Laws and reports
BDC provides financing, capital and advisory services to help create and grow Canadian small and medium‑sized businesses. BDC is subject to various laws.
Business Development Bank of Canada Act
BDC is governed by the Business Development Bank of Canada Act which came into effect in 1995, superseding the Federal Business Development Bank Act. It stipulates that the Act be reviewed five years after coming into force, and every ten years afterwards. The last legislative review was completed in December 2014 with a few amendments made to the Act.
Legislative review 2010-2022
Legislative reviews are part of the legal acts governing many commercial crown corporations, such as BDC, and are designed to ensure that their mandates meet the evolving needs of their clients. The BDC Act stipulates that a legislative review must occur every ten years.
Under the leadership of BDC’s Designated Minister, the review seeks to evaluate the provisions and operations of the BDC Act and to examine how the mandate of the BDC has changed and could evolve to support the needs of SMEs across Canada over the coming decade.
BDC’s last legislative review concluded in 2023. In a formal submission, BDC provided a review of its operations and accomplishments since 2010, as well a look at how it could best support Canadian SMEs in the future.
For more information on the legislative review, click here.
Financial Administration Act
Under Part X of the Financial Administration Act, BDC is required to:
- Maintain financial and management control and information systems and management practices that provide reasonable assurance that its assets are safeguarded and controlled.
- Ensure that its financial, human, and physical resources are managed economically and efficiently.
- Ensure that its operations are carried out effectively.
BDC is also required to have a Special examination of these systems and practices carried out at least once every ten years. View the Special examination report—2018 (PDF).