Canadian Bank Holidays: Observances to Add to Your Calendar

Canadian bank holidays and other observances throughout the year can significantly impact your business cash flow. Get an overview of essential dates to add to your calendar below.

How Canadian Bank Holidays Impact Businesses

Bank closures due to holidays can impact your ability to manage many activities. For instance, credits for deposits are usually delayed, cash withdrawals cannot be made, and businesses that get smaller bills and coins to make change for customers must wait. Businesses can sometimes have trouble obtaining working capital. Payroll can be impacted, too.

There are also holidays and observances in which banks do not close. However, many of these impact sales and cash flow, so it’s important to know when they occur.

Navigating Stat Holidays: How to Prepare Your Business for Closures

Navigating Canadian stat holidays requires careful planning and understanding of how these days impact business operations. Statutory holidays in Canada vary by province and territory, with some, like the third Monday of August, celebrated as a statutory holiday only in specific areas. Businesses must ensure that employees receive holiday pay, and if a statutory holiday falls on a weekend, employers may need to provide a paid day off on the next business day. In provinces where holidays like Easter Monday are recognized, businesses must adapt to closures that do not exist on the federal level.

Employers must also legislate the rate of pay for time worked on statutory holidays, ensuring that employees are compensated according to jurisdictional requirements. Understanding these nuances helps businesses maintain compliance and foster employee satisfaction. Additionally, businesses can leverage technologies to manage cash flow challenges during closures by processing transactions electronically. By proactively preparing for statutory holidays, businesses can minimize disruptions and continue providing excellent service to their customers. Proper planning ensures that businesses not only comply with legal obligations but also optimize operations during these key periods.

Types of Holidays in Canada

Technically, Canada doesn’t have “bank holidays” as the U.K. does. However, we do have statutory holidays, which are roughly the same thing.

Nationwide Statutory Holidays

Also known as public holidays, stat holidays, or stats, Canada has five nationwide statutory holidays. These include:

• New Year’s Day
• Good Friday
• Canada Day
• Labour Day
• Christmas Day

All businesses and government agencies must give their employees these days off work, with a few exceptions, such as those in the hospitality industry. Banks are closed on these days.

Federal Statutory Holidays

Additionally, there are seven federal statutory holidays. Federally regulated employees receive these days off. Banks are traditionally closed.

• Easter Monday
• Victoria Day
• Civic Holiday
• Truth and Reconciliation Day
• Thanksgiving Day
• Remembrance Day
• Boxing Day

Provincial Statutory Holidays

Individual provinces sometimes declare their own holidays on which most companies shut down for the day. These tend to mirror federal statutory holidays. However, sometimes provinces don’t observe certain federal statutory holidays, rename them, or establish their own holidays. Banks are usually closed if the province observes a statutory holiday.

Other Holidays and Observances

There are lots of other holidays and observances throughout the year. Although banks aren’t likely to shut down for these, some businesses may need to prepare for shifts in sales on them.

National and Regional Bank Holidays in Canada

We’ll cover the bank holiday schedule in Canada first, then review some additional dates you may want to add to your calendar.

As the bank holiday schedule impacts businesses nationwide, Canada factoring companies also adjust their operations accordingly to accommodate these statutory holidays.

New Year’s Day (Nationwide Statutory Holiday)

Fixed Holiday: January 1

New Year’s Day is the first of the five nationwide statutory holidays, so banks and most businesses are closed for the day. If it falls on the weekend, the holiday is observed the following Monday.

Those celebrating New Year’s Day in Canada usually kick it off the night before with parties and live music. Family get-togethers and outdoor activities such as ice skating, ice fishing, and the infamous polar bear swim are also popular.

Day After New Year’s Day (Provincial Holiday: Quebec)

Fixed Holiday: January 2

The day after New Year’s Day is also considered a holiday for residents of Quebec. If it falls on the weekend, the observed holiday is shifted to the start of the following week. This normally means a Monday holiday, though it may also be observed on Tuesday if New Year’s Day also falls on the weekend and is therefore observed on Monday.

