Bank of Canada Act (R.S.C., 1985, c. B-2)

RELATED PROVISIONS

• — 2023, c. 26, s. 237

  • Losses — Government of Canada Bond Purchase Program

    237 Despite sections 27 and 27.1 of the Bank of Canada Act, any ascertained surplus of the Bank of Canada during a financial year must be applied to the Bank of Canada’s retained earnings until the earlier of the following events occurs:

    • (a) the Bank of Canada’s retained earnings are equal to zero, and

    • (b) the ascertained surplus applied to the Bank of Canada’s retained earnings is equal to its losses arising from the purchase of Government of Canada securities as part of the Government of Canada Bond Purchase Program from April 1, 2020 to April 25, 2022.