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1ST SESSION, 44TH LEGISLATURE, ONTARIO 4 CHARLES III, 2025 Bill 68 (Chapter 15 of the Statutes of Ontario, 2025)

An Act to implement Budget measures and to enact and amend various statutes The Hon. P. Bethlenfalvy Minister of Finance 1st Reading November 6, 2025 2nd Reading November 24, 2025 3rd Reading November 25, 2025 Royal Assent November 27, 2025

EXPLANATORY NOTE This Explanatory Note was written as a reader’s aid to Bill 68 and does not form part of the law. Bill 68 has been enacted as

Chapter 15 of the Statutes of Ontario, 2025.

SCHEDULE 1 CAP AND TRADE CANCELLATION ACT, 2018 The

Schedule amends the Cap and Trade Cancellation Act, 2018 by repealing sections 3 to 5, which require the Government to establish targets for the reduction of greenhouse gas emissions in Ontario and for the Minister to prepare a climate chang e plan and reports in respect of the climate change plan.

SCHEDULE 2 CONNECTING CARE ACT, 2019 The

Schedule amends the Connecting Care Act, 2019. The major elements are set out below. The amendments provide that certain assets and revenues of Ontario Health (the “Agency”) do not form part of the Consolidated Revenue Fund. They also provide that all of the assets and revenues of Ontario Health atHome (the “Service Organization”) do not form part of the Consolidated Revenue Fund. Currently, Ontario Health and Ontario Health atHome are not able to borrow, lend or invest money without the approval of the Lieutenant Governor in Council.

The amendments repeal this restriction, and instead related financial powers must be exercised under the authority of a by -law approved by the Minister of Health and the Minister of Finance. In addition, certain related financing activities must be co -ordinated and arranged by the Ontario Financing Authority unless the Minister of Finance approves otherwise. Related regulation-making powers are added.

SCHEDULE 3 CONSERVATION AUTHORITIES ACT The

Schedule amends the Conservation Authorities Act. The Ontario Provincial Conservation Agency is established. Its objects include overseeing conservation authorities and the transition to a regional watershed-based framework for conservation authorities in Ontario. Where the Minister considers it to be in the public interest to do so, the Minister may issue directions to the Agency. The Agency may issue directions to one or more conservation authorities but must first provide the Minister with a copy of the proposed direction, allowing the Minister the opportunity to take specified actions.

The Agency is authorized to establish and require the payment of fees and to take steps to recover its costs and expenses. Other provisions include limitations on personal liability for specified persons and the barring of specified proceedings. Regulation-making authorities for both the Lieutenant Governor in Council and the Minister are also added to the Act.

SCHEDULE 4 CORPORATIONS INFORMATION ACT The Corporations Information Act is amended by adding a new

section 6.1 that would require corporations subject to

section 140.2 of the Business Corporations Act to file a return setting out prescribed information regarding individuals with significant control over the corporation. The Minister is permitted to provide all or part of the information to specified persons and regulatory bodies, or to other prescribed persons or entities.

SCHEDULE 5 CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020 The Credit Unions and Caisses Populaires Act, 2020 is amended to provide for the sale of credit union securities to non - members in certain circumstances. Complementary amendments are made, including amendments to address the voting rights of non-members and the rights of non-members to elect directors and fill vacancies.

SCHEDULE 6 EDUCATION ACT Under the Education Act, municipalities are required to levy taxes for school purposes and to remit those taxes to school boards. The

Schedule amends

section 257.11 of the Act with respect to the calculation of instalment payments. Also, on request by the Minister of Finance, municipalities must provide information returns to the Minister of Finance with respect to the instalments and payments in lieu of taxes for school purposes. A consequential amendment is made to the Assessment Act.

ii

SCHEDULE 7 ELECTION ACT

Section 9 of the Election Act , which provides for general elections at four -year intervals on the first Thursday in June, is repealed. Consequential amendments are made to the Election Act and other Acts, including the following: 1. The timing of targeted registration programs under

section 17.14 of the Election Act is changed. 2. The requirement for a pre -election review, under

section 13 of the Fiscal Sustainability, Transparency and Accountability Act, 2019, is repealed. 3. The prohibition on the publication of certain items before an election period, under paragraph 2 of subsection 8 (3) of the Government Advertising Act, 2004, is repealed. 4. A

section is added to the Legislative Assembly Act providing for no Legislative Assembly to continue for longer than five years.

