Budget Implementation Act, 2022, No. 1 (S.C. 2022, c. 10)
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Assented to 2022-06-23
PART 5Various Measures (continued)
DIVISION 9Trade Remedies (continued)
R.S., c. 47 (4th Supp.)Canadian International Trade Tribunal Act (continued)
218 Paragraph 30.07(1)(b) of the Act is replaced by the following:
(b) that the extension request is made by or on behalf of, or with the support of, domestic producers who produce a major proportion of domestic production of the like or directly competitive goods.
219 Paragraph 39(1)(c) of the Act is replaced by the following:
(c) specifying any additional information that must accompany a complaint filed under any of subsections 23(1) to (1.1), 30.01(2), 30.011(1), 30.012(2), 30.11(1), 30.22(1) and 30.23(1) or an extension request filed under subsection 30.04(1) or (1.1) or 30.25(3); and
DIVISION 10Corporate Governance of Financial Institutions
1991, c. 45Trust and Loan Companies Act
220 Subsection 160.04(1) of the Trust and Loan Companies Act is replaced by the following:
Marginal note:Mandatory solicitation
160.04 (1) Subject to subsections (2) and 143(2), the management of a company shall, concurrently with sending notice of a meeting of shareholders, send a form of proxy that is in accordance with the regulations to each shareholder entitled to receive notice of the meeting.
221 (1) Subsections 160.05(1) and (2) of the Act are replaced by the following:
Marginal note:Soliciting proxies
160.05 (1) A person shall not solicit proxies unless a proxy circular that is in accordance with the regulations is sent to the auditor of the company, to each shareholder whose proxy is solicited and, in the case set out in paragraph (b), to the company as follows:
(a) in the case of solicitation by or on behalf of the management of a company, a management proxy circular, either as an appendix to or as a separate document accompanying the notice of the meeting; and
(b) in the case of any other solicitation, a dissident’s proxy circular stating the purposes of the solicitation.
Marginal note:Exception — solicitation to 15 or fewer shareholders
(1.1) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the company, without sending a dissident’s proxy circular, if the total number of shareholders whose proxies are solicited is 15 or fewer, two or more joint holders being counted as one shareholder.
Marginal note:Exception — solicitation by public broadcast
(1.2) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the company, without sending a dissident’s proxy circular if the solicitation is, in the prescribed circumstances, conveyed by public broadcast, speech or publication.
Marginal note:Copy to Superintendent
(2) A person who sends a management proxy circular or dissident’s proxy circular shall concurrently send to the Superintendent a copy of it together with the form of proxy, any other documents for use in connection with the meeting and, in the case of a management proxy circular, a copy of the notice of meeting.
(2) Subsection 160.05(4) of the Act is replaced by the following:
Marginal note:Publication
(4) The Superintendent shall publish in a publication generally available to the public, a notice of a decision made by the Superintendent granting an exemption under subsection (3).
222 Section 160.071 of the Act is replaced by the following:
Marginal note:Regulations
160.071 The Governor in Council may make regulations
(a) respecting the powers that may be granted by a shareholder in a form of proxy;
(b) respecting proxy circulars and forms of proxy, including the form and content of those documents; and
(c) respecting the conditions under which a company is exempt from any of the requirements of sections 160.02 to 160.07.
1991, c. 47Insurance Companies Act
223 Subsection 164.03(1) of the Insurance Companies Act is replaced by the following:
Marginal note:Mandatory solicitation
164.03 (1) Subject to subsections (2) and 144(2), the management of a company shall, concurrently with sending notice of a meeting of shareholders and policyholders, send a form of proxy that is in accordance with the regulations to each shareholder entitled to receive notice of the meeting and to each policyholder entitled to receive notice of the meeting under section 143.
224 (1) Subsections 164.04(1) and (2) of the Act are replaced by the following:
Marginal note:Soliciting proxies
164.04 (1) A person shall not solicit proxies unless a proxy circular that is in accordance with the regulations is sent to the auditor of the company, to each shareholder or policyholder whose proxy is solicited and, in the case set out in paragraph (b), to the company as follows:
(a) in the case of solicitation by or on behalf of the management of a company, a management proxy circular, either as an appendix to or as a separate document accompanying the notice of the meeting; and
(b) in the case of any other solicitation, a dissident’s proxy circular stating the purposes of the solicitation.
