Credit card reforms are set to take effect in Canada at the start of next year, according to a statement posted Wednesday online by the country's Finance Ministry.

Finance Minister Jim Flaherty said that implementing the new regulations meets a pledge the government made to bolster oversight of the industry.

The new regulations include requiring banks to provide more information on interest rates, including advance notice of some rate increases. However, a 21-day grace period will not take effect until September of next year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.