SCHEDULE 8 ELECTION FINANCES ACT The Election Finances Act is amended. Subsection 2 (1) of the Act is amended to provide for the Chief Electoral Officer to conduct investigations and examinations of third parties.

Section 7 of the Act is amended to give the Chief Electoral Officer the power to require information from third parties.

Section 18 of the Act is amended to increase the limit for contributions to registered parties and to provide for contributio n limits for registered parties and others to be indexed to inflation. Changes are made to continue the quarterly allowances paid under

section 32.1 of the Act to registered parties and registered constituency associations. The not -yet-in-force repeal of the provision relating to quarterly allowances in Restoring Trust, Transparency and Accountability Act, 2018 is repealed.

Section 37.4 of the Act is amended to prohibit a third party that is required to register under

section 37.5 from causing thi rd party political advertisements to appear unless the third party provides proof of registration. Broadcasters and publishers a re required to ensure compliance with that prohibition before allowing a third party political advertisement to appear. Amendments are made to sections 37.10.1 and 38.1 of the Act that are consequential to the amendments to the Election Act to repeal the requirement for fixed date elections at four-year intervals. Amendments are made to

section 45.1 of the Act which allows the Chief Electoral Officer to require persons or entities to pay administrative penalties. Additional provisions are added to the provisions in respect of which penalties may be imposed. Additional provisions are also added to the provisions in respect of which higher penalties may be imposed.

SCHEDULE 9 EMPLOYER HEALTH TAX ACT

Section 5 of the Employer Health Tax Act is amended to provide that the deadline for delivering returns for a year for employers who cease to have a permanent establishment in Ontario as a result of an amalgamation under

section 87 of the Income Tax Act (Canada) is the earlier of the day that is six months after the date of the amalgamation and March 15 of the following year.

SCHEDULE 10 FISCAL SUSTAINABILITY, TRANSPARENCY AND ACCOUNTABILITY ACT, 2019 The Fiscal Sustainability, Transparency and Accountability Act, 2019 is amended to change references to “provincial net debt” to “provincial net financial liabilities”.

SCHEDULE 11 INSURANCE ACT The

Schedule amends the Insurance Act as follows:

Section 14.1 of the Act is amended to provide for the reassessment of health system costs assessed under that section. New subsection 121.0.1 (4.3) of the Act provides that in the event of a conflict between a transitional Authority rule made under subsection 121.0.1 (4.2) and the Act or the regulations, the rule prevails. New

section 299.1 of the Act provides that if an insurer provides reimbursement or other payment in respect of a drug dispensed by an operator of a pharmacy, the insurer shall provide the same reimbursement or other payment in respect of that drug for all operators of pharmacies that dispense it, subject to certain limits.

iii Finally, new

section 392.0.1 of the Act allows the Lieutenant Governor in Council to designate a reciprocal insurance exchange as a public sector reciprocal insurance exchange in certain circumstances.

If a reciprocal insurance exchange is designated as a public sector reciprocal insurance exchange, the Lieutenant Governor in Council may make regulations in respect of the exchange, including to assign a responsible Minister to the exchange for the purposes of the section, to govern the composition of the exchange’s advisory board and to require that the financial statements of a public sector reciprocal insurance exchange be included in the consolidated financial statements of the Province.

An individual may also be appointed by order of the Lieutenant Governor in Council as a supervisor for a public sector reciprocal insurance exchange for the purposes of assuming control of the exchange and responsibility for its activities. Various other requirements that apply in respect of public sector reciprocal insurance exchanges are provided for and the Lieutenant Governor in Council is given regulation-making powers in respect of related matters.

