Building a stronger economy for Canada
The C.D. Howe Institute expects the RTR will drive significant cost savings and economic growth in Canada.
With functionalities at launch, it is projected to save up to CA$14.5bn (US$10.3bn) in a decade, thanks to lower processing costs, reduced float and reduced use of cash and cheques.
Beyond savings, the RTR is projected to generate up to CA$16bn (US$11.3bn) in cumulative GDP gains over the next decade, with that figure growing to CA$27bn (US$19.1bn) across two decades.
The Hon. François-Philippe Champagne, Minister of Finance and National Revenue of Canada, says: “A stronger, more productive economy relies on modern financial infrastructure that can match our ambition.
“The launch of Canada’s Real-Time Rail lays the foundation for a more dynamic and competitive digital economy, driving innovation, expanding choice and creating new opportunities for Canadians while positioning our country for long-term growth.”