Marginal note:Exception — limited solicitation
(1.1) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the company, without sending a dissident’s proxy circular, if the total number of shareholders and policyholders whose proxies are solicited is 15 or fewer, with two or more joint holders being counted as one shareholder.
Marginal note:Exception — solicitation by public broadcast
(1.2) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the company, without sending a dissident’s proxy circular if the solicitation is, in the prescribed circumstances, conveyed by public broadcast, speech or publication.
Marginal note:Copy to Superintendent
(2) A person who sends a management proxy circular or dissident’s proxy circular shall concurrently send to the Superintendent a copy of it together with the form of proxy, any other documents for use in connection with the meeting and, in the case of a management proxy circular, a copy of the notice of meeting.
(2) Subsection 164.04(4) of the Act is replaced by the following:
Marginal note:Reporting exemptions
(4) The Superintendent shall publish in a publication generally available to the public, a notice of a decision made by the Superintendent granting an exemption under subsection (3).
225 Section 164.061 of the Act is replaced by the following:
Marginal note:Regulations
164.061 The Governor in Council may make regulations
(a) respecting the powers that may be granted by a shareholder or a policyholder in a form of proxy;
(b) respecting proxy circulars and forms of proxy, including the form and content of those documents; and
(c) respecting the conditions under which a company is exempt from any of the requirements of sections 164.01 to 164.06.
226 Subsection 788(1) of the Act is replaced by the following:
Marginal note:Mandatory solicitation
788 (1) Subject to subsections (2) and 768(2), the management of an insurance holding company shall, concurrently with sending notice of a meeting of shareholders, send a form of proxy that is in accordance with the regulations to each shareholder entitled to receive notice of the meeting under section 767.
227 (1) Subsections 789(1) and (2) of the Act are replaced by the following:
Marginal note:Soliciting proxies
789 (1) A person shall not solicit proxies unless a proxy circular that is in accordance with the regulations is sent to the auditor of the insurance holding company, to each shareholder whose proxy is solicited and, in the case set out in paragraph (b), to the bank as follows:
(a) in the case of solicitation by or on behalf of the management of an insurance holding company, a management proxy circular, either as an appendix to or as a separate document accompanying the notice of the meeting; and
(b) in the case of any other solicitation, a dissident’s proxy circular stating the purposes of the solicitation.
Marginal note:Exception — limited solicitation
(1.1) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the insurance holding company, without sending a dissident’s proxy circular, if the total number of shareholders whose proxies are solicited is 15 or fewer, with two or more joint holders being counted as one shareholder.
Marginal note:Exception — solicitation by public broadcast
(1.2) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the insurance holding company, without sending a dissident’s proxy circular if the solicitation is, in the prescribed circumstances, conveyed by public broadcast, speech or publication.
Marginal note:Copy to Superintendent
(2) A person who sends a management proxy circular or dissident’s proxy circular shall concurrently send to the Superintendent a copy of it together with the form of proxy, any other documents for use in connection with the meeting and, in the case of a management proxy circular, a copy of the notice of meeting.
(2) Subsection 789(4) of the Act is replaced by the following:
Marginal note:Reporting exemptions
(4) The Superintendent shall publish in a publication generally available to the public, a notice of a decision made by the Superintendent granting an exemption under subsection (3).
228 Section 791.1 of the Act is replaced by the following:
Marginal note:Regulations
791.1 The Governor in Council may make regulations
(a) respecting the powers that may be granted by a shareholder in a form of proxy;
(b) respecting proxy circulars and forms of proxy, including the form and content of those documents; and
(c) respecting the conditions under which an insurance holding company is exempt from any of the requirements of sections 786 to 791.