SCHEDULE 12 INTERIM APPROPRIATION FOR 2026-2027 ACT, 2025 The

Schedule enacts the Interim Appropriation for 2026-2027 Act, 2025, which authorizes expenditures pending the voting of supply for the fiscal year ending on March 31, 2027 up to specified maximum amounts. All expenditures made or recognized under the Act must be charged to the proper appropriation following the voting of supply for the fiscal year ending on March 31, 2027.

SCHEDULE 13 ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM ACT, 2006 The

Schedule amends the Ontario Municipal Employees Retirement System Act, 2006. Here are some highlights. New

section 21.1 provides that the Minister of Municipal Affairs and Housing may, by order, require the Sponsors Corporation to wind up its affairs. Various rules governing the winding up of the Sponsors Corporation are provided. Re-enacted

section 22 provides for the establishment of the Sponsors Council. The objects of the Sponsors Council are specified, as well as rules concerning its composition and authority with respect to passing by-laws and resolutions. References to “Sponsors Corporation” throughout the Act are amended to refer to “Sponsors Council”. These amendments come into force on a day to be named by order of the Lieutenant Governor in Council. New

section 25.2 requires the Administration Corporation to prepare the initial by -laws for the Sponsors Council. New subsection 33 (3) requires that the Administration Corporation’s by -laws respecting its composition and the method of choosing its members comply with such requirements as may be prescribed. Amendments are made to subsection 33 (4) with respect to persons who are eligible to be members of the Administration Corporation. New

section 33.1 provides that the Minister of Municipal Affairs and Housing may appoint a person as Chair of the Administration Corporation for a term commencing April 15, 2026 and that that term shall not exceed three years. New sections 36 to 39 set out various limitations on remedies. Among other things, new

section 36 provides that no cause of action arises as a result of, among other things, amendments made to the Act or to regulations or orders made under the Act by the Crown or any current or former employees, officers or agents of the Executive Council or employee, officer or agent of or advisor to the Crown. New sections 37 and 38 provide that current or former members of the Executive Council, officers, employees or agents of the Crown and current or former members or employees of the Sponsors Corporation are not subject to personal liability for good faith conduct. New

section 39 provides for a bar on legal proceedings in connection with the matters described in sections 37 and 38. New

section 40 provides authority for the Minister of Municipal Affairs and Housing to make various regulations in connection with the amendments to the Act.

SCHEDULE 14 PENSION BENEFITS ACT New

section 80.5 of the Pension Benefits Act sets out rules that apply if an employer of a single employer pension plan that provides only defined contribution benefits proposes to convert the plan into a jointly sponsored pension plan. The

section permits members, former members, retired members, s pecified beneficiaries and other persons entitled to benefits under the single employer pension plan to elect, by way of direction to the administrator, not to transfer the assets relating to their benefits as part of the conversion and to instead exercise certain rights under subsection 42 (1) or 39.1 (4), as applicable, with respect to their benefits. The

section also provides that those individuals who do not provide the direction within a prescribed peri od are deemed to have consented to the transfer of assets. New

section 80.6 sets out rules that apply if an employer of a single employer pension plan that provides defined benefits an d defined contribution benefits proposes to convert the pension plan into a jointly sponsored pension plan.

Section 81 currently sets out rules that apply when a successor pension plan takes the place of another pension plan by the same employer or where a multi -employer pension plan is amended to be a successor to an existing multi -employer pension plan. The

section is amended to also apply if a jointly sponsored pension plan is established or amended to be a successor to an

iv existing jointly sponsored pension plan. Additional rules that apply to the successor pension plan are added to the section. In addition,

section 75.1 is amended to include rules that apply where the successor jointly sponsored pension plan is subsequently wound up. New

section 101.4 is added. It provides that where an employer of a single employer pension plan that provides defined contribution benefits becomes a participating employer in a jointly sponsored pension plan and other circumstances set out in new subsection 101.4 (1) exist, a member of the single employer pension plan may request that the administrator of the plan transfer the assets relating to the member’s defined contribution benefits to the jointly sponsored pension plan. The

section also sets out the rules that apply to these transfers. Consequential amendments are made to various provisions of the Act.