Provincial government agencies, but not federal, and most banks and businesses are closed on the holiday. People celebrate it much like New Year’s Day, though the extra day off also provides extra time for those who wish to travel.

This additional holiday is also a key consideration for Quebec factoring companies in planning their operations and accommodating the unique financial needs of businesses during this extended holiday period.

Family Day/ Heritage Day/ Louis Riel Day/ Islander Day (Provincial Holiday: Alberta, British Columbia, Ontario, New Brunswick, Manitoba, Nova Scotia, Prince Edward Island, and Saskatchewan)

Floating Holiday: Third Monday of February

• February 19, 2024
• February 17, 2025
• February 16, 2026
• February 15, 2027
• February 21, 2028

Most of Canada celebrates a holiday on the third Monday of February each year. The decision is made at a provincial level, so one of four different holidays may be observed depending on the location. While this means federal government offices are open, local offices are closed. Most banks and businesses are closed, too.

The observance of the third Monday in February as Family Day, Heritage Day, Louis Riel Day, and Islander Day across various provinces in Canada, including Alberta, British Columbia, Ontario, New Brunswick, Manitoba, Nova Scotia, Prince Edward Island, and Saskatchewan, highlights the diverse regional celebrations within the country. This diversity is also mirrored in the operations of local businesses and financial services. Alberta factoring companies, British Columbia factoring companies, Ontario factoring companies, Manitoba factoring companies, Nova Scotia factoring companies, and Saskatchewan factoring companies each adapt to these holidays in ways that respect local traditions and client needs. From altering business hours to tailoring financial solutions, these companies play a crucial role in supporting businesses during these region-specific holidays.

February Provincial Holiday Observances

• Family Day (British Columbia, Alberta, Saskatchewan, Ontario, and New Brunswick)
• Heritage Day (Nova Scotia)
• Islander Day (Prince Edward Island)
• Louis Riel Day (Manitoba)

Good Friday (Nationwide Statutory Holiday)

Floating Holiday: Two Days Before Easter Sunday

• March 29, 2024
• April 18, 2025
• April 3, 2026
• March 26, 2027
• April 14, 2028

Good Friday is one of Canada’s nationwide statutory holidays. This means government agencies, banks, and most businesses shut down. It kicks off the Easter celebration, which runs from Good Friday through Easter Monday.

Because the Good Friday observance in Canada occurs for religious reasons, many people attend church or simply spend time with family. Others partake in Easter celebrations like Easter egg hunts throughout the weekend.

Easter Monday (Federal Statutory Holiday; Provincial Holiday: Quebec)

Floating Holiday: Monday After Easter Sunday

• April 1, 2024
• April 21, 2025
• April 6, 2026
• March 29, 2027
• April 17, 2028

Even though Easter is always celebrated on Sunday, much of Canada continues celebrating through Monday. Quebec takes this a step further and mandates that employers provide employees either Good Friday or Easter Monday off. Many provide both. However, banks tend to be open.

Victoria Day (Federal Statutory Holiday)

Floating Holiday: Monday Before May 25

• May 20, 2024
• May 19, 2025
• May 18, 2026
• May 24, 2027
• May 22, 2028

Victoria Day is named in honour of Queen Victoria and was initially observed on her birthday, May 24. Now, it’s a day to honour the standing monarch, celebrated the Monday before May 25 annually. It’s often considered the unofficial start to summer, so Victoria Day traditions often include outdoor festivities, such as parades, fireworks, and cookouts.

Saint Jean Baptiste Day / Fête Nationale du Québec (Provincial Holiday: Quebec)

Fixed Holiday: June 24

Held annually on June 24, Saint Jean Baptiste Day is celebrated throughout French areas of Canada and is a provincial holiday in Quebec. The origins are religious, with the holiday being established to honour the birth of Saint John the Baptist. However, the statutory holiday’s name simply translates to “Quebec National Holiday.”