2005, c. 54An Act to amend certain Acts in relation to financial institutions
229 Subsection 239(2) of the English version of An Act to amend certain Acts in relation to financial institutions is amended by replacing the subparagraphs (a)(i) and (ii) of the definition solicitation that it enacts with the following:
(i) a request for a proxy whether or not accompanied by or included in a form of proxy,
(ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,
230 Subsection 322(2) of the English version of the Act is amended by replacing the subparagraphs (a)(i) and (ii) of the definition solicitation that it enacts with the following:
(i) a request for a proxy whether or not accompanied by or included in a form of proxy,
(ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,
231 Subsection 392(2) of the English version of the Act is amended by replacing the subparagraphs (a)(i) and (ii) of the definition solicitation that it enacts with the following:
(i) a request for a proxy whether or not accompanied by or included in a form of proxy,
(ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,
Coordinating Amendments
Marginal note:2005, c. 54
232 (1) In this section, other Act means the An Act to amend certain Acts in relation to financial institutions.
(2) If subsection 239(2) of the other Act comes into force before section 229 of this Act, then
(a) that section 229 is deemed never to have come into force and is repealed; and
(b) subparagraphs (a)(i) and (ii) of the definition solicitation in section 164 of the English version of the Insurance Companies Act are replaced by the following:
(i) a request for a proxy whether or not accompanied by or included in a form of proxy,
(ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,
(3) If subsection 239(2) of the other Act comes into force on the same day as section 229 of this Act, then that section 229 is deemed to have come into force before that subsection 239(2).
(4) If subsection 322(2) of the other Act comes into force before section 230 of this Act, then
(a) that section 230 is deemed never to have come into force and is repealed; and
(b) subparagraphs (a)(i) and (ii) of the definition solicitation in section 785 of the English version of the Insurance Companies Act are replaced by the following:
(i) a request for a proxy whether or not accompanied by or included in a form of proxy,
(ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,
(5) If subsection 322(2) of the other Act comes into force on the same day as section 230 of this Act, then that section 230 is deemed to have come into force before that subsection 322(2).
(6) If subsection 392(2) of the other Act comes into force before section 231 of this Act, then
(a) that section 231 is deemed never to have come into force and is repealed; and
(b) subparagraphs (a)(i) and (ii) of the definition solicitation in section 160.01 of the English version of the Trust and Loan Companies Act are replaced by the following:
(i) a request for a proxy whether or not accompanied by or included in a form of proxy,
(ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,
(7) If subsection 392(2) of the other Act comes into force on the same day as section 231 of this Act, then that section 231 is deemed to have come into force before that subsection 392(2).
DIVISION 111991, c. 47Insurance Companies Act
Amendment to the Act
233 Section 476 of the Insurance Companies Act is renumbered as subsection 476(1) and is amended by adding the following:
Marginal note:Exception
(2) A property and casualty company, or a marine company, need not include in the aggregate amount calculated for the purposes of subsection (1) the value of any debt obligation if the value of the debt obligation is included as part of the regulatory capital of the company.
Coming into Force
Marginal note:January 1, 2023
234 This Division comes into force on January 1, 2023.
DIVISION 12Prohibition on the Purchase of Residential Property by Non-Canadians Act
