Canada Business Corporations Act amendments

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 Canada Gazette entry records that the written declaration of assent was made and that 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) for Bill C-42 on November 1, 2023.
• Names the bill as an amendment to the Canada Business Corporations Act and notes there are consequential changes to other Acts.
• Notes the Senate and the House of Commons were notified of the declaration on November 2, 2023.
• The Gazette item does not describe the specific changes the bill makes to the law.

Who's affected#

• Likely most relevant to businesses incorporated under the Canada Business Corporations Act (federally incorporated companies).
• Corporate directors, shareholders, lawyers, accountants and other advisers who work with federal corporate law may notice changes.
• It is unclear from the Gazette entry which specific sectors, company types, or individuals will be affected because the item only reports assent and the bill’s title, not its detailed provisions.

Why it matters#

• Royal assent is the final parliamentary step that allows a bill to become an Act. That means changes to federal corporate law have been approved and can now take effect according to the law’s own timing rules.
• Any changes to the Canada Business Corporations Act can affect how federally incorporated companies are structured, governed, or reported.
• If you are involved with a federally incorporated business, a lawyer, or an advisor, you may want to read the full text of Bill C-42 or watch for announcements about when specific parts come into force to understand the concrete impacts.