Bank Act 'Sunsets' June 30.25 Canada
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I personally do not advocate any process or procedure contained in any of my human publications. Information presented is not intended to provide legal, lawful, financial or medical advice, diagnosis, treatment, cure, nor prevent any disease. Views expressed are for educational purposes only. I surround, protect, purify and make harmless the following information.
Bank Act (S.C. 1991, c. 46) Canada
21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after June 30, 2025.
Extension
(2) The Governor in Council may, by order, extend by up to six months the time during which banks may continue to carry on business and authorized foreign banks may continue to carry on business in Canada. No more than one order may be made under this subsection. https://laws.justice.gc.ca/eng/acts/B-1.01/page-4.html#:~:text=21%20%281%29%20Subject%20to%20subsections%20%282%29%20and%20%284%29%2C,on%20business%20in%20Canada%2C%20after%20June%2030%2C%202025
Status and Powers of Banks - Canada
May 24, 2023
21(1), presents a “sunset clause” for the Act – a feature more-or-less unique to banking. Section 21(1) requires Parliament to pass new legislation within a given period to ensure continuity of the Act and business it permits. If the “sunset date” passes, Canadian banks and authorized foreign bank branches must cease business within Canada. And, like other sunset clauses, this notionally ensures the Bank Act is reviewed regularly. However, the sunset date can be – and has been – moved by acts of Parliament, such as with Bill C-30, which received Royal Assent in 2021 and pushed back the sunset date for the Bank Act to June 30, 2025 https://www.torrielaw.ca/status-and-powers-of-banks/
TD Canada Trust
I emailed TD bank requesting clarification about what the above ‘Sunset Provision’ means for bank customers, businesses, people with bank held life insurance policies, bank held retirement plans, investments, etc. No response.
Without prejudice and without recourse
Doreen Agostino
Our Greater Destiny Blog
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