Chrystia Freeland, deputy prime minister and minister of finance, has announced more details about the changes to credit card fees included in the federal budget. As a result of the government’s agreement with card issuers, small businesses with annual Visa sales of up to $300,000 and MasterCard sales up to $175,000 will qualify for a 0.95 percent interchange rate on credit-card transactions. They will also see a 0.1 cut in fees for e-commerce purchases.
Dan Kelly, president of the Canadian Federation of Independent Business, was present for the announcement. In a release, he called the new rates, which represent a reduction of up to 27 percent, a “significant accomplishment.”
