Budget 2026Annex 3:
Annex 3:
Legislative measures
Impacts report
Find out more about the expected gender and diversity impacts for each measure in Annex 3: Legislative measures.
This annex includes a number of measures (other than tax-related measures) that would be implemented through legislation.
| Subject of the measure | Proposed legislative action |
|---|---|
| Mobilising private investment to modernise Canada's airports | In Budget 2026, the government proposes to introduce legislation to support the transition to the new operating concession model and provide the authorities required to prepare and implement concession transactions. |
| Amendments to the Patent Act | In Budget 2026, the government proposes to amend the Patent Act to require that changes in patent ownership be registered with the Canadian Intellectual Property Office, and to make other amendments. |
| Giving Canadians a stake in what we build | In Budget 2026, the government proposes to enact and amend legislation to establish the Canada Strong Fund, including authorising it to be funded from the Consolidated Revenue Fund and to facilitate it offering a retail investment product. |
| Mackenzie Valley Highway and major projects management entity | In Budget 2026, the government proposes to introduce legislative provisions necessary for the funding and governance of a major projects management entity. |
| Enhancing Canada's trade finance toolkit | In Budget 2026, the government proposes to amend the Export Development Act, Financial Administration Act, Canadian Commercial Corporation Act and other acts as necessary to modernise Canada's trade finance architecture. |
| Strengthening mortgage lender income verification | In Budget 2026, the government proposes to amend the Canada Revenue Agency Act to provide the Canada Revenue Agency with the authority to enter into agreements with mortgage lenders and insurers to provide an income verification service. |
| Cracking down on predatory lending | In Budget 2026, the government proposes to amend the payday lending exemption in section 347.1 of the Criminal Code to require a minimum term of 42 days and repayment in instalments, and to prohibit credit insurance charges on payday loans. |
| Modernising the federal Financial Consumer Protection Framework | In Budget 2026, the government proposes to amend the Bank Act and the Financial Consumer Agency of Canada Act to modernise the federal Financial Consumer Protection Framework and ensure it operates clearly and consistently as financial products and services evolve. These amendments would better reflect the Financial Consumer Agency of Canada's role in complaints handling; confirm consumers' entitlement to redress where interest is unpaid or incorrectly credited; and streamline approval requirements for information-sharing agreements. |
| Supporting consumers affected by bank branch closures | Further to measures announced in Budget 2025, the government intends to amend the Bank Act to require banks to publish branch closure notices online, waive fees for closing or transferring affected accounts during the prescribed period, and have processes in place to authenticate government-issued personal identification when opening accounts remotely, consistent with existing requirements for in-person account-opening. |
| Extending Employment Insurance benefits for apprentices | In Budget 2026, the government proposes to amend the Employment Insurance Act to temporarily increase the minimum number of weeks of EI benefits available to apprentices from 14 weeks to 18 weeks. |
| Amendments to Section 79 of the Employment Insurance Act | In Budget 2026, the government proposes to amend Section 79 of the Employment Insurance Act to remove the requirement for Minister of Finance concurrence on the annual Employment Insurance Part II Expenditure Plan. |
| Modernising infrastructure investment rules for life insurers | In Budget 2026, the government proposes to amend the Insurance Companies Act to facilitate additional infrastructure investment by life insurers. |
| Removing barriers to new federally regulated financial institution formation | In Budget 2026, the government proposes to amend the Bank Act, Insurance Companies Act, and the Trust and Loan Companies Act to exempt new entrants from self-dealing requirements that constrain how they can organise and establish their businesses while they wait for final entry approvals. |
| Strengthening the federal pension framework | In Budget 2026, the government proposes to amend the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act to reduce burden on federally regulated pension plans by making it easier to use electronic communications and by removing some required communications to spouses and common-law partners, and to allow certain members of pooled registered pension plans to set their own contribution rates or amounts, as well as to make technical amendments. The government also intends to identify ways to reduce burden and red tape for federally regulated pension plans through a review of the Pension Benefits Standards Regulations, 1985 and the Pooled Registered Pension Plans Regulations. |
