Spring Economic Update 2026 Implementation Act (S.C. 2026, c. 22)
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Assented to 2026-06-18
PART 3Various Measures
DIVISION 11991, c. 46Bank Act
Amendments to the Act
18 (1) Subsection 522.34(1) of the Bank Act is replaced by the following:
Marginal note:Investment Canada Act
522.34 (1) The Investment Canada Act does not apply in respect of any of the following, whether it occurs directly or indirectly, if it is subject to approval under this Act, the Trust and Loan Companies Act or the Insurance Companies Act:
(a) the acquisition of control of a Canadian business that is an entity referred to in any of paragraphs 468(1)(a) to (f) by a foreign bank or by an entity associated with a foreign bank;
(a.1) the acquisition, in whole or in part, of an entity referred to in paragraph 25.1(c) of the Investment Canada Act that is an entity referred to in any of paragraphs 468(1)(a) to (f) by a foreign bank or by an entity associated with a foreign bank;
(b) the establishment of a new Canadian business, or of an entity referred to in paragraph 25.1(c) of the Investment Canada Act, that is the insurance business in Canada of a foreign insurance company that is a foreign bank, or an entity associated with a foreign bank, to which Part XII does not apply;
(c) the acquisition of control of a Canadian business by an entity referred to in any of paragraphs 468(1)(a) to (f) that is controlled by a foreign bank or by an entity associated with a foreign bank;
(c.1) the acquisition, in whole or in part, of an entity referred to in paragraph 25.1(c) of the Investment Canada Act by an entity referred to in any of paragraphs 468(1)(a) to (f) that is controlled by a foreign bank or by an entity associated with a foreign bank;
(d) the establishment of a new Canadian business, or of an entity referred to in paragraph 25.1(c) of the Investment Canada Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada or would have one by virtue of the establishment of the new Canadian business or the entity;
(e) the acquisition of control of a Canadian business by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada or would have one by virtue of the acquisition; and
(f) the acquisition, in whole or in part, of an entity referred to in paragraph 25.1(c) of the Investment Canada Act by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada or would have one by virtue of the acquisition.
(2) Subsection 522.34(2) of the Act is amended by adding the following in alphabetical order:
- Canadian business
Canadian business has the same meaning as in section 3 of the Investment Canada Act. (entreprise canadienne)
- new Canadian business
new Canadian business has the same meaning as in section 3 of the Investment Canada Act. (nouvelle entreprise canadienne)
Coming into Force
Marginal note:120th day after royal assent
19 This Division comes into force on the 120th day after the day on which this Act receives royal assent.
DIVISION 2R.S., c. B-2Bank of Canada Act
Amendments to the Act
20 (1) Section 2 of the Bank of Canada Act is amended by adding the following in alphabetical order:
- entity subject to assessment fees
entity subject to assessment fees means any of the following entities:
- registered payment service provider; (entité assujettie à des frais d’évaluation)
- registered payment service provider
registered payment service provider means a payment service provider, as defined in section 2 of the Retail Payment Activities Act, that is registered under section 25 of that Act; (fournisseur de services de paiement enregistré)
(2) Section 2 of the Act is amended by adding the following in alphabetical order:
- accredited third-party service provider
accredited third-party service provider means a third-party service provider, as defined in section 2 of the Consumer-Driven Banking Act, that is accredited under section 32 of that Act; (tiers fournisseur de services accrédité)
(3) The definition entity subject to assessment fees in section 2 of the Act is amended by adding, in alphabetical order, a reference to “accredited third-party service provider” in the list of entities.
(4) Section 2 of the Act is amended by adding the following in alphabetical order:
- clearing house
clearing house has the same meaning as in section 2 of the Payment Clearing and Settlement Act; (chambre de compensation)
(5) The definition entity subject to assessment fees in section 2 of the Act is amended by adding, in alphabetical order, a reference to “clearing house” in the list of entities.
(6) Section 2 of the Act is amended by adding the following in alphabetical order:
- external complaints body
external complaints body has the same meaning as in section 2 of the Consumer-Driven Banking Act; (organisme externe de traitement des plaintes)
(7) The definition entity subject to assessment fees in section 2 of the Act is amended by adding, in alphabetical order, a reference to “external complaints body” in the list of entities.
(8) Section 2 of the Act is amended by adding the following in alphabetical order:
- issuer
issuer has the same meaning as in section 2 of the Stablecoin Act; (émetteur)
(9) The definition entity subject to assessment fees in section 2 of the Act is amended by adding, in alphabetical order, a reference to “issuer” in the list of entities.
(10) Section 2 of the Act is amended by adding the following in alphabetical order:
- participating entity
participating entity has the same meaning as in section 2 of the Consumer-Driven Banking Act; (entité participante)
(11) The definition entity subject to assessment fees in section 2 of the Act is amended by adding, in alphabetical order, a reference to “participating entity” in the list of entities.
21 The Act is amended by adding the following after section 30.1:
Assessment of Fees
Marginal note:Bank to ascertain expenses
30.2 (1) The Bank must, before September 30 of each year, ascertain the total amount of expenses incurred by it during the immediately preceding calendar year for or in connection with the administration of the Consumer-Driven Banking Act, the Payment Clearing and Settlement Act, the Retail Payment Activities Act and the Stablecoin Act and deduct from that amount
(a) the amounts of any categories of expenses provided for in the regulations in relation to any group of entities subject to assessment fees provided for in the regulations; and
(b) the amounts of any fees or costs paid to it in that calendar year under any of the following provisions:
(i) subsections 15(2), 17(2), 19(2) and 32(2) of the Consumer-Driven Banking Act,
(ii) section 11.18 of the Payment Clearing and Settlement Act,
(iii) subsection 29(2) of the Retail Payment Activities Act, and
(iv) subsection 17(5) of the Stablecoin Act.
