Canada Innovation Corporation Act (S.C. 2023, c. 26, s. 238)

Marginal note:Evaluation committee

• The following provision is not in force.

  17 (1) The Board must establish an evaluation committee that is responsible for advising the Corporation on matters relating to the provision of financial support by the Corporation.

• The following provision is not in force.

  Marginal note:Directors not eligible

  (2) Directors are not eligible to be members of the committee.

• The following provision is not in force.

  Marginal note:By-laws

  (3) The Board may make by-laws respecting the committee, including respecting the matters relating to the provision of financial support on which it is to advise the Corporation and respecting the expertise of its members.

Marginal note:Restriction on directives

18 A directive must not be given to the Corporation under subsection 89(1) of the Financial Administration Act requiring the Corporation to provide financial support to a specific entity or a group of specific entities or requiring the Corporation to provide advice to a specific entity or a group of specific entities.

Marginal note:Disclosure of information to federal institutions

• The following provision is not in force.

  19 (1) The Corporation may disclose any information in its possession to a federal institution if that disclosure is related to the carrying out of the Corporation’s purpose.

• The following provision is not in force.

  Marginal note:Disclosure of information to Corporation

  (2) A federal institution may disclose any information in its possession to the Corporation if that disclosure is related to the carrying out of the Corporation’s purpose.

Marginal note:Payments out of Consolidated Revenue Fund

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  20 (1) Subject to subsection (2), the Minister must pay out of the Consolidated Revenue Fund the following amounts, or any greater amounts specified in an appropriation Act, to the Corporation:

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    (a) for the financial year ending March 31, 2024, $198,000,000;

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    (b) for the financial year ending March 31, 2025, $775,000,000;

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    (c) for the financial year ending March 31, 2026, $800,000,000;

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    (d) for the financial year ending March 31, 2027, $800,000,000; and

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    (e) for each subsequent financial year, $525,000,000.

• The following provision is not in force.

  Marginal note:Withholding of payment

  (2) The Minister may, with the approval of the Minister of Finance, withhold all or part of the payment for a financial year.

• The following provision is not in force.

  Marginal note:Consultation with Board

  (3) The Minister must consult the Board before withholding all or part of a payment.

• The following provision is not in force.

  Marginal note:Report

  (4) If the Minister withholds a payment, the Minister must cause a report setting out the reasons for withholding the payment to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the payment has been withheld.

Marginal note:Payments to Receiver General

• The following provision is not in force.

  21 (1) Within three months after the end of each financial year, the Corporation must pay to the Receiver General the money of the Corporation that was in excess of $66,000,000 at the end of that financial year.

• The following provision is not in force.

  Marginal note:Non-application

  (2) Sections 130 to 130.2 of the Financial Administration Act do not apply in respect of the Corporation.

Marginal note:Financial year

22 The financial year of the Corporation is the period of 12 months beginning on April 1 and ending on the next March 31.

Marginal note:Quarterly financial reports

23 The following information must be included in the quarterly financial report that the Corporation is required to cause to be prepared under subsection 131.1(1) of the Financial Administration Act:

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  (a) the name of each entity with which the Corporation entered into an agreement or arrangement in that quarter to provide financial support; and

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  (b) the amount of the financial support provided for in each agreement or arrangement.

Marginal note:Annual reports

24 The following information must be included in the annual report that the Corporation is required to submit under subsection 150(1) of the Financial Administration Act:

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  (a) information relating to each program that it developed, delivered or administered under paragraph 10(e) in the financial year;

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  (b) the name of each entity to which it provided financial support of $100,000 or more in that year and the amount of that financial support; and

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  (c) the number of entities to which it provided financial support of less than $100,000 in that year and the total amount of the financial support provided to those entities.

Marginal note:Definitions

25 The following definitions apply in sections 26 to 35.

Director

Director has the same meaning as in subsection 2(1) of the Canada Business Corporations Act. (directeur)

former Corporation

former Corporation means the Canada Innovation Corporation incorporated under the Canada Business Corporations Act. (ancienne Corporation)

new Corporation

new Corporation means the Canada Innovation Corporation continued under section 5. (nouvelle Corporation)

Marginal note:Copy of order provided to Director

• The following provision is not in force.

  26 (1) The Minister must provide the Director with a copy of the order made under subsection 241(1) of the Budget Implementation Act, 2023, No. 1.

• The following provision is not in force.

  Marginal note:Deeming

  (2) For the purposes of the Canada Business Corporations Act, the copy of the order is deemed to be a notice referred to in subsection 188(7) of that Act, satisfactory to the Director, that the former Corporation has been continued under one of the Acts referred to in subsection 188(2) of that Act.

Marginal note:Transfer of shares

27 All the shares of the former Corporation are transferred to the Minister to hold in trust for His Majesty in Right of Canada.

Marginal note:Chairperson’s interim powers

28 During the period beginning on the day on which this section comes into force and ending on the day on which at least four other directors are in office, the chairperson comprises the Board and may exercise all the powers of the Board.

Marginal note:Rights preserved

29 For greater certainty,

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  (a) subject to subsections 12(7) and 13(6), the chairperson, directors and chief executive officer of the former Corporation who hold office immediately before the day on which this section comes into force continue to hold office as the chairperson, directors and chief executive officer, respectively, of the new Corporation for the remainder of the term for which they were appointed;

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  (b) the property and rights of the former Corporation continue to be the property and rights of the new Corporation;

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  (c) the new Corporation continues to be liable for the obligations of the former Corporation;

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  (d) unless the context otherwise requires, every reference to the former Corporation in any contract, instrument or act or other document executed or signed by the former Corporation is to be read as a reference to the new Corporation;

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  (e) an existing cause of action, claim or liability to prosecution relating to the former Corporation is unaffected;

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  (f) a civil, criminal or administrative action or proceeding pending by or against the former Corporation may be continued by or against the new Corporation; and

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  (g) a conviction against, or ruling, order or judgment in favour of or against, the former Corporation may be enforced by or against the new Corporation.

Marginal note:Industrial Research Assistance Program

• The following provision is not in force.

  30 (1) Any person who, immediately before the day on which this section comes into force, occupied a position within the Industrial Research Assistance Program of the National Research Council of Canada, beginning on that day, occupies their position within the new Corporation.

• The following provision is not in force.

  Marginal note:No change in status

  (2) Nothing in subsection (1) or in any regulations made under section 35 is to be construed as affecting the status of such a person except that, beginning on the day on which this section comes into force, the person occupies their position within the new Corporation.

• The following provision is not in force.

  Marginal note:Managerial or confidential position

  (3) For greater certainty, a person’s status includes whether or not they occupy a managerial or confidential position.

Marginal note:Transfer of appropriations

31 If this section comes into force before March 31, 2024, any money that is appropriated by an Act of Parliament, for the financial year in which this section comes into force, to defray any expenditure of the National Research Council of Canada that is related to the Industrial Research Assistance Program and that, on the day on which this section comes into force, is unexpended is deemed, on that day, to be an amount appropriated to defray any expenditure of the new Corporation. The Minister must pay that amount to the new Corporation.