The End of Manual Data Entry? How Open Banking Will Transform Tools Like Optiml

For years, financial planning tools have relied on one unfortunate reality: users have to do most of the heavy lifting just to get started. That means tracking down RRSP contribution history, estimating TFSA room, digging up account balances, and manually piecing together their financial picture.

At Optiml, we see this pain point every day. Canadians want to make smarter decisions about their retirement, taxes, and estate, but they often get stuck before they can even begin. Not because their finances are too complex, but because the data is too hard to access or input with confidence.

That’s about to change.

Open Banking Is Finally Moving Forward in Canada

In the Fall Economic Statement released on November 7, 2025, the federal government confirmed it will complete the legislative framework for Canada’s Consumer-Driven Banking regime, more commonly known as open banking.

This includes finalizing legislation that enables secure, standardized access to financial data through accredited third parties, starting with read access and eventually expanding to write access (payment initiation, account switching, and other actions).

It also marks a shift away from risky practices like screen scraping and toward a modern, API-based system similar to what already exists in the UK and Australia.

What Was Actually Announced?

The Fall Economic Statement confirmed that:

• Legislation to complete the Consumer-Driven Banking Framework will be finalized. This establishes the legal right for Canadians to securely access and share their financial data.
• Canadians will gain a new data-mobility right under PIPEDA. This allows individuals and businesses to move their data between providers, not just in banking, but eventually across sectors like telecom and utilities.
• Oversight and enforcement will shift to the Bank of Canada. Responsibility is moving from the FCAC to the Bank of Canada, which will regulate participants and enforce security standards.
  • ~$36.9M previously allocated to FCAC will not be used
  • $19.3M over two years will go to the Bank of Canada
• Write access is targeted for mid‑2027. This phase enables payments, transfers, and account switching. The timeline depends on Canada’s Real-Time Rail (RTR) being fully launched and widely adopted.
• Accredited third parties will be able to access financial data securely with user consent. This includes fintechs, advisors, and likely platforms like Optiml.
• Provincially regulated financial institutions can opt in. Credit unions and smaller institutions will be able to participate, offering more choice for Canadians nationwide.
• Small businesses will benefit as well. SMEs will be able to integrate their financial data more easily, enabling better cash flow insights and tax planning tools.

Today’s Reality: Guesswork and Friction

Right now, building a financial plan often means:

• Estimating TFSA and RRSP room
• Searching for deposits and withdrawals across multiple logins
• Manually entering investment balances
• Reconstructing pension timelines
• Double-checking statements
• Hoping nothing important was missed

Even financially savvy users find this frustrating. For others, it’s overwhelming. And because a single missing balance or incorrect date can distort results, this friction prevents people from engaging with their financial future.

How Open Banking Will Fix That

Once the Consumer-Driven Banking Framework is live, tools like Optiml will be able to connect directly to your financial institutions, with your explicit consent, and securely import:

• RRSP, TFSA, and non-registered balances
• Contribution and withdrawal history
• Transaction details and cash flow data
• Pension, investment, and savings account holdings

No more hunting for statements. No more guessing. Plans will be built on verified, accurate, real-time data.

That means higher accuracy, far less effort, and the ability to focus on what really matters: making better decisions.

From Setup to Strategy - Instantly

With the right data in place, users can focus on the questions that actually matter:

• Should I draw down my RRSP earlier or later?
• Does delaying CPP to age 70 benefit me?
• How do I minimize lifetime tax?
• Should I preserve my TFSA for my estate?
• What’s the most tax-efficient withdrawal order?

Open banking doesn’t just improve accuracy, it shifts the entire experience from data entry to decision-making.

Optiml’s Vision: Clarity and Confidence from Day One

At Optiml, we believe financial planning should be personalized, intuitive, and accessible to everyone, not just experts.

But the biggest barrier for most Canadians is simply getting started. If gathering your financial data feels confusing or time-consuming, it’s easy to delay planning or give up altogether.

Open banking will change that. It will allow Canadians to:

• Build their financial picture in minutes, not hours
• Avoid input mistakes or overlooked accounts
• Receive more accurate tax and retirement projections
• Trust their results with greater confidence

This isn’t just a technical upgrade, it’s a shift toward transparency, control, and peace of mind.

We’re Ready and We’re Excited

Optiml already supports secure account linking through partners like Wealthica. But with a federally backed, standardized open banking system, we’ll be able to go even further:

• Support more institutions, including credit unions
• Access more complete and higher-quality data
• Reduce onboarding friction dramatically
• Provide richer, more precise tax and estate modeling
• Deliver more accurate planning from day one

Open banking isn’t just good policy, it’s a necessary step to help Canadians plan, retire, and build wealth with confidence.

And when the framework goes live, Optiml will be ready to help Canadians make the most of it.