Marginal note:Amount conclusive
(2) The amount ascertained is final and conclusive for the purposes of this section.
Marginal note:Assessment
(3) As soon as feasible after ascertaining the amount under subsection (1), the Bank must, in the manner and to the extent provided for in the regulations, assess against each entity subject to assessment fees a portion of the total amount of expenses that is attributable to those entities.
Marginal note:Absence of regulations
(4) If there are no regulations made under paragraph 30.6(d), the Bank must issue guidelines regarding the assessment referred to in subsection (3) and must exercise its powers and perform its duties and functions under that subsection in accordance with those guidelines.
Marginal note:Interim assessment
(5) The Bank may, during each calendar year, prepare an interim assessment against any entity subject to assessment fees.
Marginal note:Categories of entities
(6) In assessing fees under subsections (3) to (5), the Bank must take into account any categories of entities — and the expenses associated with those categories — provided for in the regulations.
Marginal note:Absence of regulations
(7) If there are no regulations made under paragraph 30.6(e), the Bank may establish categories of entities — and the expenses associated with those categories — and take them into account in assessing fees under subsections (3) to (5).
Marginal note:Assessment of particular expenses
30.3 The Bank may assess, against any entity subject to assessment fees, a charge provided for in the regulations and applicable disbursements for any service provided by or on behalf of the Bank for the entity’s benefit or for the benefit of a group of entities of which the entity is a member.
Marginal note:Assessment binding
30.4 (1) Every assessment and interim assessment made under section 30.2 or 30.3 is final and conclusive and binding on the entity subject to assessment fees against which it is made.
Marginal note:Recovery
(2) Every assessment and interim assessment constitutes a debt due to the Bank, is immediately payable and may be recovered as a debt in any court of competent jurisdiction.
Marginal note:Interest
(3) Interest may be charged on the unpaid amount of an assessment or interim assessment at a rate equal to 2% plus the rate in effect that is prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act.
Marginal note:Request for information
30.5 (1) The Bank may request in writing that an entity subject to assessment fees provide the Bank, within the time and in the manner provided for in the regulations or, if no regulations are made, within the time and in the manner determined by the Bank, with any information that the Bank considers necessary for the purposes of any of subsections 30.2(3) to (5) or section 30.3.
Marginal note:Compliance with request
(2) The entity subject to assessment fees must comply with the request.
Marginal note:Regulations
30.6 The Governor in Council may make regulations
(a) amending the definition entity subject to assessment fees, as defined in section 2, to add or remove any entity or category of entities that are subject to an Act referred to in subsection 30.2(1);
(b) amending section 2 by adding a definition of any entity or category of entities that is added to the definition entity subject to assessment fees, as defined in that section, by a regulation made under paragraph (a);
(c) respecting the categories of expenses and groups of entities subject to assessment fees referred to in paragraph 30.2(1)(a);
(d) respecting the assessment of fees for the purposes of subsection 30.2(3);
(e) respecting, for the purposes of subsection 30.2(6), the categories of entities and the expenses associated with each category;
(f) respecting any charges that the Bank may assess under section 30.3; and
(g) respecting, for the purposes of subsection 30.5(1), the time and manner in which information is to be provided.
Related Amendments
1996, c. 6, Sch.Payment Clearing and Settlement Act
22 Section 12.1 of the Payment Clearing and Settlement Act is repealed.
2021, c. 23, s. 177Retail Payment Activities Act
23 (1) The portion of subsection 11(1) of the Retail Payment Activities Act before paragraph (a) is replaced by the following:
Marginal note:Governor’s orders
11 (1) If a provision of a federal or provincial Act or regulation applies to or in respect of a payment service provider that performs retail payment activities or a class of payment service providers that perform retail payment activities and the Governor is of the opinion that the provision is substantially similar to any of the following provisions of this Act or its regulations, or of the Bank of Canada Act or its regulations, then the Governor may, by order, specify the provision of this Act or its regulations, or of the Bank of Canada Act or its regulations, and the payment service provider or class of payment service provider:
(2) Paragraphs 11(1)(d) and (e) of the Act are replaced by the following:
(d) sections 59, 94 and 95 of this Act and sections 30.2 to 30.4 of the Bank of Canada Act; and
(e) a provision of the regulations under this Act or the Bank of Canada Act that is made for the purposes of any of the provisions referred to in paragraphs (a) to (d).
24 Part 6 of the Act is repealed.
25 Paragraph 101(1)(h) of the Act is replaced by the following:
(h) designating, as a violation that may be proceeded with under Part 5, the contravention of a specified provision of this Act or its regulations, of sections 30.2 to 30.5 of the Bank of Canada Act or of regulations made for the purposes of section 30.2, 30.3 or 30.5 of that Act;
2026, c. 3, s. 224Consumer-Driven Banking Act
26 Subsection 23(1) of the Consumer-Driven Banking Act is replaced by the following:
Marginal note:Suspension
23 (1) The Bank may suspend a participating entity’s accreditation if the Bank is satisfied that the participating entity has contravened this Act or its regulations, sections 30.2 to 30.5 of the Bank of Canada Act or regulations made for the purposes of section 30.2, 30.3 or 30.5 of that Act.
27 Section 25 of the Act is replaced by the following:
Marginal note:Notice of intent to revoke accreditation
25 The Bank may give a participating entity a notice of intent to revoke the participating entity’s accreditation if the Bank is satisfied that the participating entity has contravened this Act or its regulations, sections 30.2 to 30.5 of the Bank of Canada Act or regulations made for the purposes of section 30.2, 30.3 or 30.5 of that Act. A notice of intent must include reasons.
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