Open Banking

Where Canada Is

The federal government says about nine million Canadians share financial data today through screen-scraping, by giving a third party their banking login, and plans to replace it with regulated data sharing. Oversight is assigned to the Bank of Canada.¹ The Consumer-Driven Banking Act was enacted in the Budget 2025 Implementation Act, No. 1, which received Royal Assent on March 26, 2026.²

The regulations and launch dates are still being set, so check the current status before telling an applicant how a given bank connection works.¹

Why It Matters for Rentals

A bank connection shows deposits as the bank records them, which is harder to alter than a PDF statement. Banking information is personal information under federal privacy law, so the applicant’s consent and a clear purpose come first.³ In Ontario, income information from any source may be requested only alongside credit references, rental history or a credit check request.⁴

PropTx Verify pulls income data from bank accounts the applicant connects. See also payroll verification.

This page is general information about Ontario law, not legal advice.

Related Terms

• Payroll Verification
• Tenant Screening Report
• Synthetic Identity

Sources

1. Budget 2025: Canada’s Framework for Consumer-Driven Banking

   Department of Finance Canada, Page dated 2025-11-06. Accessed October 22, 2026.

2. C-15 (45-1): Budget 2025 Implementation Act, No. 1

   Parliament of Canada, LEGISinfo, Status: Royal Assent, March 26, 2026 (S.C. 2026, c. 3); Further reading: Consumer-Driven Banking Act, S.C. 2026, c. 3, s. 224. Accessed October 22, 2026.

3. Privacy in the landlord and tenant relationship

   Office of the Privacy Commissioner of Canada, What personal information do I have to provide?; How should landlords be obtaining my consent?; Does a landlord require my SIN?; Can a landlord ask to see my pay stubs?; Can a landlord call another landlord?. Accessed October 22, 2026.

4. O. Reg. 290/98: Business Practices Permissible to Landlords in Selecting Prospective Tenants for Residential Accommodation

   Government of Ontario, e-Laws, ss. 1 to 4, consolidated from March 8, 2018. Accessed October 22, 2026.