Canada Day/ Fête du Canada (Nationwide Statutory Holiday)

Fixed: July 1

Canada Day celebrations, observed annually on July 1, often include outdoor activities such as barbecues, fireworks, concerts, and parades. Federal workers, and sometimes others, also have July 2 off when the holiday falls on a Sunday.

Civic Holiday (Federal Statutory Holiday; Provincial Holiday: Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, and Saskatchewan)

Floating Holiday: First Monday in August

• August 5, 2024
• August 4, 2025
• August 3, 2026
• August 2, 2027
• August 7, 2028

Most people celebrate the Civic Holiday in Canada, though not always under the same name.

Civic Holiday Observances

• British Columbia Day (British Columbia)
• Civic Holiday (Ontario)
• Heritage Day (Alberta)
• Natal Day (Nova Scotia)
• New Brunswick Day (New Brunswick)
• Saskatchewan Day (Saskatchewan)
• Terry Fox Day (Manitoba)

Labour Day (Nationwide Statutory Holiday)

Floating Holiday: First Monday in September 

• September 2, 2024
• September 1, 2025
• September 7, 2026
• September 6, 2027
• September 4, 2028

Labour Day is described as “The holiday Canada gave the world” by Unifor. This is because Canadians began observing the holiday in 1872, while Americans didn’t pick it up for another decade. It’s a day to celebrate the achievements of workers and workers’ rights. It’s also usually seen as the unofficial end of summer, so people often spend it outdoors.

National Day for Truth and Reconciliation (Federal Statutory Holiday; Provincial Holiday: British Columbia and Prince Edward Island)

Fixed Holiday: September 30

Canadians are encouraged to wear orange every September 30 to honour children who never returned home from residential schools and Survivors. “Public commemoration of the tragic and painful history and ongoing impacts of residential schools is a vital component of the reconciliation process,” the government notes.

The National Day for Truth and Reconciliation also holds importance for British Columbia factoring companies, as they recognize and respect this day’s significance in honoring the history and ongoing impacts of residential schools in Canada.

Thanksgiving Day (Federal Statutory Holiday; Provincial Holiday: All)

Floating Holiday: Second Monday in October

• October 14, 2024
• October 13, 2025
• October 12, 2026
• October 11, 2027
• October 9, 2028

Most of the country shuts down on Thanksgiving, though Nova Scotia refers to it as a designated retail closing day rather than a statutory holiday. Canadian Thanksgiving traditions include sharing a meal with family or heading outdoors for activities like hiking.

Remembrance Day (Federal Statutory Holiday; Provincial Holiday)

Fixed Holiday: November 11

The Remembrance Day observance originally began as Armistice Day to commemorate the end of World War I, then shifted to its present name during World War II. In addition to being a federal statutory holiday, most provinces consider it a statutory holiday. However, Manitoba, Nova Scotia, Ontario, and Quebec simply mark it as an observance.

Christmas Day (Nationwide Statutory Holiday)

Fixed Holiday: December 25

Most things shut down on Christmas Day in Canada, as it’s one of the five nationwide statutory holidays. While many attend church in honour of the day’s religious roots, others simply spend the day with family and friends and share a meal.

It’s worth noting that New Brunswick begins celebrating a day early and considers Christmas Eve to be a statutory half-day.

Boxing Day (Federal Statutory Holiday; Provincial Holiday: Alberta, Newfoundland and Labrador, Ontario, Nova Scotia, New Brunswick)

Fixed Holiday: December 26

Although Boxing Day’s origin is tied to providing servants and the poor with gifts, modern Canadians are more prone to indulging in Boxing Day Brunch, shopping, catching some hockey, or mumming. The country is somewhat divided on how to categorize the day. Federal employees have Boxing Day off, as do public sector employees in New Brunswick. It’s an optional holiday in Alberta, while Newfoundland and Labrador, Ontario, and Nova Scotia consider it a statutory holiday.

Additional Holidays and Observances to Add to Your Calendar

In addition to the holidays covered above, many businesses will also want to mark the holidays and observances below on their calendars. Although they won’t necessarily impact your banking, they can impact cash flow and may require additional preparation.

