The legal firearms industry in Canada is an important part of the country’s economy and plays an essential role in public safety. Licensed firearms businesses operate under strict regulations, ensuring that firearms are sold only to vetted individuals who meet the stringent legal requirements. These businesses also contribute significantly to the economy, creating jobs, generating tax revenue, and supporting other industries such as hunting, sport shooting, ranges, conservation, and law enforcement.
Despite their legal standing and economic contributions, firearms businesses face widespread discrimination from many financial institutions, payment processors, and banks. Many businesses struggle to open or maintain bank accounts simply because of the “nature of their business”. This discrimination creates unnecessary hurdles for law-abiding business owners. Access to banking and payment processing is fundamental to running any modern business.
This issue just adds to the already significant challenges facing firearms businesses in Canada. Beyond business service discrimination, these businesses, like most, are dealing with an unstable economy, a weak Canadian dollar, decline in sales, shipping restrictions, and politically motivated firearm prohibitions and unworkable regulations. Each of these factors alone is difficult, but together they form an increasingly hostile environment for an industry that should be respected as a legitimate contributor to society.
It is unacceptable that legally operating businesses are singled out and penalized in this way. This issue needs to be addressed by both the financial sector and policymakers to ensure that discrimination against the firearms industry does not continue. The rights of business owners and the economic contributions they make must be respected, and financial institutions should not be allowed to deny services based on personal or political biases. Canada’s firearms businesses deserve better.
The Canadian Sporting Arms and Ammunition Association (CSAAA) and the Canadian Federation of Independent Business (CFIB) have been actively lobbying for better business services. If businesses encounter financial discrimination, they are encouraged to contact CSAAA for any assistance, and to allow us to record the incidents for advocacy’s sake.
