Short Title

Marginal note:Short title

1 This Act may be cited as the Currency Act.

Interpretation

Marginal note:Definitions

2 In this Act,

Minister

Minister means the Minister of Finance. (ministre)

subsidiary coin

subsidiary coin[Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 16]

PART ICurrency and Coinage

Monetary Unit

Marginal note:Monetary unit

• 3 (1) The monetary unit of Canada is the dollar.

• Marginal note:Denominations

  (2) The denominations of money in the currency of Canada are dollars and cents, the cent being one hundredth of a dollar.

4 to 6 [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 17]

Current Coins

Marginal note:Current coins

• 7 (1) A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of

  • (a) the Royal Canadian Mint Act; or

  • (b) the Crown in any province of Canada before it became part of Canada and if the coin was, immediately before October 15, 1952, current and legal tender in Canada.

• Marginal note:Defaced coins not current

  (2) No coin that is bent, mutilated or defaced, or that has been reduced in weight otherwise than by abrasion through ordinary use, shall pass current.

Legal Tender

Marginal note:Legal tender

• 8 (1) Subject to this section, a tender of payment of money is a legal tender if it is made

  • (a) in coins that are current under section 7; and

  • (b) in notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.

• Marginal note:Limitation

  (2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

  • (a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;

  • (b) twenty-five dollars if the denomination is one dollar;

  • (c) ten dollars if the denomination is ten cents or greater but less than one dollar;

  • (d) five dollars if the denomination is five cents; and

  • (e) twenty-five cents if the denomination is one cent.

• Marginal note:Coins of denominations greater than ten dollars

  (2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

• Marginal note:Different amounts payable on the same day

  (3) For the purposes of subsections (2) and (2.1), where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day.

• Marginal note:Exceptions

  (4) A coin that has been called in is not legal tender.

Marginal note:Calling in of coins

• 9 (1) The Governor in Council may, by proclamation, call in coins of any date and denomination.

• Marginal note:Redemption of coins

  (2) The Governor in Council may make regulations for the redemption by the Minister of coins that are or that have at any time been current in Canada.

• Marginal note:Redemption of coins

  (3) Payments for the redemption of coins of the currency of Canada shall be made out of the Consolidated Revenue Fund on the authorization of the Minister.

Marginal note:Amounts received from issue of coins

9.1 All amounts received from the issue of coins of the currency of Canada must be paid into the Consolidated Revenue Fund.

Counterfeit Coins

Marginal note:Defacement of counterfeit coins

10 Every officer employed in the collection of the revenue in Canada shall cause to be cut, broken or defaced every counterfeit coin that is paid to the officer in payment of an amount payable to Her Majesty, and shall forthwith forward the counterfeit coin to the Minister.

Melting Coins

Marginal note:Melting down coins

• 11 (1) No person shall, except in accordance with a licence granted by the Minister, melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada.

• Marginal note:Offence and punishment

  (2) Every person who contravenes subsection (1) or any condition attached to a licence referred to in that subsection is liable on summary conviction to a fine not exceeding two hundred and fifty dollars or to imprisonment for a term not exceeding twelve months or to both, and, in addition to any fine or imprisonment imposed, the court may order that the articles by means of or in relation to which the offence was committed be forfeited to Her Majesty.

Accounts, Contracts and other Matters Relating to Money

Marginal note:Public accounts and statements

12 All public accounts established or maintained in Canada shall be in the currency of Canada, and any reference to money or monetary value in any indictment or other legal proceedings shall be stated in the currency of Canada.

Marginal note:Contracts, etc.

• 13 (1) Every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the payment of or the liability to pay money shall be made, executed, entered into, done or carried out in the currency of Canada, unless it is made, executed, entered into, done or carried out in

  • (a) the currency of a country other than Canada; or

  • (b) a unit of account that is defined in terms of the currencies of two or more countries.

• Marginal note:Previous contracts, etc.

  (2) Notwithstanding subsection (1), every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the liability to pay money that was made, executed or entered into, done or carried out before October 15, 1952 shall, in so far as anything remained or remains to be or may be executed, done or carried out thereunder on or after that date, be construed and operate without reference to this Act.

Marginal note:Sums mentioned in Constitution and Acts

14 Any sum mentioned in dollars and cents in the Constitution Acts, 1867 to 1982 and in any Act of Parliament shall, unless it is otherwise expressed, be construed as being a sum in the currency of Canada.

Marginal note:Valuation of gold, etc.

15 Notwithstanding any other law, where any law of Canada or any treaty, convention, contract or agreement to which Canada is a party makes reference to

• (a) a currency of a country other than Canada,

• (b) a unit of account that is defined in terms of currencies of two or more countries,

• (c) gold, or

• (d) a combination of any of the things mentioned in paragraphs (a) to (c),

the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of that currency, unit of account, gold or combination thereof.

Marginal note:Conversion of foreign currencies for purposes of customs laws

16 For the purposes of the administration, application and operation of the laws relating to the customs, the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of currencies of countries other than Canada for a day or any other period or generally.