SCHEDULE 15 REBUILDING ONTARIO PLACE ACT, 2023 The

Schedule amends the Rebuilding Ontario Place Act, 2023 . A new subsection 1 (2) provides that land identified by a Property Identification Number (PIN) is the land described by the PIN on the day the PIN is added to a

Schedule or regulation under the Act and the identification of such land is not affected by any subsequent change to the PIN. Subsection 2 (5) is amended to allow regulations to limit the extent or duration of the vesting of land. The existing subsect ion 12 (1) authorizes regulations to be made to facilitate construction at the Ontario Place site. An amendment is made to instea d authorize regulations to be made for the purpose of furthering the Ontario Place Redevelopment Project.

Subsection 13 (5) is repealed such that there is no longer a requirement for the City of Toronto and the Corporation (or the prescribed person or entity) to enter reasonably promptly into negotiations to agree on terms for the municipal service and right of way access. Various other related and technical amendments are made. Property Identification Numbers are added to Schedules 1 and 2.

SCHEDULE 16 SUPPLEMENTARY INTERIM APPROPRIATION FOR 2025-2026 ACT, 2025 The

Schedule enacts the Supplementary Interim Appropriation for 2025 -2026 Act, 2025 , which authorizes expenditures pending the voting of supply for the fiscal year ending on March 31, 2026 up to specified maximum amounts. The expenditures authorized are in addition to those authorized under the Interim Appropriation for 2025-2026 Act, 2024. All expenditures made or recognized under the Interim Appropriation for 2025 -2026 Act, 2024 and this Act must be charged to the proper appropriation following the voting of supply for the fiscal year ending on March 31, 2026.

SCHEDULE 17 TAXATION ACT, 2007 The

Schedule amends the Taxation Act, 2007. Here are some highlights: 1. A new

section 53.3 provides for the expanded Ontario made manufacturing investment tax credit. The credit is available in respect of eligible expenditures made by a qualifying corporation. The criteria for a corporation to be a qualifying corporation are set out in subsection 53.3 (6). Subsection 53.3 (7) sets out the criteria for eligible expenditures, including that the expenditure is incurred in respect of the acquisition of eligible property and is incurred on or after May 15, 2025 and before January 1, 2030. Eligible property is defined in subsection 53.3 (22). 2. Amendments are made to the Ontario made manufacturing investment tax credit set out in

section 97.2. The formula for determining the amount of a qualifying corporation’s tax credit is amended to add an additional 5 per cent to the rate in respect of el igible property that becomes available for use on or after May 15, 2025 and before January 1, 2030. Subsection 97.2 (4) is amended to provide that an expenditure is an eligible expenditure if it is incurred before January 1, 2030. Another amendment is made to subsection 97.2 (4) respecting the taxation year in which an expenditure must be incurred, if it is incurred on or after March 23, 2023. That amendment is made retroactive to March 23, 2023. 3. New

section 97.3 provides for the Ontario shortline railway investment tax credit. The tax credit is available in respect of eligible expenditures incurred by a qualifying corporation. The criteria for a corporation to be a qualifying corporation are set out in subsection 97.3 (3). A qualifying corporation’s eligible expenditures are the sum of its eligible capital expenditures and eligible labour expenditures. In order to claim the tax credit, a qualifying corporation must obtain a certificate issued by the Minister of Transportation. Consequential amendments are made to sections 84 and 176. 4.

