Canada Business Corporations Act Amended

Summary#

On November 1, 2023, royal assent was given to Bill C-42, titled "An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts." The notice was published in the Canada Gazette on November 18, 2023, and both Houses of Parliament were notified on November 2, 2023.

What it does#

• Records that royal assent was signified by written declaration under the Royal Assent Act, S.C. 2002, c. 15 on November 1, 2023.
• Names the bill that received assent: Bill C-42 (amending the Canada Business Corporations Act and making related changes to other laws).
• Notes that the Senate and the House of Commons were notified of the written declaration on November 2, 2023.
• The Gazette page also includes a routine notice about private bills and contact information for the House of Commons Private Members’ Business Office.

Who's affected#

• The most directly affected parties are likely those governed by the Canada Business Corporations Act, such as federally incorporated companies and their legal or compliance advisers.
• Parliamentarians, regulators, and anyone tracking the status of federal corporate law will also notice this as the formal record that the bill became an Act.
• The Gazette notice itself does not list the specific text of the amendments, so it is unclear from this notice alone exactly which provisions or groups are changed.

Why it matters#

• Royal assent means the proposed changes in Bill C-42 have completed the parliamentary process and are now enacted (subject to any clauses that set later effective dates).
• If you run, advise, or regulate a federally incorporated business, the underlying law that governs incorporation, governance or related corporate matters may have changed. You will need to look at the enacted Act to know what changed and when those changes take effect.
• The Canada Gazette entry serves as the official public record that the bill received assent and when Parliament was notified.