Non-Canadians Act (S.C. 2022, c. 10, s. 235), Section 4(1) and 3 more
Prohibition on the Purchase of Residential Property by Non-Canadians Act (S.C. 2022, c. 10, s. 235), Section 4(1)Primary source
“Despite section 34 of the Citizenship Act , it is prohibited for a non-Canadian to purchase, directly or indirectly, any residential property.”
Prohibition on the Purchase of Residential Property by Non-Canadians Regulations (SOR/2022-250)Primary source
“makes the annexed Prohibition on the Purchase of Residential Property by Non-Canadians Regulations under section 8 of the Prohibition on the Purchase of Residential Property by Non-Canadians Act”
Department of Finance Canada news release: two-year extension of the foreign-buyer banPrimary source
“which is currently set to expire on January 1, 2025, will be extended to January 1, 2027.”
Budget Implementation Act, 2022, No. 1 (S.C. 2022, c. 10), as amended by S.C. 2024, c. 17, Budget Implementation Act, 2022, No. 1 (S.C. 2022, c. 10), s. 237(2), as amended by S.C. 2024, c. 17, s. 149Primary source
“Section 236 comes into force on the fourth anniversary of the day on which section 235 comes into force.”
Provincial foreign-buyer taxes: Ontario NRST 25%, British Columbia additional transfer tax 20%
Adds 0.7 points to the index
Ontario's Non-Resident Speculation Tax applies to purchases of residential property (one to six single-family residences) anywhere in Ontario by foreign nationals, foreign corporations and taxable trustees, at 25% since 25 October 2022, on top of the land transfer tax. British Columbia's additional property transfer tax charges foreign entities and taxable trustees 20% of the fair market value of their share of residential property in specified areas.
Why it counts: Punitive transfer taxes on non-resident buyers wall off provincial housing markets from foreign capital and cut the exit value and liquidity of residential property.
Legal basis Land Transfer Tax Act (R.S.O. 1990, c. L.6), Section 2(2.1) Additional tax on foreign entities and taxable trustees and 3 more
Land Transfer Tax Act (R.S.O. 1990, c. L.6), Section 2(2.1) Additional tax on foreign entities and taxable trusteesPrimary source
“every person who, on or after April 21, 2017, tenders for registration in Ontario a conveyance by which any designated land that is located within the specified region is conveyed to a foreign entity or a taxable trustee shall pay”
Ontario Ministry of Finance guidance: Non-Resident Speculation Tax (rate under O. Reg. 182/17), OverviewPrimary source
“Effective October 25, 2022, the NRST rate is 25%.”
Property Transfer Tax Act (R.S.B.C. 1996, c. 378), Section 2.02(2)Primary source
“the subject matter of the taxable transaction includes residential property located, in whole or in part, within a specified area, and (b) any transferee is a foreign entity or taxable trustee, or both.”
B.C. Ministry of Finance guidance: Additional property transfer tax for foreign entities and taxable trusteesPrimary source
“If the property transfer is within the following areas, the tax rate is 20% on the fair market value of your proportionate share:”
Bank prudential rules favoring Government of Canada debt (0% risk weight, LCR Level 1)
Adds 4.0 points to the index
Under OSFI's Capital Adequacy Requirements, exposures to the Canadian sovereign and the Bank of Canada are risk-weighted at 0%, and provinces, territories and government agents whose debts are obligations of the parent government get the same weight as the Government of Canada. Under the Liquidity Adequacy Requirements, sovereign securities count as Level 1 liquid assets, which carry no haircut and no cap, and NHA mortgage-backed securities guaranteed by the federal housing agency may also be counted as Level 1.
Why it counts: Banks can meet capital and liquidity rules with federal, provincial and CMHC-guaranteed paper at no capital cost, which builds structural bank demand for government and government-guaranteed debt.
Legal basis OSFI Guideline: Capital Adequacy Requirements (CAR) (2027), Chapter 4 - Credit Risk - Standardized Approach (issued under the Bank Act), Section 4.1.1 Exposures to sovereigns and central banks and 2 more
OSFI Guideline: Capital Adequacy Requirements (CAR) (2027), Chapter 4 - Credit Risk - Standardized Approach (issued under the Bank Act), Section 4.1.1 Exposures to sovereigns and central banksPrimary source
“For capital adequacy purposes, exposures to the Canadian sovereign and central bank are to be risk-weighted at 0%.”
OSFI Guideline: Liquidity Adequacy Requirements (LAR) (2026), Chapter 2 - Liquidity Coverage Ratio, Level 1 assetsPrimary source
“Level 1 assets will not be subject to a haircut (i.e. can be included in HQLA at 100% of their market value).”
OSFI Guideline: Liquidity Adequacy Requirements (LAR) (2026), Chapter 2 - Liquidity Coverage Ratio, Level 1 assets (NHA MBS)Primary source
“Securities issued under the National Housing Act Mortgage Backed Securities (NHA MBS) program may be included as Level 1 assets.”