Amendments are made to subsections 104.16 (3.2) and (3.3) with respect to the formulas for determining the amount of a small beer manufacturers’ tax credit for sales years beginning on and after March 3, 2025. The amendments are made retroactive to June 5, 2025. 5. Amendments are made to

section 23 in connection with the indexation of dollar amounts used to determine an individual’s Ontario Trillium Benefit and Ontario child benefit. The amendments in respect of the Ontario Trillium Benefit are made retroactive t o July 1, 2011 and the amendments in respect of the Ontario child benefit are made retroactive to July 1, 2015. Related amendments are made to

Part IV.1.

v 6. Amendments are made to the rules governing the property and sales tax credits and Ontario energy and property tax credit in Division D of

Part IV of the Act, the Ontario Trillium Benefit and the Senior homeowners ’ property tax grant. Generally, the amendments provide that the current rules that apply with respect to principal residences that are mobile homes also apply to principal residences that are land lease homes or specified homes. A definition of “specified home” is included in subsection 1 (1). These amendments are made retroactive to January 1, 2020. 7. Various amendments are made to the French version of the Act, and other technical amendments are made.

SCHEDULE 18 WASAGA BEACH-RELATED AMENDMENTS The

Schedule amends the Provincial Parks and Conservation Reserves Act, 2006 to provide that certain lands do not constitute a provincial park or form part of a provincial park. The

Schedule also amends the Historical Parks Act to provide that some of those lands are designated as a historical park.

Bill 68 2025

An Act to implement Budget measures and to enact and amend various statutes CONTENTS 1. Contents of this Act 2. Commencement 3.

Short title

Schedule 1 Cap and Trade Cancellation Act, 2018

Schedule 2 Connecting Care Act, 2019

Schedule 3 Conservation Authorities Act

Schedule 4 Corporations Information Act

Schedule 5 Credit Unions and Caisses Populaires Act, 2020

Schedule 6 Education Act

Schedule 7 Election Act

Schedule 8 Election Finances Act

Schedule 9 Employer Health Tax Act

Schedule 10 Fiscal Sustainability, Transparency and Accountability Act, 2019

Schedule 11 Insurance Act

Schedule 12 Interim Appropriation for 2026-2027 Act, 2025

Schedule 13 Ontario Municipal Employees Retirement System Act, 2006

Schedule 14 Pension Benefits Act

Schedule 15 Rebuilding Ontario Place Act, 2023

Schedule 16 Supplementary Interim Appropriation for 2025-2026 Act, 2025

Schedule 17 Taxation Act, 2007

Schedule 18 Wasaga Beach-related Amendments His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: Contents of this Act 1 This Act consists of this section, sections 2 and 3 and the Schedules to this Act. Commencement 2

(1) Except as otherwise provided in this section, this Act comes into force on the day it receives Royal Assent.

(2) The Schedules to this Act come into force as provided in each Schedule.

(3) If a

Schedule to this Act provides that any of its provisions are to come into force on a day to be named by order of the Lieutenant Governor in Council, an order may apply to one or more of those provisions, and orders may be issued at different times with respect to any of those provisions.

Short title 3 The

short title of this Act is the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2).

SCHEDULE 1 CAP AND TRADE CANCELLATION ACT, 2018 1 Sections 3 to 5 of the Cap and Trade Cancellation Act, 2018 are repealed. Commencement 2 This

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent.

SCHEDULE 2 CONNECTING CARE ACT, 2019 1

(1) Section 7 of the Connecting Care Act, 2019 is amended by adding the following subsection: Assets and revenue

(1.1) Despite

Part I of the Financial Administration Act, the following assets and revenues of the Agency do not form part of the Consolidated Revenue Fund: 1. Funding that the Agency receives from the Crown in right of Ontario, except for any funding that is specified in the accountability agreement by the Minister as forming part of the Consolidated Revenue Fund. 2. Any revenue generated, or money or assets received, from a person or entity other than the Crown in right of Ontario in compliance with the Agency’s power in paragraph 6 of subsection (3). 3. Any other prescribed assets or revenues.

(2) Paragraphs 2 and 3 of subsection 7 (3) of the Act are repealed.

(3) Section 7 of the Act is amended by adding the following subsections: Restrictions on borrowing, etc.

