Bill C-42 Receives Royal Assent

Summary#

On November 1, 2023, royal assent was given to An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts (Bill C-42). The Senate and the House of Commons were notified of the written declaration on November 2, 2023.

What it does#

• Confirms that Bill C-42 received royal assent and will make changes to the Canada Business Corporations Act and other federal laws.
• Notes the assent was signified by a written declaration under the Royal Assent Act (the Gazette item records the timing of notification to Parliament).
• The notice also references that Standing Order 130 (on private-bill notices) was previously published on November 20, 2021, and gives a contact for the Private Members’ Business Office (this is background administrative information included in the Gazette item).

Who's affected#

• Federally incorporated businesses and anyone who deals with them (for example, corporate directors, officers, shareholders, lawyers and accountants).
• Federal government departments and agencies that work with corporate legislation.
• The Gazette item itself does not describe the exact changes, so it's unclear which specific sectors or groups within business will be most affected.

Why it matters#

• Changes to the Canada Business Corporations Act can alter the rules for how federally incorporated companies are run, governed, and regulated. That can affect business operations, legal responsibilities, and reporting requirements.
• The Gazette notice records the formal step that makes those changes effective in the legislative process, but it does not explain what the amendments are. To understand the concrete effects, read the full text of Bill C-42 or official summaries from the government.