Spring Economic Update 2026 Implementation Act (S.C. 2026, c. 22)

Marginal note:Suspension

• 36 (1) The Bank may suspend an accredited third-party service provider’s accreditation if the Bank is satisfied that the accredited third-party service provider 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.

Marginal note:Notice of intent to revoke accreditation

38 The Bank may give an accredited third-party service provider a notice of intent to revoke the accredited third-party service provider’s accreditation if the Bank is satisfied that the accredited third-party service provider 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.

• (a) designating as a violation the contravention of a specified provision of this Act or its regulations — or 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 — or the non-compliance with orders made, undertakings required, compliance agreements entered into or directions made under this Act;

Marginal note:Recommendation to Minister

64 The Bank may recommend to the Minister that the Minister make an order under subsection 74(1) prohibiting an issuer from issuing a stablecoin if the Bank is satisfied that the issuer has contravened this Act or its regulations — or 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 — or that the issuer is committing an act or pursuing a course of conduct that is an unsafe or unsound practice in relation to its business.

Marginal note:Violation

79 Every contravention of a provision of this Act or its regulations — or 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 — that is designated under the regulations constitutes a violation and the person that commits the violation is liable to a penalty determined in accordance with the regulations.

Marginal note:Immunity — Association, etc.

• 44.1 (1) The Association, its directors, its officers, its employees and other individuals whose services are engaged by it have immunity from any civil liability, other than in contract, to which they would otherwise be subject for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed.

• Marginal note:Exception

  (2) Despite subsection (1), the individuals referred to in that subsection are not relieved of any liability to the Association.

• Marginal note:Determination of rate — 1st case

  (11.07) If neither A nor D is greater than 4.75% and A is greater than D, the contribution rate for employees and employers for each year after the October 1 date referred to in subsection (11.05) is A plus C.

• Marginal note:Determination of rate — 2nd case

  (11.08) If A is greater than 4.75%, D is less than or equal to 4.75% and the percentage determined by the formula

  1 ÷ 2(A − D)

  is less than or equal to 0.1%, then the contribution rate for employees and employers for each year after the October 1 date referred to in subsection (11.05) is the rate determined by the formula

  4.75% + 1 ÷ 2(A − 4.75%) + C

• Marginal note:Determination of rate — 3rd case

  (11.09) If A is greater than 4.75%, D is less than or equal to 4.75% and the percentage determined by the formula

  1 ÷ 2(A − D)

  is greater than 0.1%, then the contribution rate for employees and employers is

  • (a) for the first year after the October 1 date referred to in subsection (11.05), the rate determined by the formula

    4.75% + 1 ÷ 6(A − 4.75%) + C

  • (b) for the next year, the rate determined by the formula

    4.75% + 1 ÷ 3(A − 4.75%) + C

    and

  • (c) for each subsequent year, the rate determined by the formula

    4.75% + 1 ÷ 2(A − 4.75%) + C

Marginal note:Obligation to provide information

• 50.2 (1) The individuals or entities referred to in subsection (2) must, on the Minister’s request, provide to the Minister, in the form and manner and within the time specified by the Minister, information, other than personal information as defined in section 3 of the Privacy Act, that the Minister considers necessary for the exercise of the powers and the performance of the duties and functions of the Minister under this Act or any other Act of Parliament or for the development of transportation policies, including information respecting

  • (a) the assessment of the value of an airport or other aviation facility or an entity that owns or operates an airport or other aviation facility; or

  • (b) the capacity and development of all or part of the national air transportation system.

• Marginal note:Individuals or entities

  (2) For the purposes of subsection (1), the individuals or entities are

  • (a) entities that own or operate an airport or other aviation facility; and

  • (b) individuals or entities whose activities, in the Minister’s opinion, may affect the value of an airport or other aviation facility or an entity that owns or operates an airport or other aviation facility.

• Marginal note:Definition of airport

  (3) In this section, airport has the same meaning as in subsection 3(1) of the Aeronautics Act.

