New research commissioned by Xero and conducted by Angus Reid Group finds that 82% of Canadian small business owners had not heard of the Consumer-Driven Banking Act, the legislation that brings open banking to Canada, months after it became law. 61% say they had never heard of open banking at all.
The findings were released at Xerocon Denver on August 19, where Ashalee Mohamed, Country Manager for Xero Canada, and Jules Hawkins, co-founder of Hawkins & Co Accounting and a Xero Accounting Ambassador, discussed what the change means for accountants, bookkeepers and the businesses they serve. The panel was moderated by Sarah Bartnicka, founder and editor of Milk Bag.
The research also documents the workarounds Canadian businesses use to move financial data today, with 18% currently sharing their online banking username and password with an accountant, bookkeeper, employee or software tool, and 22% have done so at some point.
Key findings
- 82% of Canadian small business owners had not heard of the Consumer-Driven Banking Act. Only 4% both know it exists and understand what it means for their business.
- 61% say they had never heard of open banking before taking the survey.
- 18% currently share their online banking credentials with an accountant, bookkeeper, employee or software tool. 22% have done so at some point.
- 49% would trust their accountant or bookkeeper most to manage access to their financial data. 20% named their bank, and under 1% named a fintech company.
- The benefits businesses want most are administrative: easier accounting and bookkeeping (39%), less time on financial administration (28%) and lower banking costs (27%).
- 28% say they are likely to use open banking services in the first 12 months they are available. Among owners who already knew about the Act, that rises to about half.
About the research
These findings are from a survey conducted from July 29th to August 11th, 2026, among a representative sample of n=508 online adult Canadian small business owners who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of ±4.30 percentage points, 19 times out of 20.
Related
This entry was posted on August 20, 2026 at 1:45 pm and is filed under Commentary with tags Xero. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Most Canadian small businesses have never heard of the banking law that is about to change how their financial data moves
New research commissioned by Xero and conducted by Angus Reid Group finds that 82% of Canadian small business owners had not heard of the Consumer-Driven Banking Act, the legislation that brings open banking to Canada, months after it became law. 61% say they had never heard of open banking at all.
The findings were released at Xerocon Denver on August 19, where Ashalee Mohamed, Country Manager for Xero Canada, and Jules Hawkins, co-founder of Hawkins & Co Accounting and a Xero Accounting Ambassador, discussed what the change means for accountants, bookkeepers and the businesses they serve. The panel was moderated by Sarah Bartnicka, founder and editor of Milk Bag.
The research also documents the workarounds Canadian businesses use to move financial data today, with 18% currently sharing their online banking username and password with an accountant, bookkeeper, employee or software tool, and 22% have done so at some point.
Key findings
About the research
These findings are from a survey conducted from July 29th to August 11th, 2026, among a representative sample of n=508 online adult Canadian small business owners who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of ±4.30 percentage points, 19 times out of 20.
Share this:
Like this:
Related
This entry was posted on August 20, 2026 at 1:45 pm and is filed under Commentary with tags Xero. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.