| Simplifying the approval processes for Crown corporations | In Budget 2026, the government proposes to amend the Financial Administration Act to simplify the process for approving limited adjustments to Crown corporation borrowing; and to amend the Royal Canadian Mint Act to simplify the approval process for circulation coins. |
| Bank of Canada foreign currency emergency lending assistance | In Budget 2026, the government proposes to amend the Bank of Canada Act to give the Bank of Canada the ability to create a foreign currency portfolio to provide Emergency Lending Assistance in foreign currencies to banks facing extreme liquidity pressures. |
| Enhancing regulatory clarity and strengthening consumer safeguards for stablecoins |
In Budget 2026, the government proposes to amend the Bank Act, Trust and Loan Companies Act, and Insurance Companies Act, to prohibit federally regulated financial institutions from issuing stablecoins directly. Budget 2026 also proposes to amend the Stablecoin Act to apply to foreign institutions that are not subject to prudential regulations and to further clarify that issuing a stablecoin does not constitute engaging in the business of accepting deposits for foreign banks and their affiliated entities regulated under Part XII of the Bank Act. |
| Increasing competition in the financial sector |
In Budget 2026, the government proposes to amend the Office of the Superintendent of Financial Institutions Act to introduce a new secondary competition mandate for the Office of the Superintendent of Financial Institutions, supported by statutory interpretive principles. The government also intends to amend the Bank Act, Trust and Loan Companies Act, and Insurance Companies Act to establish a maximum statutory one-year timeline for decisions on applications from prospective entrants to enter the federal financial institutions framework. The government further intends to amend the Bank Act and Trust and Loan Companies Act to expand the suite of voluntary exit options available to deposit-taking institutions, while maintaining appropriate safeguards for depositors and oversight of significant asset and liability transfers. |
| Modernising the deposit insurance framework |
In Budget 2026, the government proposes to amend the Canada Deposit Insurance Corporation Act to modernise the deposit insurance framework by increasing the deposit insurance limit to $250,000, providing temporary high-balance coverage for certain life events like selling a home, removing the deposit insurance limit for eligible deposits in registered and tax-free accounts; legislating a periodic review of the deposit insurance framework every 10 years, ensuring that the Canada Deposit Insurance Corporation (CDIC) can access data to support evidence-based policy development, and updating the framework so provincial trust and loan companies seeking to become a CDIC member may only do so by continuing as a federal trust and loan company. |
| Next phase of payments modernisation: RPAA legislative amendments | In Budget 2026, the government proposes to amend the Retail Payment Activities Act to support the Bank of Canada's effective supervision of payment service providers and administration of the Act. |
| Easing bank ownership rules to make it easier for banks to scale | In Budget 2026, the government proposes to amend the Bank Act to raise the threshold for when a bank is considered large and needs to become widely held from $12 billion to $25 billion, to create an exemption for certain foreign bank subsidiaries with less than $8 billion in equity from the 35% public holding requirement, and to make other related amendments. |
| Increasing flexibility for credit unions to operate and grow federally | In Budget 2026, the government proposes to amend the Bank Act to provide more flexibility for shareholder participation and control in a federal credit union, subject to ministerial approval. |
| Extending the prohibition on foreign buyers | In Budget 2026, the government proposes to introduce legislation to extend the application of the Prohibition on the Purchase of Residential Property by Non-Canadians Act to January 1, 2029. |
| Protecting artists' and creators' copyrights | In Budget 2026, the government proposes to amend the Copyright Act to create an Artist's Resale Right in Canada, ensuring Canadian visual artists benefit from future sales of their work. |
| RCMP Heritage Centre | In Budget 2026, the government proposes to amend the Museums Act to establish the RCMP Heritage Centre within the national museums portfolio. |
| Accelerating high-speed rail construction | In Budget 2026, the government proposes to introduce new legislation that will support accelerating the construction of Alto High-Speed Rail. Legislation will streamline expropriation activities and enable early preconstruction work. |
| Circular economy for plastics renewal | In Budget 2026, the government proposes to amend the Fisheries Act to create a new Part regarding the retrieval, possession, management, transportation, and disposal of abandoned, lost, or discarded fishing gear (ghost gear) in Canadian fisheries waters to support the responsible retrieval of ghost gear. |
