Credit card transparency rules come into effect on Jan. 1
The federal government is pushing back the start date for a key element of credit card reform meant to increase transparency for card users. The Finance Department has published new rules that come into effect in the new year, but says it won’t implement a mandatory 21-day interest-free grace period until next September.
The announcement posted on the department website says that starting Jan. 1, credit card issuers must provide a ”summary box” on application forms detailing interest rates and fees. As well, banks must inform clients how long it will take to repay their balance if they only make minimum payments each month, give notice of changes in interest rates and require approval before increasing the credit limit on a card.
Canada’s banks opposed the reforms during public hearings earlier this year, saying the changes were unneeded and costly and noted that 70 per cent of users paid their bills in full on time.
Transcanada to spend $1.2B on gas-fired power plant in ontario
TransCanada Corp. (TSX:TRP) has won a contract to build a $1.2-billion natural gas-fired power plant west of Toronto, as the Calgary-based company continues to add to its presence in Ontario’s power market.
The Ontario Power Authority awarded TransCanada a 20-year contract to build, own and operate the 900-megawatt plant in Oakville, Ont. It is scheduled to start producing power by the end of 2013, the Calgary company announced Wednesday. “We look forward to providing additional electricity supply and reliability within this key North American market,” Hal Kvisle, TransCanada’s chief executive officer, said in a statement. “The Oakville generating station is a strong fit with our strategy of developing large scale energy infrastructure projects that will produce stable, long-term returns for our shareholders.”