Ontario rent increase guideline (2.1% in 2026, 1.9% in 2027, capped at 2.5%)
Adds 0.7 points to the index
Under the Residential Tenancies Act, 2006, landlords may not raise a sitting tenant's rent by more than the annual guideline without Landlord and Tenant Board approval. The guideline follows Ontario CPI but can be no more than 2.5%; it is 2.1% for 2026 and 1.9% for 2027. Units first occupied for residential purposes after 15 November 2018 are exempt, and rents reset freely on turnover.
Why it counts: Holds rents on existing tenancies at or below inflation, eroding the real return on residential rental property held by savers and landlords.
Legal basis Residential Tenancies Act, 2006 (S.O. 2006, c. 17), Section 120(1) and 2 more
Residential Tenancies Act, 2006 (S.O. 2006, c. 17), Section 120(1)Primary source
“No landlord may increase the rent charged to a tenant, or to an assignee under section 95, during the term of their tenancy by more than the guideline,”
Residential Tenancies Act, 2006 (S.O. 2006, c. 17), Section 120(2), paragraph 2Primary source
“The guideline for a calendar year shall be not more than 2.5 per cent.”
Government of Ontario guidance: Residential rent increases, Rent increase guidelinePrimary source
“The rent increase guideline for 2027 is 1.9% . The guideline is the maximum a landlord can increase most tenants’ rent during a year without the approval of the Landlord and Tenant Board.”
British Columbia annual rent increase limit (2.3% in 2026, 2.2% in 2027)
Adds 0.7 points to the index
Under B.C.'s Residential Tenancy Act a landlord may raise rent only up to the amount set by regulation, once every 12 months and with three months' notice, unless the tenant agrees or the director approves more. The limit is tied to the 12-month average B.C. CPI: 2.3% for 2026 and 2.2% for 2027.
Why it counts: Caps rent growth on existing tenancies at or below inflation, eroding the real return on rental property.
Legal basis Residential Tenancy Act (S.B.C. 2002, c. 78), Section 43(1) and 1 more
Residential Tenancy Act (S.B.C. 2002, c. 78), Section 43(1)Primary source
“A landlord may impose a rent increase only up to the amount (a) calculated in accordance with the regulations, (b) ordered by the director on an application under subsection (3), or (c) agreed to by the tenant in writing.”
Residential Tenancy Branch: rent increase limitsPrimary source
“The 2026 rent increase limit for residential tenancies is 2.3%. The 2027 rent increase limit for residential tenancies is 2.2%.”
Form T1135: annual reporting of foreign property costing over $100,000
Adds 3.2 points to the index
Canadian residents (individuals, corporations, trusts and some partnerships) whose specified foreign property has a total cost amount above $100,000 at any time in the year must file Form T1135 with the CRA. Late filing or omissions attract penalties, and failure to report can extend the normal reassessment period by three years.
Why it counts: Makes savings held abroad visible to the tax authority and costly to get wrong, adding friction to moving savings out of Canadian assets; it is a reporting rule, not a ban.
Legal basis Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.)), Section 233.3(1), definition of "reporting entity"
Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.)), Section 233.3(1), definition of "reporting entity"Primary source
“the total of all amounts each of which is the cost amount to the entity of a specified foreign property of the entity exceeds $100,000.”
Enacted, not yet in force (1)
Stablecoin Act: reserves in cash or high-quality liquid assets, no interest or yield to holders
Counts in the outlook only: adds 5.7 points once it applies
The Stablecoin Act, enacted by the Budget 2025 Implementation Act, No. 1 (Royal Assent 26 March 2026), will make the Bank of Canada supervisor of stablecoin issuers, who must hold a reserve at least equal to the par value of outstanding coins, composed exclusively of the reference currency or other high-quality liquid assets in that currency, and may not pay holders any interest or yield. No provision is in force yet: they come into force on dates fixed by order in council, and DLA Piper expects the framework to come into force in 2027 once regulations are made.
Why it counts: Fiat-backed stablecoins must be backed by cash and liquid assets, in practice largely short-term government paper, while the yield on those reserves cannot be passed to holders, creating a zero-interest claim backed by state debt.
Legal basis Stablecoin Act (S.C. 2026, c. 3, s. 600), official consolidation, Stablecoin Act (S.C. 2026, c. 3, s. 600), s. 37(3) and 2 more
Stablecoin Act (S.C. 2026, c. 3, s. 600), official consolidation, Stablecoin Act (S.C. 2026, c. 3, s. 600), s. 37(3)Primary source
“The reserve of assets must be composed exclusively of the reference currency or other high-quality liquid assets that are (a) denominated in the reference currency;”
Stablecoin Act (S.C. 2026, c. 3, s. 600), official consolidation, Stablecoin Act, section 32 (No Interest or Yield Prohibition)Primary source
“An issuer must not, directly or indirectly, grant or pay to the holder of a stablecoin that the issuer has issued any form of interest or yield in respect of that stablecoin,”
Stablecoin Act (S.C. 2026, c. 3, s. 600), official consolidation, Stablecoin Act, section 97 (Coming into Force)Primary source
“The provisions of this Act come into force on a day or days to be fixed by order of the Governor in Council.”