(6) The power of the Agency to borrow, invest funds, manage risk associated with financing and investment or incur liabilities in order to facilitate financing by others may only be exercised under the authority of a by-law that has been approved in writing by the Minister and the Minister of Finance. Co-ordination of financing activities

(7) All borrowing, financing, investment of funds and financial risk management activities of the Agency shall be co-ordinated and arranged by the Ontario Financing Authority, unless the Minister of Finance approves otherwise. 2 Clauses 19 (2) (

e) and (

f) of the Act are repealed and the following substituted: (

e) a progressive performance management process for the Agency; (

f) subject to the regulations, a specification by the Minister of any funding that the Agency receives from the Crown in right of Ontario that is to form part of the Consolidated Revenue Fund; and (

g) all other prescribed matters, if any. 3

(1) Section 27.8 of the Act is amended by adding the following subsection: Assets and revenue

(1.1) Despite

Part I of the Financial Administration Act, the assets and revenue of the Service Organization do not form part of the Consolidated Revenue Fund.

(2) Paragraphs 2 and 3 of subsection 27.8 (3) of the Act are repealed.

(3) Section 27.8 of the Act is amended by adding the following subsections: Restrictions on borrowing, etc.

(6) The power of the Service Organization to borrow, invest funds, manage risk associated with financing and investment or incur liabilities in order to facilitate financing by others may only be exercised under the authority of a by -law that has been approved in writing by the Minister and the Minister of Finance. Co-ordination of financing activities

(7) All borrowing, financing, investment of funds and financial risk management activities of the Service Organization shall be co-ordinated and arranged by the Ontario Financing Authority, unless the Minister of Finance approves otherwise. 4 (1) Subsection 48 (1) of the Act is amended by adding the following clauses: (d.1) prescribing assets or revenues of the Agency that do not form part of the Consolidated Revenue Fund; (d.2) prescribing assets or revenues of any subsidiary of the Agency or the Service Organization, other than the Service Organization itself, that do not form part of the Consolidated Revenue Fund; (d.3) prescribing limitations on the ability of the Minister to, in the accountability agreement, specify types of funding that form part of the Consolidated Revenue Fund; (2) Clause 48 (1) (

n) of the Act is amended by striking out “the Connecting People to Home and Community Care Act, 2020 or the Convenient Care at Home Act, 2023 ” in the portion before subclause (

i) and substituting “the Connecting People to Home and Community Care Act, 2020 , the Convenient Care at Home Act, 2023 or

Schedule 2 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2)”.

4 Commencement 5 This

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent.

SCHEDULE 3 CONSERVATION AUTHORITIES ACT 1

Section 1 of the Conservation Authorities Act is amended by adding the following definition: “Agency” means the corporation established under

section 35.1; (“Agence”) 2 Subsections 23.1 (9) and (10) of the Act are repealed. 3 Subsections 23.3 (5) and (6) of the Act are repealed. 4 The Act is amended by adding the following Part:

PART VIII.1 THE AGENCY Corporation established 35.1 A corporation to be known in English as Ontario Provincial Conservation Agency and in French as Agence ontarienne de protection de la nature is established as a corporation without share capital. Crown agent 35.2 The Agency is an agent of the Crown and may exercise its powers only as an agent of the Crown. Application of other Acts Not-for-Profit Corporations Act, 2010 35.3

(1) Except for

section 41, subsection 43 (1) and

section 46 of the Not-for-Profit Corporations Act, 2010, which apply to the Agency with necessary modifications, that Act does not apply to the Agency except as prescribed by regulation and subject to such modifications as may be prescribed by regulation. Same, indemnity

(2) The Agency shall not give an indemnity under

section 46 of the Not-for-Profit Corporations Act, 2010 to any person unless the indemnity has been approved in accordance with

section 28 of the Financial Administration Act. Corporations Information Act

(3) The Corporations Information Act does not apply to the Agency, except as prescribed by regulation and subject to such modifications as may be prescribed by regulation. Objects of Agency 35.4 The objects of the Agency are the following: 1. Oversee the governance of authorities and other aspects of authorities such as their operations, including the programs and services they provide, to further the purposes of the Act. 2. Oversee the transition to a regional watershed-based framework for authorities in Ontario. 3.

