Order Fixing the 16th Day After the Day on Which this Order Is Made as the Day on Which Division 22 of Part 5 of the Budget 2025 Implementation Act, No. 1 Comes into Force: SI/2026-26

Canada Gazette, Part II, Volume 160, Number 12

Registration
SI/2026-26 June 17, 2026

BUDGET 2025 IMPLEMENTATION ACT, NO. 1

Order Fixing the 16th Day After the Day on Which this Order Is Made as the Day on Which Division 22 of Part 5 of the Budget 2025 Implementation Act, No. 1 Comes into Force

P.C. 2026-519 May 29, 2026

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, under section 388 of the Budget 2025 Implementation Act, No. 1, chapter 3 of the Statutes of Canada, 2026, fixes the 16th day after the day on which this Order is made as the day on which Division 22 of Part 5 of that Act comes into force.

EXPLANATORY NOTE

(This note is not part of the Order.)

Proposal

This Order in Council (Order) brings into force Division 22 of Part 5 of the Budget 2025 Implementation Act, No. 1 (BIA 2025 No. 1), regarding enabling legislation for the Canada Development Investment Corporation (CDEV).

Objective

The objective of this Order is to bring into force an enabling Act for the CDEV that comprises Division 22 of Part 5 of BIA 2025 No. 1 (the CDEV Act).

Background

About the CDEV

The CDEV is a Schedule III, Part II enterprise Crown corporation of the Financial Administration Act that reports to Parliament through the Minister of Finance. The CDEV provides financial and commercial advice to the Government of Canada, manages assets on behalf of the Government of Canada, and acts as the Government’s agent of sale for commercial assets.

CDEV legislative history

The CDEV was incorporated in 1982 under the Canada Business Corporations Act (CBCA). In 1984, the Government at the time introduced legislation to continue the CDEV under its own enabling Act. However, this bill died on the Order Paper. Since that time, no legislation has been introduced, and the CDEV has continued to operate under the CBCA.

The CDEV’s lack of an enabling Act made it anomalous among enterprise Crown corporations, which largely operate under special Acts (e.g. Export Development Canada, the Business Development Bank of Canada, Farm Credit Canada, etc.). Consequently, the Government announced its intention to introduce enabling legislation for the CDEV in Budget 2025. This legislation was included BIA 2025 No. 1, which received royal assent on March 26, 2026.

Section 388 of BIA 2025 No. 1 states that the CDEV Act will come into force on a day to be fixed by an order issued by the Governor in Council.

Implications

As the CDEV is currently incorporated under the CBCA, it will need to be discontinued under this Act. Division 22 requires that a signed copy of the Order in Council be provided by the Minister of Finance to the Director of Corporations Canada, who will proceed to discontinue the CDEV under the CBCA.

This Order would come into force on the sixteenth calendar day after the Order is made. This approach would allow sufficient time for the Order to be made and provided to the Director of Corporations Canada in accordance with the CDEV Act, and to provide the Director of Corporations Canada sufficient time to issue the certificate of discontinuation to the CDEV.

Consultation

The CDEV was consulted on the drafting instructions for its enabling legislation. In addition, the CDEV Act was reviewed by committees in both chambers of Parliament.

Contact

Sam Millar
Assistant Deputy Minister
Economic Development and Social Policy Branch
Department of Finance Canada
Telephone: 613‑301‑4998