Proposed (2)
Crypto-Asset Reporting Framework: platforms to report users' crypto transactions to the CRA (Bill C-31)
Not counted in the index
Bill C-31, the Budget 2025 Implementation Act, No. 2, would add Part XXI to the Income Tax Act implementing the OECD Crypto-Asset Reporting Framework: reporting crypto-asset service providers must report the name, address, jurisdiction of residence, TIN and date of birth of reportable users and their transactions, from the 2027 calendar year. Introduced on 6 May 2026, the bill is at committee stage in the House of Commons.
Why it counts: Ends the opacity of crypto holdings at exchanges, with automatic exchange with other tax authorities, reducing crypto's use as an untracked exit from the domestic financial system.
Legal basis Bill C-31, Budget 2025 Implementation Act, No. 2 (45th Parliament, 1st session), first reading, Clause 99, new Income Tax Act s. 298(1) (Part XXI)
Bill C-31, Budget 2025 Implementation Act, No. 2 (45th Parliament, 1st session), first reading, Clause 99, new Income Tax Act s. 298(1) (Part XXI)Primary source
“the reporting crypto-asset service provider must report the following information with respect to each of its crypto-asset users that are reportable users or that have controlling persons that are reportable persons”
Strong Borders Act (Bill C-2): ban on accepting cash payments of $10,000 or more
Not counted in the index
Part 11 of Bill C-2 would make it an offence for any person or entity engaged in a business, a profession or charitable fundraising to accept a cash payment, donation or deposit of $10,000 or more in one transaction or a prescribed series, and would bar banks and other listed entities from accepting cash deposits from third parties. Introduced 3 June 2025, the bill is at second reading in the House of Commons; the parts of C-2 that became Bill C-12 (Royal Assent 26 March 2026) did not include the cash ban.
Why it counts: A cash-payment ceiling limits the use of physical currency as a store of value and means of payment outside the banking system, pushing large transactions into monitored bank money.
Legal basis Bill C-2, Strong Borders Act (45th Parliament, 1st session), first reading, Summary, Part 11; clause 136 (new PCMLTFA s. 77.5)
Bill C-2, Strong Borders Act (45th Parliament, 1st session), first reading, Summary, Part 11; clause 136 (new PCMLTFA s. 77.5)Primary source
“prohibit certain entities from accepting cash deposits from third parties and certain persons or entities from accepting cash payments, donations or deposits of $10,000 or more.”
Repealed (1)
Underused Housing Tax of 1% on non-Canadian-owned residential property (eliminated from 2025)
Not counted in the index
The federal Underused Housing Tax charged owners of residential property 1% a year of its taxable value (or fair market value), with Canadian citizens, permanent residents, listed Canadian corporations and others excluded, unless an exemption such as occupancy applied. The Budget 2025 Implementation Act, No. 1 (S.C. 2026, c. 3) provides that no tax is payable and no return is required for 2025 and later years, and repeals the Act from 1 January 2035; the tax still applies to 2022-2024.
Why it counts: While in force it raised the carrying cost of Canadian homes held by foreign owners, discouraging use of Canadian housing as a store of value for non-residents.
Legal basis Underused Housing Tax Act (S.C. 2022, c. 5, s. 10), Section 1.1 (added by S.C. 2026, c. 3, s. 167) and 1 more
Underused Housing Tax Act (S.C. 2022, c. 5, s. 10), Section 1.1 (added by S.C. 2026, c. 3, s. 167)Primary source
“No tax is payable under subsection 6(3) by a person in respect of a residential property for 2025 and subsequent calendar years.”
Underused Housing Tax Act (S.C. 2022, c. 5, s. 10), Section 6(3)Primary source
“is an owner of a residential property (other than an excluded owner of the residential property) must pay to His Majesty in right of Canada tax in respect of the residential property”
Before today
4 examples from Canada in the toolkit, past and present, grouped by what the tool does. Each links to the instrument, its other examples and the cited law.
SteerSteer savings to the state
Captive demand
Voluntary war-bond drives and patriotic savings campaigns (moral suasion)Victory Loan campaigns run by the National War Savings Committee and, after 1942, the National War Finance Committee
1940 → 1945HistoricalPrudential sovereign bias
Leverage-ratio exclusions for government securities and central-bank reservesOSFI temporary leverage ratio exclusions announced 9 April 2020 (letter of 13 September 2022 on their unwind)
2020 → 2021Historical
HoldHold the price of money down
- 1985 → nowIn force
Central bank financing
Direct central-bank subscriptions to government securitiesBank of Canada market notice of 15 April 2020 on Treasury-bill auction purchases
2020Historical