| Strengthening Canada's AML/ATF Regime | In Budget 2026, the government proposes to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and its regulations, to expand FINTRAC's ability to share information with the Office of the Superintendent of Financial Institutions, clarify FINTRAC's powers of examination, extend the scope of the PCMLTFA regime as it applies to the gambling sector, expand the requirement to register with FINTRAC to certain sectors and to make technical amendments. In addition, the government proposes to amend the PCMLTFA and the Office of the Superintendent of Financial Institutions Act, and to make consequential and related amendments to other statutes and regulations, to enhance the anti-money laundering and anti-terrorist financing supervision and compliance of the largest financial institutions by transferring the responsibility for anti-money laundering and anti-terrorist financing supervision of federally regulated financial institutions from the Financial Transactions and Reports Analysis Centre of Canada to the Office of the Superintendent of Financial Institutions. Finally, amendments to the Canada Business Corporations Act, the Canada Not-for-profit Corporations Act, and the Canada Cooperatives Act would expand government access to non-public beneficial ownership registry information and provide enhanced powers to dissolve fraudulent corporations. |
| Addressing national security risks from investments by financial institutions | In Budget 2026, the government proposes to amend the Bank Act to provide the Minister of Finance with a new authority to order the divestiture of investments held in Canadian businesses by banks, bank holding companies, and foreign banks and their affiliates to address national security risks, with a supporting information-gathering authority. |
| National Anti-Fraud Strategy |
In Budget 2026, the government proposes to introduce legislation to create a Multi-Sector Anti-Fraud Framework of cross-sector fraud-related consumer protection rules and to make additional related amendments to other federal statutes to ensure the implementation of sector-specific requirements, including:
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| Earthquake insurance cost-sharing arrangement | In Budget 2026, the government proposes to introduce legislation to establish the Canadian Earthquake Insurance Facility, to promote financial stability in the property and casualty insurance industry following an extreme earthquake. |
| Measurement Canada fines and penalties | In Budget 2026, the government proposes to amend the Weights and Measures Act and the Electricity and Gas Inspection Act to modernise Measurement Canada's fines and penalties regime, support a fair marketplace, and protect consumers and businesses by strengthening compliance tools. |
| Amendments to the Department of Employment and Social Development Act | In Budget 2026, the government proposes to amend the Department of Employment and Social Development Act to facilitate information sharing and enable the delivery of integrated and efficient services across government. |
| Digital Transformation Canada Act | In Budget 2026, the government proposes to introduce the Digital Transformation Canada Act to establish Digital Transformation Canada as a successor organisation to Shared Services Canada, and to outline Digital Transformation Canada's responsibilities for the provision, governance, and delivery of enterprise digital and information technology services across government. The government also proposes to make consequential and related amendments to other federal statutes to enable these Digital Transformation Canada initiatives. |
| Maintaining the effectiveness of fines and penalties of the Financial Consumer Agency of Canada | In Budget 2026, the government proposes to amend the Financial Consumer Agency of Canada Act to clarify that the current maximum administrative monetary penalty applies where conduct began before the present maximum came into force but continued afterward. |
| Enhancing the Office of the Superintendent of Financial Institutions (OSFI's) supervisory effectiveness and actuarial services | In Budget 2026, the government proposes to amend the Office of the Superintendent of Financial Institutions Act to strengthen OSFI's Administrative Monetary Penalties regime and establish a statutory basis for OSFI's actuarial services including cost recovery arrangements. |
| Canadian Food Inspection Agency fines and penalties | In Budget 2026, the government proposes to introduce amendments to the Agriculture and Agri-Food Administrative Monetary Penalties Act, Feeds Act, Fertilizers Act, Health of Animals Act, Plant Protection Act, and Seeds Act to modernise the Canadian Food Inspection Agency's fines and penalties regime and strengthen its enforcement authorities. |
| Fisheries and Oceans Canada fines and penalties | In Budget 2026, the government proposes to amend the Fisheries Act, Oceans Act, Coastal Fisheries Protection Act, and Fishing and Recreational Harbours Act to strengthen fisheries and marine protection by modernising fines and penalties and establishing an administrative monetary penalties regime under the Fisheries Act. |
| Fines and Penalties – Canada Lands Surveyors Act and International Boundary Commission Act | In Budget 2026, the government proposes to amend the Canada Lands Surveyors Act and the International Boundary Commission Act to modernise outdated monetary penalties and strengthen deterrence. |
