I thank the member for the question.
From what we know of the effects of this bill, it would make provincially incorporated companies corporations for the purposes of the Canada Business Corporations Act. I have difficulty understanding this, because of the many aspects of the Canada Business Corporations Act that distinguish the federal regime from that of the provinces and territories. If we adopt an approach whereby all companies having entered into an agreement with the Government of Canada are considered corporations for the purposes of sections 21.1 to 22, those companies will be subject to the same requirements as federally incorporated companies, since they will be considered corporations within the meaning of the Act.
I don’t know which penalty would apply, as the regimes differ widely. For example, the maximum fine for the province of Quebec is $25,000, whereas the maximum fine that was passed today, which was originally set at $200,000, is now $1 million. So I don’t understand the second part of the amendment. I’m sorry. This is what it says:
In this section and in sections 21.1 to 22, corporation includes a corporation that is incorporated under an Act of the legislature of a province
It suggests that it is subsuming those corporations for the purposes of sections 21.1 to 22.
They would be subject to the same requirements as federally incorporated companies.