Promote consistent policies, standards and fees for programs and services provided by authorities. 4. Assess and report on the effectiveness of authorities in furthering the conservation, restoration, development and management of natural resources in watersheds in Ontario, including outcomes related to the implementation of their programs and services. 5. Oversee and evaluate the financial performance of authorities to ensure their long-term operational and capital financial sustainability, including the financial sustainability of their programs and services required under

section 21.1. 6. Guide and evaluate the strategic planning by authorities to ensure it aligns with provincial objectives. 7. Support the development and implementation of a standardized and centralized system for processing applications for permits issued by authorities. 8. Lead the development and implementation of digital strategies and shared services to support the operations of authorities, including their programs and services. 9. Support strategic investment in programs and services provided by authorities, including leveraging funding available to Ontario and authorities. 10.

Advise the Government of Ontario in respect of the programs and services authorities provide under the Act and any matters related to the objects of the Agency. 11. Any other objects prescribed by regulation.

6 General powers 35.5

(1) Except as limited by this Act and the regulations, the Agency has the capacity, rights and powers of a natural person for carrying out its objects. Financial activities

(2) The Agency shall not borrow money, invest funds or manage financial risks except in accordance with a by -law of the Agency that has been approved by the Minister of Finance. Co-ordination of certain financial activities

(3) Subject to subsection (4), the Ontario Financing Authority shall co -ordinate and arrange all borrowing, investing of funds and managing of financial risk of the Agency. Direction of Minister of Finance

(4) The Minister of Finance may, in writing, direct a person other than the Ontario Financing Authority to perform the functions referred to in subsection (3). Same

(5) A direction of the Minister of Finance under subsection (4) may be general or specific and may include terms and conditions that the Minister of Finance considers advisable. Use of revenue

(6) The Agency shall carry out its operations without the purpose of gain and shall not use its revenue, including all money or assets it receives by grant, contribution or otherwise, for any purpose other than to further its objects. Revenues and investments

(7) Despite

Part I of the Financial Administration Act , the revenues and investments of the Agency do not form part of the Consolidated Revenue Fund. No political donations

(8) The Agency shall not make any political donations. No registration as charity

(9) The Agency shall not apply for or obtain registration as a registered charity under the Income Tax Act (Canada). Board of directors 35.6

(1) Subject to the regulations, the Agency shall consist of at least five and not more than 12 members appointed by the Lieutenant Governor in Council who shall form the board of directors of the Agency. Ineligibility

(2) A person is not eligible to be appointed if the person is a member of Parliament or a member of the Assembly or satisfies such criteria as may be prescribed by regulation. Considerations

(3) The Lieutenant Governor in Council shall, in appointing a person as a member of the board of directors, take into consideration, (

a) the person’s knowledge and experience in public administration, corporate governance and finance; (

b) the person’s knowledge of programs and services provided by authorities; and (

c) such other matters as may be prescribed by regulation. Term

(4) A member of the board of directors shall be appointed for a term of up to three years, as may be determined by the Lieutenant Governor in Council and, subject to subsection (5), may be reappointed. Limit

(5) A person may serve as a member of the board of directors for no more than nine years in total, whether the years are served consecutively or otherwise. Termination

(6) A member ceases to be a member of the board of directors if, before the term of the member expires, (

a) the Lieutenant Governor in Council revokes the member’s appointment; or (

b) the member dies, resigns as a member of the board of directors or becomes bankrupt.

