Budget 2025 Implementation Act, No. 1 (S.C. 2026, c. 3)
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Assented to 2026-03-26
PART 5Various Measures (continued)
DIVISION 181992, c. 17Special Economic Measures Act (continued)
Amendments to the Act (continued)
357 The Act is amended by replacing “this Act” and “the Act” with “this Part” in the following provisions:
(a) paragraphs 4(4)(a) and (b) and subsection 4(5);
(b) subsections 6(2) and (3);
(c) subsection 7(9);
(d) subsection 9(1) and paragraphs 9(2)(a) to (c);
(e) subsection 10(1);
(f) subsections 11(1) and (2); and
(g) section 12.
Transitional Provision
Marginal note:Profits realized before coming into force
358 A regulation or order may be made under Part 2 of the Special Economic Measures Act with respect to any profits referred to in that Part that are realized before the day on which this section comes into force only if the profits are realized from property that is owned — or held or controlled, directly or indirectly — by Russia, as defined in section 1 of the Special Economic Measures (Russia) Regulations, or by a person who is identified in those Regulations.
2000, c. 17; 2001, c. 41, s. 48Related and Consequential Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
359 The definition sanctions evasion offence in subsection 2(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:
- sanctions evasion offence
sanctions evasion offence means an offence arising from the contravention of a restriction or prohibition established by an order or regulation made under the United Nations Act, under Part 1 of the Special Economic Measures Act or under the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law). (infraction de contournement de sanctions)
360 Paragraph 7.1(1)(c) of the Act is replaced by the following:
(c) an order or regulation made under Part 1 of the Special Economic Measures Act; or
361 Paragraph 11.11(1)(b.1) of the Act is replaced by the following:
(b.1) a person or entity that is subject to a prohibition on financial or related services under Part 1 of the Special Economic Measures Act;
362 The Act is amended by adding the following after section 53.6:
Marginal note:Special Economic Measures Act, Part 2
53.7 At the request of the Minister or an officer of the Department of Finance, the Director shall, for the purposes of Part 2 of the Special Economic Measures Act, disclose to the Minister or the officer any information received by the Centre under paragraph 7.1(1)(c) from a financial institution, as defined in section 3 of the Office of the Superintendent of Financial Institutions Act.
DIVISION 19Basic Pension and Accommodation and Meals Charge
R.S., c. P-6Pension Act
363 Section 74 of the Pension Act is amended by adding the following in alphabetical order:
- covered period
covered period means the period beginning on April 1, 1985 and ending on December 31, 2026. (période visée)
364 The Act is amended by adding the following after section 74:
Marginal note:Basic pension — covered period
74.1 For the covered period, the basic pension payable as of a date set out in column 1 of Schedule IV is deemed to have been the basic pension set out in column 2 for that date.
Marginal note:Related amounts — covered period
74.2 For the covered period, the following amounts are deemed to have been calculated on the basis of the adjustments to the basic pension referred to in section 74.1:
(a) any amount that, under this Act, as it read before the coming into force of this section, or under any other Act of Parliament, was to have been adjusted at the same times and by the same percentage as the basic pension; and
(b) any amount that, under this Act, as it read before the coming into force of this section, or under any other Act of Parliament, was to have been determined on the basis of the basic pension or an amount referred to in paragraph (a).
Marginal note:Conflict or inconsistency
74.3 In the event of a conflict or inconsistency between sections 74.1 and 74.2 and any other provision of this Act or a provision of any other Act of Parliament, or of any regulation made under this or any other Act of Parliament, sections 74.1 and 74.2 prevail.
365 (1) The portion of subsection 75(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Annual adjustment of basic pension
75 (1) Beginning on January 1, 2027, the basic pension shall be adjusted annually in the manner prescribed by regulation of the Governor in Council, so that the basic pension payable for a month in the following calendar year is the greater of
(2) Section 75 of the Act is amended by adding the following after subsection (3):
Marginal note:Definition of province
(4) In paragraph (1)(b), province does not include Yukon, the Northwest Territories or Nunavut and is deemed never to have included them.
366 The Act is amended by adding the following after section 91:
Marginal note:Regulations — paragraph 75(1)(b)
91.1 The Governor in Council may make regulations for the purposes of paragraph 75(1)(b), including regulations respecting the determination of
(a) the average annual gross composite wage of categories of unskilled members of the federal public administration designated by the Minister; and
(b) income tax for a single person calculated in the province with the lowest combined provincial and federal income tax rate.
Marginal note:Amendments to Schedule IV
91.2 The Governor in Council may, by regulation, amend Schedule IV by
(a) adding “January 1, 2026” to column 1 and the basic pension for that date in column 2; and
(b) varying any basic pension set out in column 2.
Marginal note:Retroactive effect
91.3 Regulations made under section 91 for the purposes of section 75 and regulations made under section 91.1 or 91.2 may, if they so provide, have retroactive effect.
367 Schedule I to the Act is amended by replacing the reference after the heading “SCHEDULE I” with the following:
368 Schedule II to the Act is amended by replacing the references after the heading “SCHEDULE II” with the following:
369 Schedule III to the Act is amended by replacing the references after the heading “SCHEDULE III” with the following:
370 The Act is amended by adding, after Schedule III, the Schedule IV set out in Schedule 4 to this Act.
R.S., c. R-11Royal Canadian Mounted Police Superannuation Act
371 The Royal Canadian Mounted Police Superannuation Act is amended by adding the following after section 34:
Marginal note:Annual adjustment
34.1 Beginning on January 1, 2027, the following benefits are to be adjusted annually only on the basis of the Consumer Price Index:
(a) an award granted under section 32 or 32.1; and
(b) any compensation granted under section 5 of the Royal Canadian Mounted Police Pension Continuation Act that is determined on the basis of rates provided for under the Pension Act.
