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Bill C-400

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First Session, Forty-fourth Parliament,

70-71 Elizabeth II – 1-2 Charles III, 2021-2022-2023-2024

HOUSE OF COMMONS OF CANADA

BILL C-400
An Act to establish a framework for the continued access to and use of cash in Canada and to make related amendments to other Acts
FIRST READING, June 13, 2024

Mr. Falk
441273


SUMMARY

This enactment provides for the development and implementation of a framework to ensure that cash continues to be available throughout Canada.

It also amends the Currency Act and the Bank of Canada Act to remove the Governor in Council’s power to call in coins and notes. Finally, it amends the Bank of Canada Act to prohibit the Bank of Canada from issuing a digital form of the dollar.

Available on the House of Commons website at the following address:
www.ourcommons.ca


1st Session, 44th Parliament,

70-71 Elizabeth II – 1-2 Charles III, 2021-2022-2023-2024

HOUSE OF COMMONS OF CANADA

BILL C-400

An Act to establish a framework for the continued access to and use of cash in Canada and to make related amendments to other Acts

Preamble

Whereas the use of cash is significantly more prevalent among vulnerable population groups such as seniors, Indigenous Peoples, newcomers to Canada and persons with low-income, including those living in poverty or who rely on income assistance programs;

Whereas non-profit organizations and community organizations rely on cash for charitable fundraising activities;

And whereas cash as a form of payment provides a higher level of privacy than digital alternatives and that Canadians’ right to privacy is enshrined in the Canadian Charter of Rights and Freedoms and the Privacy Act, as well as provincial privacy legislation;

Now, therefore, His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Short title

1 This Act may be cited as the Framework on the Access to and Use of Cash Act.

Interpretation

Definitions

2 The following definitions apply in this Act.

cash means coins and notes referred to in subsection 8(1) of the Currency Act.‍ (espèces)

Minister means the Minister of Finance.‍ (ministre)

Comprehensive Review

Review by Minister

3 Within 90 days after the day on which this Act comes into force, the Minister must undertake a comprehensive review of existing legislation, regulations and policies in relation to the availability of cash within financial institutions.

Framework

Development

4 (1) The Minister must develop and implement a framework to ensure continued access to cash in Canada.

Contents

(2) The framework must include measures to

  • (a) ensure that all persons in Canada have access to cash by ensuring, among other things, that the necessary infrastructure is present across Canada to allow cash withdrawals and deposits, and determining a reasonable distance for people to travel to withdraw or deposit cash;

  • (b) protect the ability of persons in Canada to continue to use cash despite the availability of digital currencies, including cryptocurrencies;

  • (c) incentivize businesses and creditors to accept payments made in cash;

  • (d) remove barriers and disincentives in relation to donations made in cash to non-profit organizations and community organizations, without compromising efforts to curtail money laundering, fraud and other financial crimes; and

  • (e) ensure the long-term viability of Canada’s cash infrastructure — which includes the equipment and facilities required for the sorting, storing and distribution of cash — by ensuring that it remains effective, resilient and sustainable.

Reports to Parliament

Tabling of framework

5 (1) Within 18 months after the day on which this Act comes into force, the Minister must prepare a report setting out the framework and any recommendations related to its development and implementation and cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after it is completed.

Publication

(2) The Minister must publish the report on the website of the Department of Finance within 10 days after the report has been tabled in both Houses of Parliament.

Review

6 Within three years after the report referred to in section 5 has been tabled in both Houses of Parliament, the Minister must, in consultation with the parties referred to in subsection 4(2), undertake a review of the implementation, effectiveness and social and economic impacts of the framework, prepare a report setting out any findings and recommendations and cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after it is completed.

Related Amendments

R.‍S.‍, c. C-52

Currency Act

7 Subsection 9(1) of the Currency Act is repealed.

R.‍S.‍, c. B-2

Bank of Canada Act

8 Section 23 of the Bank of Canada Act is renumbered as subsection 23(1) and is amended by adding the following:

Prohibition — central bank digital currency
Start of inserted block
(2) The Bank shall not issue a digital form of the dollar.
End of inserted block

9 Subparagraph 25(2)‍(b)‍(ii) of the Act is replaced by the following:

  • (ii) its notes Insertion start that were called in Insertion end by an order made under the Currency Act.

Published under authority of the Speaker of the House of Commons

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