Budget 2025 Implementation Act, No. 1 (S.C. 2026, c. 3)

Full Document:

HTMLFull Document: Budget 2025 Implementation Act, No. 1 (Accessibility Buttons available) |
XMLFull Document: Budget 2025 Implementation Act, No. 1 [277 KB] |
PDFFull Document: Budget 2025 Implementation Act, No. 1 [563 KB]

Act current to 2026-03-31

PART 5Various Measures (continued)

DIVISION 33Freshwater Fish Marketing Corporation (continued)

Divestiture and Dissolution (continued)

Marginal note:Powers

556 (1) The Corporation, any corporation referred to in paragraph 555(1)(e) or any other entity referred to in paragraph 555(1)(f) — or any entity that is wholly owned, or wholly held or controlled, directly or indirectly, by the Corporation, the corporation or the other entity — may, with the approval of the Governor in Council and on any terms that the Governor in Council considers appropriate, take any of the following measures:
- (a) sell or otherwise dispose of some or all of its property;
- (b) sell or otherwise dispose of some or all of its liabilities;
- (c) issue securities and sell or otherwise dispose of some or all of those securities;
- (d) reorganize its capital structure;
- (e) acquire the property of a corporation or any other entity;
- (f) procure an addition to, or other material change in, the objects or purposes for which it is incorporated or formed or the restrictions on the businesses or activities that it may carry on;
- (g) procure the incorporation of a corporation whose securities, on incorporation, would be held by, on behalf of or in trust for it;
- (h) procure the formation of any other entity whose securities, on formation, would be held by, on behalf of or in trust for it;
- (i) acquire securities of a corporation or any other entity that, on acquisition, would be held by, on behalf of or in trust for it;
- (j) sell or otherwise dispose of some or all of the securities of a corporation or any other entity that are held by, on behalf of or in trust for it;
- (k) procure its amalgamation;
- (l) procure its dissolution; or
- (m) do anything that is necessary for, or incidental to, a measure taken under any of paragraphs (a) to (l).
Marginal note:Order in council
(2) The Governor in Council may, on the recommendation of the Minister and on any terms that the Governor in Council considers appropriate, by order, direct the Corporation, any corporation referred to in paragraph 555(1)(e) or any other entity referred to in paragraph 555(1)(f) — or any entity that is wholly owned, or wholly held or controlled, directly or indirectly, by the Corporation, the corporation or the other entity — to take, or cause any wholly-owned or wholly held or controlled entity of the Corporation, the corporation or the other entity to take a measure referred to in subsection (1).
Marginal note:Compliance with order
(3) The directors of the Corporation or the corporation referred to in paragraph 555(1)(e) or any persons acting in a similar capacity with respect to the other entity referred to in paragraph 555(1)(f) must comply with an order made under subsection (2).
Marginal note:Best interests
(4) Compliance with an order made under subsection (2) is deemed to be in the best interests of the Corporation, the corporation or the other entity.
Marginal note:Notification of implementation
(5) As soon as feasible after the Corporation, corporation or entity implements an order and completes any actions that are required to be taken in connection with that implementation, it must notify the Minister that it has done so.
Marginal note:Non-application of Statutory Instruments Act
(6) The Statutory Instruments Act does not apply to an order made under subsection (2).

Marginal note:Tabling in Parliament

557 (1) The Minister is to cause a copy of an order made under subsection 556(2) to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the day on which the order is made.
Marginal note:Exception — detrimental information
(2) However, if the Minister is of the opinion that publishing information contained in the order would be detrimental to the commercial interests of Canada, of the Corporation or of any corporation or entity referred to in the order, the Minister is to cause a copy of the order to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the day on which the Minister is notified that the order has been implemented.
Marginal note:Consultation
(3) Before the Minister forms an opinion as to whether publishing information contained in the order would be detrimental, the Minister must consult the Board of Directors of the Corporation or of the corporation or the person or group of persons acting in a similar capacity with respect to the other entity.

Marginal note:Transfer — property, rights or interests

558 Subject to sections 559 and 560, on the day on which the Corporation is dissolved, the Governor in Council may, on the recommendation of the Minister and on any terms that the Governor in Council considers appropriate, transfer, or direct to be transferred, the control, management and administration of any property, rights or interests held by the Corporation to any Minister, department or agency of the Government of Canada.

