Ottawa, August 16, 2010

Archived - Code of Conduct for Credit and Debit Card Industry Takes Effect

Archived information

Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

Related Document:

The Honourable Jim Flaherty, Minister of Finance, announced that the Code of Conduct for the Credit and Debit Card Industry in Canada comes into effect today.

“This Code will make fees and rates more transparent for business owners and for consumers who use credit and debit cards,” said Minister Flaherty. “It will promote fairness, competition and choice.”

Under the Code, merchants will be:

  • Provided with clear information regarding fees and rates.
  • Given advance notice of any new fees and fee increases.
  • Able to cancel contracts without penalty should fees rise or new fees be introduced.
  • Given new tools to promote competition, and in particular, will have the freedom to accept credit payments from a particular network without the obligation to accept debit payments and vice versa.

With the passage and Royal Assent of the Jobs and Economic Growth Act on July 13, the Financial Consumer Agency of Canada has been empowered to monitor compliance with the Code.

While most sections of the Code take effect today, payment card networks and acquirers have until February 17, 2011 to implement several disclosure elements of the Code to allow sufficient time for them to make the necessary changes to their systems.

If necessary, payment card issuers will also have until May 17, 2011 to re-issue cards already in circulation that contravene Elements 6 and 7 of the Code, which are applicable to debit cards that have access to multiple networks.

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

To receive e-mail notification of all news releases, please register at