Enactment of Act
Marginal note:Enactment
235 The Prohibition on the Purchase of Residential Property by Non-Canadians Act is enacted as follows:
An Act to prohibit the purchase of residential property by non-Canadians
Marginal note:Short title
1 This Act may be cited as the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
Marginal note:Definitions
2 The following definitions apply in this Act.
- common-law partner
common-law partner, in relation to an individual, means a person who is cohabiting with the individual in a conjugal relationship, having so cohabited for a period of at least one year. (conjoint de fait)
- control
control has the meaning assigned by the regulations. (contrôle)
- dwelling unit
dwelling unit means a residential unit that contains private kitchen facilities, a private bath and a private living area. (local d’habitation)
- Minister
Minister means the federal minister designated under section 3. (ministre)
- non-Canadian
non-Canadian means
(a) an individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
(b) a corporation that is incorporated otherwise than under the laws of Canada or a province;
(c) a corporation incorporated under the laws of Canada or a province whose shares are not listed on a stock exchange in Canada for which a designation under section 262 of the Income Tax Act is in effect and that is controlled by a person referred to in paragraph (a) or (b); and
(d) a prescribed person or entity. (non-Canadien)
- permanent resident
permanent resident has the same meaning as in subsection 2(1) of the Immigration and Refugee Protection Act. (résident permanent)
- prescribed
prescribed means prescribed by regulation. (Version anglaise seulement)
- residential property
residential property means any real property or immovable, other than a prescribed real property or immovable, that is situated in Canada and that is
(a) a detached house or similar building, containing not more than three dwelling units, together with that proportion of the appurtenances to the building and the land subjacent or immediately contiguous to the building that is reasonably necessary for its use and enjoyment as a place of residence for individuals;
(b) a part of a building that is a semi-detached house, rowhouse unit, residential condominium unit or other similar premises that is, or is intended to be, a separate parcel or other division of real property or immovable owned, or intended to be owned, apart from any other unit in the building, together with that proportion of any common areas and other appurtenances to the building and the land subjacent or immediately contiguous to the building that is attributable to the house, unit or premises and that is reasonably necessary for its use and enjoyment as a place of residence for individuals; or
(c) any prescribed real property or immovable. (immeuble résidentiel)
Marginal note:Designation of Minister
3 The Governor in Council may, by order, designate any federal minister to be the Minister for the purposes of this Act.
Marginal note:Prohibition
4 (1) Despite section 34 of the Citizenship Act, it is prohibited for a non-Canadian to purchase, directly or indirectly, any residential property.
Marginal note:Exception — persons
(2) Subsection (1) does not apply to
(a) a temporary resident within the meaning of the Immigration and Refugee Protection Act who satisfies prescribed conditions;
(b) a protected person within the meaning of subsection 95(2) of that Act;
(c) an individual who is a non-Canadian and who purchases residential property in Canada with their spouse or common-law partner if the spouse or common law-partner is a Canadian citizen, person registered as an Indian under the Indian Act, permanent resident or person referred to in paragraph (a) or (b); or
(d) a person of a prescribed class of persons.
Marginal note:Exception — circumstances
(3) Subsection (1) does not apply in prescribed circumstances.
Marginal note:Foreign state
(4) For greater certainty, nothing in subsection (1) is to be construed as hindering a foreign state from purchasing residential property for diplomatic or consular purposes.
Marginal note:Non-application
(5) Subsection (1) does not apply if the non-Canadian becomes liable or assumes liability under an agreement of purchase and sale of the residential property before the day on which this Act comes into force.
Marginal note:Validity
5 The contravention of section 4 does not affect the validity of the sale of the residential property to which the contravention relates.
Marginal note:Offence
6 (1) Every non-Canadian that contravenes section 4 and every person or entity that counsels, induces, aids or abets or attempts to counsel, induce, aid or abet a non-Canadian to purchase, directly or indirectly, any residential property knowing that the non-Canadian is prohibited under this Act from purchasing the residential property is guilty of an offence and liable on summary conviction to a fine of not more than $10,000.
Marginal note:Party to offence
(2) If a corporation or entity commits an offence, any of the following persons that directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and liable for the offence whether or not the corporation or entity has been prosecuted or convicted:
(a) an officer, director or agent or mandatary of the corporation or entity;
(b) a senior official of the corporation or entity;
(c) any individual authorized to exercise managerial or supervisory functions on behalf of the corporation or entity.
Marginal note:Order
7 (1) If a non-Canadian is convicted of having contravened section 4, the superior court of the province in which the residential property to which the contravention relates is situated may, on application of the Minister, order the residential property to be sold in the prescribed manner and under prescribed conditions.
Marginal note:Terms
(2) Subject to the regulations, the superior court may make the order subject to any terms that it considers appropriate.
Marginal note:Regulations
8 (1) The Governor in Council may, on the recommendation of the Minister after consultation with the Minister of Finance, make regulations
(a) defining “control” for the purposes of this Act;
(b) respecting what constitutes a purchase for the purposes of this Act;
(c) respecting the making of orders under section 7; and
(d) prescribing anything that by this Act is to be prescribed.
Marginal note:Paragraph (1)(c)
(2) Regulations made under paragraph (1)(c) must provide that no non-Canadian receive from the proceeds that results from a sale of a residential property ordered under section 7 more than the purchase price they paid for the residential property.
- Date modified: