Government Proposes Code of Conduct for Credit and Debit Card Industry

by Tax Guy - Burlington Accountant on November 19, 2009 Print This Post Print This Post

In a media release today, The Government of Canada has introduced a proposed Code of Conduct for the Credit and Debit Card Industry in Canada.

The Code is intended to promote fair business practices to ensure merchants and consumers alike clearly understand the costs and benefits of credit and debit cards. The proposed today is based on a series of on-going discussions with merchant and consumer associations across Canada.

Bank Machine

Once Adopted the Code would:

  • Ensure that merchants are aware of the costs associated with accepting credit and debit card payments. 
  • Provide merchants with increased pricing flexibility to encourage consumers to choose the lowest-cost payment option. 
  • Allow merchants to freely choose which payment options they will accept.

Stakeholders (merchants and consumers) have 60 days to submit comments on how to monitor compliance with this proposed code. If you have a comment, you may submit it to codeconsult@fin.gc.ca.

Full Details Available

A copy of the proposed Code of Conduct can be seen here and the news release from the Minister of Finance here.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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