Bank of Canada Act (R.S.C., 1985, c. B-2)

Act current to 2015-11-16 and last amended on 2014-12-16. Previous Versions

Bank of Canada Act

R.S.C., 1985, c. B-2

An Act respecting the Bank of Canada


WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada;

THEREFORE, His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:


Marginal note:Short title

 This Act may be cited as the Bank of Canada Act.

  • R.S., c. B-2, s. 1.


Marginal note:Definitions

 In this Act,

“authorized foreign bank”

« banque étrangère autorisée »

“authorized foreign bank” has the meaning assigned to that expression by section 2 of the Bank Act;


« Banque »

“Bank” means the Bank of Canada;


« banque »

“bank” means a bank listed in Schedule I or II to the Bank Act;

“Board” or “Board of Directors”

« conseil »

“Board” or “Board of Directors” means the Board of Directors of the Bank;

“Deputy Governor”

« sous-gouverneur »

“Deputy Governor” in sections 5, 6, 8, 13, 15, 30 and 31 means the Deputy Governor appointed under section 6;


« administrateur »

“director” means a member of the Board of Directors other than the Governor or the Deputy Governor or the member acting by virtue of subsection 5(2);


« gouverneur »

“Governor” means the Governor of the Bank or the person acting for the Governor pursuant to this Act;


« ministre »

“Minister” means the Minister of Finance;


« billets »

“notes” means notes intended for circulation in Canada.

  • R.S., 1985, c. B-2, s. 2;
  • 1999, c. 28, s. 93;
  • 2001, c. 9, s. 185.