Minister of Industry Designated for BDC

Summary#

An order published in the Canada Gazette on March 26, 2025 designates the Minister of Industry as the responsible minister for the Business Development Bank of Canada under the Business Development Bank of Canada Act and as the appropriate minister under the Financial Administration Act. The order was made as P.C. 2025-429 on March 14, 2025 and it repeals the earlier order of October 27, 2023 (P.C. 2023-1066).

What it does#

• Repeals the previous Order in Council P.C. 2023-1066 of October 27, 2023.
• Designates the Minister of Industry as the "Designated Minister" for the purposes of the Business Development Bank of Canada Act.
• Designates the Minister of Industry as the "appropriate Minister" for the Business Development Bank of Canada under the Financial Administration Act.

Who's affected#

• The most directly affected organization is the Business Development Bank of Canada.
• The main person affected in government is the Minister of Industry, who will now be the named minister responsible under those laws.
• The Gazette notice does not say this changes the bank’s services, clients, or staff. It appears to be a change to who holds ministerial responsibility within the federal government.

Why it matters#

• This is an administrative change that decides which cabinet minister officially oversees and answers for the Business Development Bank of Canada.
• That matters for accountability: it changes which minister deals with parliamentary questions, formal reporting, and some government-level oversight for the bank.
• The notice does not describe any change to the bank’s day-to-day operations or services.