Sprinkled within the details of Tuesday’s budget and its digital-only annexes lie several measures that could have an impact on the lives of numerous Canadians. Here are five noteworthy highlights.
### Enhanced Notification of Bank Branch Closures
In recent times, numerous banks have been shutting down branches, which particularly affects rural areas where the distance between branches can be substantial. The Canadian Bankers Association reports a nine percent decrease in bank branches over a decade, from 6,205 in 2012 to 5,656 in 2022. The budget will amend the Bank Act to mandate banks to publicly announce branch closures on their websites. Additionally, the budget will forbid the imposition of specific account switching or closure fees once a bank announces its intention to close a branch until 12 months post-closure. The government will also tighten regulations to ensure branches have robust processes to verify identification documents for remote account openings, benefiting seniors and residents of rural and remote areas.
### Long-Term Care Costs for Veterans
Recent disagreements between the federal government and Canadian veterans over long-term care costs have led to a class action suit against the government. To address this, the budget proposes clarifications to the rules governing the calculation of accommodation and meals charges for veterans in long-term care both retroactively and moving forward. The amendments also include empowering Veterans Affairs to prorate certain indexation adjustments under the Canadian Forces Members and Veterans Re-establishment and Compensation Act.
### Canada Post Empowered to Set Postal Rates
Canada Post will now have the authority to set its own postage rates, a long-desired change for the organization. This deregulation of postal rate setting is expected to improve the financial sustainability of Canada Post operations, benefiting Canadians nationwide, including those in remote and underserved communities who rely on Canada Post’s mail delivery services.
### Stricter Regulations for Predatory Debt Advisors
The government aims to combat unlicensed debt advisors who exploit individuals in debt by proposing civil remedies, including restitution, for non-compliance with the Bankruptcy and Insolvency Act. Additionally, the budget seeks to raise the maximum criminal fines for individuals and corporations under the legislation to deter unethical practices.
### Facilitated Cheque Cashing
To assist Canadians who receive payments by cheque, the budget introduces changes that increase the immediate payout amount for deposited cheques to $150, aiming to reduce reliance on costly short-term credit options. The government also plans to reduce the timeframe banks can hold cheques before releasing funds, benefiting low-income Canadians and seniors by providing quicker access to their funds.
These budget measures address critical issues affecting Canadians and aim to enhance financial transparency and consumer protection in various sectors.
[Source](https://www.cbc.ca/news/politics/budget-2025-hidden-nuggets-9.6966910)