Marginal note:Regulations
34.2 (1) The Governor in Council may make regulations respecting the annual adjustment of the benefits referred to in section 34.1.
Marginal note:Retroactive effect
(2) Regulations made under subsection (1) may, if they so provide, have retroactive effect.
R.S., c. V-1; 2000, c. 34, s. 95(F)Department of Veterans Affairs Act
372 The Department of Veterans Affairs Act is amended by adding the following after section 5:
Marginal note:Veterans Health Care Regulations
5.01 (1) The Governor in Council may make regulations defining “province” for the purposes of any provision of the Veterans Health Care Regulations.
Marginal note:Retroactive effect
(2) Regulations made under subsection (1) may, if they so provide, have retroactive effect.
SOR/90-594Veterans Health Care Regulations
373 For the period beginning on April 1, 1993 and ending on July 15, 1998, the term “province” in paragraph 20(5)(a), subparagraph 20(6)(b)(i) and paragraphs 23(5)(a) and (6)(a) of the Veterans Health Care Regulations is deemed to have referred only to Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Prince Edward Island, Saskatchewan, Alberta or Newfoundland and Labrador.
374 Section 33.1 of the Regulations is amended by adding the following after subsection (4):
(4.1) In paragraph (4)(a), province means Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Prince Edward Island, Saskatchewan, Alberta or Newfoundland and Labrador.
Coming into Force
Marginal note:January 2, 2026 or royal assent
375 (1) Sections 363 to 370 come into force on the later of January 2, 2026 and the day on which this Act receives royal assent.
Marginal note:July 15, 1998
(2) Section 374 is deemed to have come into force on July 15, 1998.
DIVISION 20Earnings Loss Benefit
SOR/2006-50; SOR/2017-161, s. 1Veterans Well-being Regulations
376 (1) Section 21 of the Veterans Well-being Regulations is amended by adding the following after subsection (1):
(1.1) For the purposes of subsection (1), the first annual adjustment to the monthly military salary shall be prorated to the number of days remaining in the calendar year as of the day on which the adjustment begins.
(1.2) For the purposes of subsection (1.1), the day on which the adjustment begins is the day after the day on which the member or veteran is released from the regular force or reserve force, on which they complete their Class C Reserve Service or on which they die, as the case may be.
(2) Subsection 21(1.2) of the Regulations is replaced by the following:
(1.2) For the purposes of subsection (1.1), the day on which the adjustment begins is the day after the day on which the member or veteran is released from the regular force, on which they complete their Class B Reserve Service of more than 180 days or Class C Reserve Service or on which they die, as the case may be.
(3) Subsection 21(1.2) of the Regulations is replaced by the following:
(1.2) For the purposes of subsection (1.1), the day on which the adjustment begins is the day after the day on which the member or veteran is released from the regular force, on which they complete their Class A Reserve Service, Class B Reserve Service or Class C Reserve Service or on which they die, as the case may be.
(4) Subsections 21(1.1) and (1.2) of the Regulations are repealed.
377 (1) Section 27 of the Regulations is amended by adding the following after subsection (1):
(1.1) For the purposes of subsection (1), the first annual adjustment to the value of variable A and variable B described in subsection 19(1) of the Act shall be prorated to the number of days remaining in the calendar year as of the day on which the earnings loss benefit begins to be payable.
(2) Subsection 27(1.1) of the Regulations is repealed.
(3) Section 27 of the Regulations is amended by adding the following after subsection (2):
(2.1) For the purposes of subsection (2), the first annual adjustment to the value of the benefit referred to in subsection 23(1) of the Act and to the amount determined under subsection 23(3) of the Act shall be prorated to the number of days remaining in the calendar year as of the day on which the earnings loss benefit begins to be payable.
(4) Subsection 27(2.1) of the Regulations is repealed.
Regulations
Marginal note:Regulations — earnings loss benefit
378 (1) The Governor in Council may make regulations respecting the earnings loss benefit under the Veterans Well-being Act, as it read from time to time before April 1, 2019.
Marginal note:Retroactive effect
(2) Regulations made under subsection (1) may, if they so provide, have retroactive effect.
Coming into Force
Marginal note:April 1, 2006
379 (1) Subsections 376(1) and 377(1) and (3) are deemed to have come into force on April 1, 2006.
Marginal note:October 3, 2011
(2) Subsection 376(2) is deemed to have come into force on October 3, 2011.
Marginal note:April 1, 2015
(3) Subsection 376(3) is deemed to have come into force on April 1, 2015.
Marginal note:April 1, 2019
(4) Subsections 376(4) and 377(2) and (4) are deemed to have come into force on April 1, 2019.
DIVISION 21R.S., c. R-11Royal Canadian Mounted Police Superannuation Act
Amendments to the Act
380 Paragraph 32.12(1)(c) of the English version of the Royal Canadian Mounted Police Superannuation Act is replaced by the following:
(c) the Minister of Public Safety and Emergency Preparedness is of the opinion that that deployment has exposed or may expose those members to conditions of elevated risk.
381 Section 32.2 of the Act is replaced by the following:
Marginal note:Pension Act
32.2 All claims for awards under this Part shall be dealt with and determined by the Minister as defined in subsection 3(1) of the Pension Act in the same manner as claims under that Act. All provisions of that Act that are not inconsistent with this Part apply, with any necessary modifications, to any claim under this Part.
Related Provisions
Marginal note:Definitions
382 The following definitions apply in sections 383 and 384.
- Act
Act means the Royal Canadian Mounted Police Superannuation Act. (Loi)
- coming-into-force day
coming-into-force day means the day on which this Act receives royal assent. (date d’entrée en vigueur)
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