The Department of Finance Canada announced lower credit card transaction fees for small businesses through new agreements with Visa and Mastercard. More than 90% of credit card-accepting businesses in Canada qualify for the lower rates and will see interchange fees reduced by up to 27%. As a result, eligible Canadian small businesses overall will save about $1 billion over the next five years. This change will come into effect in the fall of 2024, to learn more about the amendments, click here.

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