Valentine’s Day / Singles Awareness Day

Fixed Holiday: February 14

Those in retail, food, and hospitality will often see an uptick in business tied to Valentine’s Day. While many people spend the day with their sweethearts, a growing number observe Singles Awareness Day and spend it with their friends or treat themselves.

Ramadan

Floating Holiday: Ninth Month of the Islamic Calendar

• March 10 – April 29, 2024
• March 1 – March 30, 2025
• February 18 – March 19, 2026
• February 8 – March 9, 2027
• January 28 – February 26, 2028

Ramadan is a month-long Islamic holiday. Those observing it fast from sunup to sundown, worship, and engage in charitable activities.

Holi

Floating Holiday: Last Full Moon Day of the Lunisolar Calendar

• March 25, 2024
• March 14, 2025
• March 3, 2026
• March 22, 2027
• March 11, 2028

Also known as the Festival of Colors, Holi is a Hindu holiday that celebrates the triumph of good over evil and marks the beginning of spring.

Mother’s Day

Floating Holiday: Second Sunday of May

• May 12, 2024
• May 11, 2025
• May 10, 2026
• May 9, 2027
• May 14, 2028

Mother’s Day is a day to celebrate mothers of all types. Restaurants, shops, and many other businesses will usually see an uptick in traffic.

Father’s Day

Floating Holiday: Third Sunday in June

• June 16, 2024
• June 15, 2025
• June 21, 2026
• June 20, 2027
• June 18, 2028

Fathers of all types have their day of recognition about a month after mothers do, and many of the same businesses are impacted.

Halloween

Fixed Holiday: October 31

Because people tend to spend Halloween engaging in holiday activities such as trick-or-treating or at parties, few businesses outside the restaurant industry will be impacted on the holiday itself. However, shops that carry seasonal goods will see sales rise throughout the month.

Diwali

Floating Holiday: 15th day of the Month of Kartika in the Hindu Calendar

• November 12, 2023
• November 1, 2024
• October 21, 2025
• November 6, 2026
• October 29, 2027
• October 17, 2028

Diwali, also known as the Festival of Lights, is observed by Hindus, Jains, Sikhs, and Buddhists. People who celebrate light dipa lamps, exchange gifts, and light fireworks.

Black Friday

Floating Observance: Friday After American Thanksgiving

Although Black Friday isn’t a true holiday, it often marks the beginning of holiday shopping.

Hanukkah/ Chanukah Starts

Floating Holiday: 5th of Kislev on the Hebrew Calendar

• December 7, 2023
• December 25, 2024
• December 14, 2025
• December 4, 2026
• December 24, 2027
• December 12, 2028

The Jewish Festival of Lights lasts eight nights. It tends to be a time of family togetherness.

Prepare for Holiday Cash Flow Needs with Factoring

Holidays can create significant cash flow challenges for businesses, especially when statutory holidays result in bank closures and delayed transactions. Leveraging invoice factoring is an effective strategy to address these challenges, providing businesses with immediate access to cash. This solution is particularly beneficial during national holidays when traditional financing may be delayed. Factoring allows businesses to electronically convert invoices into cash, maintaining liquidity even when banks are closed.

Understanding the impact of holidays such as Easter Monday as a statutory holiday in some provinces or territories can help businesses anticipate cash flow disruptions. Factoring companies can tailor solutions to accommodate specific provincial and territorial holidays, ensuring businesses are prepared for fluctuations. For instance, in the province of Prince Edward Island, the unique holiday of the Gold Cup Parade may require adjustments in cash flow management. By factoring invoices, businesses can ensure that employees are paid on time, maintain operational efficiency, and meet financial obligations without delay. This strategic approach not only helps businesses navigate holiday-related cash flow challenges but also positions them for growth and success in a dynamic marketplace.

If your business needs cash to ensure it can weather bank holidays or to help prepare for increased business, invoice factoring can help. Request a free factoring rate quote to learn more or get started.