Canada's banking regulator says it has cleared the way for banks and insurers to raise dividends and resume share buybacks.
Peter Routledge, head of the Office of the Superintendent of Financial Institutions, says the reasons for the ban that was implemented in the early days of the pandemic no longer stand.
Financial institutions are also cleared to increase executive compensation.
Routledge says that boards of directors at the companies should be able to make decisions on the payouts, and that OFSI expects them to act responsibly.
The regulator imposed the restrictions on dividends and buybacks in March 2020 at the same time as it eased requirements for cash stockpiles at the banks, with the expectation that the extra capital be used to lend to businesses and households to keep the economy going.
Since then, government support programs have also helped stimulate the economy, and the banks are now sitting on cash far in excess of the minimum requirements.
This report by The Canadian Press was first published Nov. 4, 2021.
This week, Avery Haines follows migrants' harrowing journeys across the Darien Gap. Strict new rules to stem the flood of migrants through the notorious stretch of dense jungle appear to be working, but advocates fear it could backfire.
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If you're struggling to find a name for your baby, you can get some ideas from a new list of popular names.
John Ashton, the veteran character actor who memorably played the gruff but lovable police detective John Taggart in the 'Beverly Hills Cop' films, has died. He was 76.
The space rock — 2024 PT5 — was first spotted in August by astronomers at Complutense University of Madrid using a powerful telescope located in Sutherland, South Africa.
This Monday, Sept. 30 is the National Day for Truth and Reconciliation, a federal statutory holiday and day of remembrance for the Indigenous children who never came home from Canadian residential schools, as well as those who survived them.
British Columbia saw a rare unanimous vote in its legislature in October 2019, when members passed a law adopting the United Nations Declarations on the Rights of Indigenous Peoples, setting out standards including free, prior and informed consent for actions affecting them.
Republicans on Sunday sought to distance themselves from Donald Trump's latest insults of Democratic nominee Kamala Harris during a rambling weekend rally in Wisconsin in which he called her 'mentally disabled.'
Kris Kristofferson, a Rhodes scholar with a deft writing style and rough charisma who became a country music superstar and A-list Hollywood actor, has died.
Bullet casings recovered from the scene of a B.C. woman’s murder 30 years ago will be retested for DNA after the province’s highest court ruled it is “in the interests of justice†to do so in support of an ongoing appeal.
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British Columbia saw a rare unanimous vote in its legislature in October 2019, when members passed a law adopting the United Nations Declarations on the Rights of Indigenous Peoples, setting out standards including free, prior and informed consent for actions affecting them.
A commemorative rally marking the fourth anniversary of Joyce Echaquan’s death will take place in Ville-Marie on Saturday afternoon.
Alberta's premier spoke to calls for an outside, independent investigation into the death of Jon Wells during an incident involving Calgary police last week.
Republicans on Sunday sought to distance themselves from Donald Trump's latest insults of Democratic nominee Kamala Harris during a rambling weekend rally in Wisconsin in which he called her 'mentally disabled.'
A reaction following a fire at a Georgia chemical plant Sunday morning is forcing evacuations and road closures in the area, according to Rockdale County officials.
Witnesses on Monday reported the first Israeli airstrike in central Beirut in nearly a year of conflict, hours after Israel struck targets across Lebanon and killed dozens of people over the weekend.
This week, Avery Haines follows migrants' harrowing journeys across the Darien Gap. Strict new rules to stem the flood of migrants through the notorious stretch of dense jungle appear to be working, but advocates fear it could backfire.
Tim Walz and JD Vance might have the chance to reshape the political landscape Tuesday in their first and only debate.
U.S. President Joe Biden said he would speak with Israeli Prime Minister Benjamin Netanyahu, and believes that an all-out war in the Middle East must be avoided.
The Liberal government is announcing more details on its existing strategy and funding to fight hate crimes.
Migrant groups are pushing the federal government to reverse its cap on international study permits and tightening post-graduate work permit qualifications, claiming it will leave many students 'in limbo.'
The government has just weeks to decide if it will meet the $16-billion demand from the Bloc Québécois to stave off an election for a few more months, but the stipulation may be at odds with the political and fiscal plans of the Liberals.
A man from Alberta has been at the Medipal International Hospital in Kampala, Uganda for over two months with a hefty medical bill. He says he can’t leave until it’s been paid for.