• (a.11) the communication by the Minister — for the purpose of exercising the powers and performing the duties and functions of the Minister under this Act or any other Act of Parliament or for the purpose of the development of transportation policies — of information provided to the Minister under section 50.2 to

  • (i) a Crown corporation, as defined in subsection 83(1) of the Financial Administration Act, or a director, officer or employee of, or adviser to, such a Crown corporation, or

  • (ii) an individual or entity that is not part of the federal public administration and that advises or is consulted by the Minister in relation to the development of transportation policies, including policies in relation to the matters referred to in paragraph 50.2(1)(a) or (b);

Mandate of the Agency

• Marginal note:For greater certainty

  (4) For greater certainty, in carrying out its responsibilities under subsections (1) and (3) — except in relation to a provision of the Food and Drugs Act, as it relates to food as defined in section 2 of that Act, and that relates to public health, safety or nutrition — the Agency may, among other things, as appropriate and in accordance with the purposes of the Acts referred to in those subsections,

  • (a) protect and mitigate risks to food safety, animal health, plant health, human health and the environment;

  • (b) support compliance with regulatory requirements;

  • (c) contribute to public awareness in relation to food safety, animal health, plant health, human health and the protection of the environment;

  • (d) contribute to consumer protection;

  • (e) uphold Canada’s international reputation for food safety, animal health and plant health;

  • (f) facilitate trade and commerce; and

  • (g) consider national economic security, regional economic security or national food security.

Responsibilities

Marginal note:Minister of Health

11.1 The Minister of Health is responsible for establishing policies and standards relating to the safety and nutritional quality of food sold in Canada and assessing the effectiveness of the Agency’s activities related to food safety.

Marginal note:Canada Border Services Agency

11.2 The Canada Border Services Agency is responsible for the enforcement of the program legislation referred to in paragraph (b) of the definition program legislation in section 2 of the Canada Border Services Agency Act as that program legislation relates to the delivery of initial passenger and import inspection services performed at airports and other Canadian border points other than import service centres.

Economic and Food Security Orders

Marginal note:Exemption

• 31.1 (1) Subject to subsection (3), the Governor in Council may, on the recommendation of the appropriate Minister or appropriate Ministers, as the case may be, by order, on any conditions that the Governor in Council considers necessary, exempt persons, things or activities, or classes of persons, things or activities, from the application of any provision of an Act referred to in subsection 11(1) or a regulation made under one of those Acts, other than a provision of the Plant Breeders’ Rights Act or a regulation made under it — or from the application of any provision of the Food and Drugs Act, as it relates to food as defined in section 2 of that Act, other than a provision that relates to public health, safety or nutrition — if the Governor in Council is of the opinion that the exemption

  • (a) is not likely to pose an unreasonable risk to food safety, animal health, plant health, human health or the environment; and

  • (b) is necessary to protect national economic security, regional economic security or national food security.

• Marginal note:Duration of order

  (2) An order made under subsection (1) is in effect for the period specified in the order, which must not be for more than three years after the day on which the order comes into force. The Governor in Council may extend the period once, for a further period of not more than three years, if the Governor in Council is of the opinion that the extension

  • (a) is not likely to pose an unreasonable risk to food safety, animal health, plant health, human health or the environment; and

  • (b) is necessary to protect national economic security, regional economic security or national food security.

• Marginal note:Notice of proposed order

  (3) Before an order is made under subsection (1), a notice of the proposed order that includes the contents of the proposed order and the proposed duration of the order must be made public.

• Marginal note:Order to be made public

  (4) An order made under subsection (1) must be made public as soon as practicable.

• Marginal note:Reasons

  (4.1) No later than 60 days after the order is made, reasons for making the order must also be made public.

• Marginal note:Non-application of Statutory Instruments Act

  (5) The Statutory Instruments Act does not apply in respect of an order made under subsection (1).

• Marginal note:Regulations

  (6) The Governor in Council may make regulations

  • (a) respecting orders referred to in subsection (1); and

  • (b) defining “economic security” and “food security” for the purposes of this Act.

• Marginal note:Definition of appropriate Minister

  (7) In subsection (1), appropriate Minister means the minister of the Crown in right of Canada who is responsible for the administration of the provision in respect of which the recommendation is made.

Marginal note:Non-compliance with conditions

• 31.2 (1) If a person fails to comply with a condition of an exemption in any order made under subsection 31.1(1), the exemption is deemed not to have applied in respect of

  • (a) if the exemption is in relation to the person or a class of persons to which the person belongs, the person; or

  • (b) if the exemption is in relation to a thing or activity or class of things or activities, the thing or activity in respect of which the person did not comply with the condition.

• Marginal note:For greater certainty

  (2) For greater certainty, nothing in subsection (1) prevents an exemption from applying to a person, thing or activity in situations in which the conditions of the exemption are met.