Marginal note:Distribution of property

559 (1) The property of the Corporation is to be applied in satisfaction of its debts and liabilities, and of the charges, costs and expenses incurred in respect of its divestiture and dissolution.
Marginal note:Expenses — divestiture and dissolution
(2) All charges, costs and expenses incurred in respect of the divestiture and dissolution of the Corporation are payable out of the property of the Corporation in priority to all other claims.

Marginal note:Surplus

560 (1) Any surplus that remains after the satisfaction of the debts and liabilities of the Corporation and the charges, costs and expenses incurred in respect of its divestiture and dissolution belongs to His Majesty in right of Canada.
Marginal note:Unsatisfied debts and liabilities
(2) Any debts and liabilities of the Corporation that remain unsatisfied on the day on which the Corporation is dissolved become the debts and liabilities of His Majesty in right of Canada.

The following provision is not in force.

Marginal note:Dissolution

561 The Corporation is dissolved.

Transitional Provisions

Marginal note:Reference to Corporation

562 On or after the day on which the Corporation is dissolved, every reference to the Corporation in any contract, instrument, act or other document executed or signed by the Corporation in its own name is to be read, unless the context otherwise requires, as a reference to His Majesty in right of Canada.

Marginal note:Commencement of legal proceedings

563 (1) Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Corporation in respect of its divestiture or dissolution may be brought against His Majesty in right of Canada in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Corporation.
Marginal note:Continuation of legal proceedings
(2) Any action, suit or other legal proceeding to which the Corporation is party that is pending in any court on the day on which the Corporation is dissolved may be continued by or against His Majesty in right of Canada in like manner and to the same extent as it could have been continued by or against the Corporation.

Marginal note:No compensation

564 Despite the provisions of any contract, agreement or order in council, no person who is appointed to hold office as a member of the Board of Directors of the Corporation has any right to any compensation, damages, indemnity or other form of relief from His Majesty in right of Canada or from any employee or agent of His Majesty for ceasing to hold that office or for the abolition of that office, by the operation of this Division.

Consequential Amendments

R.S., c. F-8Federal-Provincial Fiscal Arrangements Act

The following provision is not in force.

565 [Amendments]

R.S., c. F-11Financial Administration Act

The following provision is not in force.

566 [Amendments]

R.S., c. M-13Payments in Lieu of Taxes Act

The following provision is not in force.

567 [Amendments]

R.S., c. P-36Public Service Superannuation Act

The following provision is not in force.

568 [Amendments]

Repeal

The following provision is not in force.

Marginal note:Repeal

569 The Freshwater Fish Marketing Act, chapter F-13 of the Revised Statutes of Canada, 1985, is repealed.

Coming into Force

Marginal note:Order in council

Footnote ^*570 Sections 561 and 565 to 569 come into force on a day or days to be fixed by order of the Governor in Council.

Return to footnote ^*[Note: Sections 561 and 565 to 569 not in force.]

DIVISION 341974-75-76, c. 83Government Annuities Improvement Act

571 [Amendments]

DIVISION 351984, c. 18; 2018, c. 4, s. 4Naskapi and the Cree-Naskapi Commission Act

572 [Amendments]

DIVISION 361994, c. 28Canada Student Financial Assistance Act

Amendments to the Act

573 [Amendments]

574 [Amendments]

Transitional Provision

Marginal note:Delayed application

575 (1) Section 6.31 of the Canada Student Financial Assistance Act applies as of August 1, 2029 in relation to a qualifying student who
- (a) is registered in a program of studies during the loan year beginning on August 1, 2025;
- (b) in respect of that program of studies, receives financial assistance under that Act during that loan year or received financial assistance under that Act during a previous loan year; and
- (c) continues that program of studies at the same designated educational institution.
Marginal note:Words and expressions
(2) Unless the context otherwise requires, words and expressions used in subsection (1) have the same meaning as in the Canada Student Financial Assistance Act.

DIVISION 37Proceeds of Crime (Money Laundering) and Terrorist Financing (Various Measures)

2000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act

576 [Amendments]

577 [Amendments]

578 [Amendments]

579 [Amendments]

580 [Amendments]

581 [Amendments]

582 [Amendments]

583 [Amendments]

SOR/2002-184Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

584 [Amendments]

585 [Amendments]

R.S., c. A-1Consequential Amendment to the Access to Information Act

586 [Amendments]

Coming into Force

Marginal note:October 1, 2025

587 Section 584 is deemed to have come into force on October 1, 2025 immediately after the coming into force of section 8 of the Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, made on December 16, 2024 and registered as SOR/2024-267.