More than 550 symptomatic people responded to an online questionnaire about a gastrointestinal illness at a Prince Edward Island shellfish festival last weekend.
A partial masking mandate has returned to Nova Scotia hospitals and provincially run healthcare facilities for visitors and healthcare workers.
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Canadian innovators and technical leaders gathered in Ottawa Thursday to demonstrate the latest cutting-edge technology.
SpaceX launched a rescue mission for the two stuck astronauts at the International Space Station on Saturday, sending up a downsized crew to bring them home but not until next year.
John Ashton, the veteran character actor who memorably played the gruff but lovable police detective John Taggart in the 'Beverly Hills Cop' films, has died. He was 76.
Francis Ford Coppola’s decades-in-the-making, self-financed epic 'Megalopolis' flopped with moviegoers, while the acclaimed DreamWorks Animation family film 'The Wild Robot' soared to No. 1 at the weekend box office.
Given the sudden popularity of Moo Deng, the Thai national treasure whose name roughly translates as 'bouncy pork,' it was only a matter of time before someone turned her into a digital asset.
A strike by grain terminal workers at the Port of Metro Vancouver has ended, their employer announced Friday night.
When Annie Korver sits down with a new corporate or small business client, she encourages them to focus first on the 'truth' part of Truth and Reconciliation.
The U.S. Department of Transportation said Friday it had fined Air Canada US$250,000 for operating flights in 2022 and 2023 in prohibited Iraqi airspace.
While libraries might be stereotyped by some as boring or outdated, they’ve become popular digital destinations for young viewers on TikTok.
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Matt Perrault has shipped animals in and out of Canada on behalf of owners for more than two decades, handling creatures ranging from birds to bearded dragons, rabbits and ferrets.
South Korea's Si Woo Kim missed a birdie putt on No. 18 and lost his match to Keegan Bradley as the United States clinched another win over the International team at the Presidents Cup.
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On an eventful Saturday at the Presidents Cup, the U.S. took an 11-7 lead over an International team that saw big performances from the world's No. 1 ranked golfer, Scottie Scheffler.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
A U.S. driver somehow squeezed her vehicle through a parkade hallway at a Metro Vancouver casino Thursday, before getting stuck at an elevator bank.
More than 12,000 vehicles in Canada are included in two separate recalls by Toyota Motor Corp. and Mazda.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
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Sarah McLachlan is returning to her hometown of Halifax in November.
Wayne MacKay is still playing basketball twice at Mount Allison University at 87 years old.
A man from a small rural Alberta town is making music that makes people laugh.
An Indigenous artist has a buyer-beware warning ahead of Sept. 30, the National Day for Truth and Reconciliation.
Police are looking to the public for help after thieves broke into a Lethbridge ice creamery, stealing from the store.
An ordinary day on the job delivering mail in East Elmwood quickly turned dramatic for Canada Post letter carrier Jared Plourde. A woman on his route was calling out in distress.
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The provincial Crown corporation in charge of liquor sales in Quebec says a computer issue resulted in all its products being temporarily listed at 30 per cent off on its website.
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A crash between a car and motorcycle closed a portion of Oxford St. in downtown London for several hours on Sunday.
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The very first -20 degree Celsius reading of the year has been recorded in Canada’s arctic – a good reminder that summer is officially behind us.
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The BSI aims to elevate Black academic excellence, promoting scholarship, mentorship, and cultural knowledge.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
The sentencing for three men convicted of helping lead and coordinate the COVID-19 protest blockade at Coutts, Alta., in 2022 has been delayed.
A 10-year-old boy from Lethbridge is being praised as a hero after a routine summer outing at the pool nearly turned tragic for his friend.
A man and woman have been charged after a Lethbridge ice creamery was broken into earlier this week. Staff arrived at Cookie Crimes, in the 300 block of Sixth Street South, just before 5:30 a.m. on Monday to discover the front window broken.
Overnight on Thursday as the community of Elliot Lake was resting to prepare for the upcoming Kraft Hockeyville celebrations, when vandals struck a building that has been top of mind for the northern Ontario city for more than a year.
Ontario Provincial Police remind the public that ‘a case is never closed until it is solved,’ while highlighting the force's continued investigation of the 1996 disappearance of Melanie Ethier.
Sault residents may notice some commotion on the Algoma University campus over the next two weeks as a team conducts an archaeological search.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people’s basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
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