| Fines and penalties – environment acts | In Budget 2026, the government proposes to amend the Environmental Enforcement Act to adjust fine amounts to inflation, as well as to amend the Species at Risk Act to harmonise penalties with the Environmental Enforcement Act penalties regime. These amendments would ensure environmental statutes remain up-to-date and effective at deterring non-compliance. |
| Transferring the Canada Small Business Financing Program (CSBFP) to the Business Development Bank of Canada (BDC) | In Budget 2026, the government proposes to amend the Canada Small Business Financing Act and the Business Development Bank of Canada Act to facilitate the transfer of administrative responsibility of the CSBFP to the BDC. |
| Streamlining the delivery of federal financing | In Budget 2026, the government proposes to amend the Canada Development Investment Corporation Act; Budget Implementation Act, 2024; the Canada Infrastructure Bank Act; the Financial Administration Act and other related Acts to reduce overlap and streamline activities for the financing Crown corporations. Budget 2026 also introduces new legislation and amends existing legislation, including the Business Development Bank of Canada Act and the Export Development Act and other related acts to facilitate the consolidation of BDC and EDC. |
| Amendments to the Corrections and Conditional Release Act | In Budget 2026, the government proposes to amend the Corrections and Conditional Release Act to increase the maximum term of appointment for part-time Parole Board of Canada members from three years to five years. |
| Amendments to the Customs Act | In Budget 2026, the government proposes to amend the Customs Act to support the ratification and implementation of the Agreement between Canada and the European Union on the Transfer and Processing of Passenger Name Record Data. |
| Amendments to the Department of Citizenship and Immigration Act | In Budget 2026, the government proposes to amend the Department of Citizenship and Immigration Act to improve information sharing with newcomers and other government departments to make it easier for newcomers to access government services. |
| Amendments to the First Nations Fiscal Management Act | In Budget 2026, the government proposes to amend the First Nations Fiscal Management Act to allow the First Nations Finance Authority to lend to Indigenous-owned Special Purpose Vehicles. |
| Amendments to the Aeronautics Act | In Budget 2026, the government proposes to amend the Aeronautics Act to better protect aircraft, airports, and aviation systems from cyber threats. The amendments would allow the government to establish cybersecurity requirements, respond more quickly to emerging threats, and strengthen inspection and enforcement authorities. |
| Amendments to the National Flag of Canada Manufacturing Standards Act | In Budget 2026, the government proposes to amend the National Flag of Canada Manufacturing Standards Act to more efficiently set the standards for Canadian flags used by the federal government. |
| Updating the Auditor General Act | In Budget 2026, the government proposes to amend the Auditor General Act to clarify and modernise the Office of the Auditor General of Canada's access to information needed for audits, following consultations with stakeholders, and to make related consequential, transitional, administrative, and coordinating amendments. |
| Public Sector Pension Modernisation | In Budget 2026, the government proposes to amend the Public Service Superannuation Act, the Royal Canadian Mounted Police Superannuation Act, and the Canadian Forces Superannuation Act, and to make consequential amendments to related regulations, to restore the coordinated pension accrual of 2% of salary per year of service when combined with the Canada Pension Plan or the Quebec Pension Plan. |
| Modernising the Canadian Transportation Accident Investigation and Safety Board Act | In Budget 2026, the government proposes to amend the Canadian Transportation Accident Investigation and Safety Board Act to clarify its legal obligations while conducting its investigations and to update its reporting requirements. |
| Amendments to the Canada Border Services Agency Act | In Budget 2026, the government proposes to amend the Canada Border Services Agency Act to enable the Canada Border Services Agency to provide support, through the provision of services, to organisations for which the Minister of Transport is responsible. |
| Amendments to the Greenhouse Gas Pollution Pricing Act | In Budget 2026, the government proposes to amend the Greenhouse Gas Pollution Pricing Act to retroactively remove the four-times "increased rate" for late compensation and facilitate refunds for past increased rate payments and in cases of corrected emissions information. |
| Amendments to the Canadian Agricultural Loans Act | In Budget 2026, the government proposes to amend the Canadian Agricultural Loans Act to improve access to capital for farmers, support intergenerational farm transfers, reduce costs and administrative requirements for lenders and producers, and better reflect today's agricultural realities. |
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