PART IIExchange Fund Account

Marginal note:Exchange Fund Account continued

• 17 (1) The special account in the name of the Minister, known as the Exchange Fund Account, established pursuant to The Exchange Fund Act, chapter 60 of the Statutes of Canada, 1935, to aid in the control and protection of the external value of the monetary unit of Canada and continued by The Foreign Exchange Control Act, chapter 53 of the Statutes of Canada, 1946, is further continued, and all currency, deposits, securities and gold acquired and held by or on behalf of the Minister for the Exchange Fund Account shall continue to be so held.

• Marginal note:Acquisitions

  (2) The Minister may, with assets held by or on behalf of the Minister for the Exchange Fund Account, acquire or cause to be acquired

  • (a) currencies designated by the Minister;

  • (b) units of account designated by the Minister;

  • (c) gold;

  • (d) deposits that are

    • (i) denominated in those currencies or units of account or in gold, and

    • (ii) held with the Bank of Canada or any other financial institution inside or outside Canada designated by the Minister; and

  • (e) securities or notes that are denominated in those currencies or units of account or in gold and are issued or guaranteed by the Government of Canada or by such

    • (i) government of another country,

    • (ii) agency or institution of the Government of Canada or of the government of another country,

    • (iii) official international financial organization, or

    • (iv) institution

    as is designated by the Minister.

• Marginal note:Publication in Canada Gazette

  (2.1) Within sixty days after making a designation under subsection (2), the Minister shall cause to be published in the Canada Gazette the name of the currency or unit of account designated or the criteria used by the Minister in making the designation under subparagraph (2)(d)(ii) or paragraph (2)(e).

• Marginal note:Dealing in assets

  (3) The Minister or an agent on behalf of the Minister may sell, lend, borrow or otherwise deal in currencies, units of account, gold, deposits or securities or notes described in subsection (2), on any terms and conditions that the Minister thinks fit, and may, for that purpose,

  • (a) enter into and participate in

    • (i) futures, forward, option, repurchase and reverse repurchase agreements, and

    • (ii) derivative or associated instruments or products

    relating to those currencies, units of account, gold, deposits or securities or notes;

  • (b) accept any of those currencies, units of account, gold, deposits or securities or notes as security for any loan or undertaking; and

  • (c) give undertakings and give as security for the performance of the undertakings any assets held by or on behalf of the Minister for the Exchange Fund Account.

• Marginal note:Publication in Canada Gazette

  (3.1) Within sixty days after the Minister appoints an agent under subsection (3) or a derivative or associated instrument or product is entered into or participated in under subparagraph (3)(a)(ii), the minister shall cause to be published in the Canada Gazette the name of the agent or a description of the derivative or associated instrument or product.

• Marginal note:Crediting of Account

  (4) There shall be credited to the Exchange Fund Account

  • (a) the proceeds, earnings and interest from all transactions pursuant to subsection (3);

  • (b) all amounts received by the Minister on the maturity of any deposits and securities and notes held by or on behalf of the Minister for the Account; and

  • (c) all earnings and interest from the currencies, units of account, gold, deposits and securities and notes held by or on behalf of the Minister for the Account.

• (5) and (6) [Repealed, 1993, c. 33, s. 1]

Marginal note:Expenses

18 Expenses determined by the Minister to have been incurred in respect of the operation of the Exchange Fund Account shall be paid out of the Account.

Marginal note:Advances out of C.R.F.

19 The Minister may authorize advances to the Exchange Fund Account out of the Consolidated Revenue Fund on such terms and conditions as the Governor in Council may prescribe.

Marginal note:Net income credited to C.R.F.

• 20 (1) Within three months after the end of each calendar year, the amount of the net income of the Exchange Fund Account for the calendar year, expressed in dollars, shall be paid into the Consolidated Revenue Fund, where the net income for the year is a positive amount, or be charged to that Fund, where the net income for the year is a negative amount.

• Marginal note:Consistency with Public Accounts

  (2) The net income of the Exchange Fund Account for a calendar year shall be determined in accordance with accounting principles that are consistent with those applied in preparing the Public Accounts referred to in section 64 of the Financial Administration Act.

Marginal note:Report to Parliament

• 21 (1) The Minister shall report to Parliament on the operation of the Exchange Fund Account for each calendar year within five months after the expiration of that calendar year or, if Parliament is not sitting on the last day of that five month period, on any of the first thirty days thereafter that either House of Parliament is sitting.

• Marginal note:Contents of Report

  (2) The report referred to in subsection (1) shall include the financial statements of the Exchange Fund Account and the report of the Auditor General of Canada referred to in subsection 22(2).

Marginal note:Financial Administration Act

• 22 (1) The Financial Administration Act does not apply to the Exchange Fund Account or operations or transactions in connection with the Account.

• Marginal note:Audit

  (2) The Auditor General of Canada shall make an annual audit of the Exchange Fund Account and the transactions connected with the Account in such manner as he thinks proper and report to the Minister on the results of the audit.

Marginal note:Communication of information prohibited

• 23 (1) No person employed in the service of Her Majesty or the Bank of Canada shall communicate any information or furnish any written statement respecting the Exchange Fund Account or its operation to any person not legally entitled thereto under this Act or by direction of the Minister, or allow such a person to have any such information or statement, or access to the Account or its operation.

• Marginal note:Offence and punishment

  (2) Every person who contravenes subsection (1) is liable on summary conviction to a fine not exceeding one thousand dollars or to imprisonment for a term not exceeding six months or to both.