7 Expenses

(7) The members of the board of directors shall be paid such remuneration and expenses as may be determined by the Lieutenant Governor in Council. Chair and vice-chairs

(8) Subject to subsection (12), the Lieutenant Governor in Council shall designate a chair and up to two vice -chairs from among the members of the board of directors. Chair’s role

(9) The chair shall preside over the meetings of the board of directors. Absence of chair

(10) If the chair is absent or otherwise unable to act or if the office is vacant, a vice-chair has the powers and shall perform the duties of the chair. Absence of chair and vice-chairs

(11) In the absence of the chair and the vice -chairs, a director that the board of directors designates has the powers and shall perform the duties of the chair. Where no designation

(12) If the Lieutenant Governor in Council has not designated a chair or a vice -chair, the members of the board of directors may select a chair or vice -chair from among their members to hold office as provided for by by -law, until such time as the Lieutenant Governor in Council makes a designation. Board meetings 35.7

(1) The board of directors shall meet regularly throughout the year and in any event shall hold at least four meetings in each year. Quorum

(2) A majority of the board of directors constitutes a quorum for the conduct of the business of the board. Chief executive officer 35.8

(1) The Secretary of the Cabinet shall appoint the first chief executive officer to be employed by the Agency. Same

(2) The Agency shall appoint and employ a chief executive officer following the completion of the term of the first chief executive officer and shall appoint subsequent chief executive officers. Role

(3) The chief executive officer is responsible for the management and administration of the affairs of the Agency, subject to the supervision and direction of the board of directors. Restriction

(4) The chief executive officer shall not be a member of the board of directors. Remuneration

(5) The Agency shall pay such remuneration and benefits to the Chief Executive Officer as is determined by the board of directors. Employees, facilities, services 35.9 The chief executive officer may, as the chief executive officer considers necessary for the proper conduct of the affairs of the Agency, appoint employees, arrange for facilities and equipment and obtain expert or technical services. Affairs of Agency 35.10

(1) Subject to this Act, the board of directors shall manage or supervise the management of the activities and affairs of the Agency. By-laws and resolutions

(2) The board of directors may make by-laws and pass resolutions regulating its proceedings and generally for the conduct and management of the affairs of the Agency. Officers

(3) Without limiting the generality of subsection (2), the board of directors may make by -laws or pass resolutions to appoint officers and assign to them such powers and duties as the board considers appropriate.

8 Councils, committees, etc. 35.11 The board of directors may, by by-law, establish such councils, committees and other bodies as it considers appropriate. Delegation 35.12

(1) Subject to subsection (2), the board of directors may, as it considers appropriate, by by -law delegate any of its powers or assign any of its duties under this Act or any other Act to employees of the Agency or to any councils, committees or other bodies established under

section 35.11 and may impose conditions and restrictions with respect to the delegation. Restrictions

(2) The board shall not delegate the powers prescribed by regulation, nor shall it assign any duties prescribed by regulation. Fiscal year 35.13 The fiscal year of the Agency begins on April 1 in each year and ends on March 31 in the following year. Financial statements 35.14

(1) The Agency shall prepare annual financial statements in accordance with generally accepted accounting principles. Auditors

(2) The Agency shall appoint one or more auditors licensed under the Public Accounting Act, 2004 to audit the financial statements of the Agency for each fiscal year. Auditor General

(3) The Auditor General may also audit the financial statements of the Agency. Other audits

(4) In addition to the requirement for an annual audit, (

a) the Minister may, at any time, audit any aspect of the operations of the Agency; and (

b) the Auditor General may, at any time, audit any aspect of the operations of the Agency. Report 35.15 The Agency shall provide a report to the Minister no later than March 31, 2029 and every subsequent three years on March 31 respecting the following: 1. The activities and effectiveness of the Agency during the previous three years in achieving its objects. 2. The Agency’s planned activities to achieve its objects during the year of the report and the subsequent two years and the Agency’s strategic priorities for the longer term. 3. Such other matters as may be prescribed by the regulations. Direction by Minister 35.16

(1) Where the Minister considers it to be in the public interest to do so, the Minister may issue directions to the Agency. Timing

(2) Except in the case of a Minister’s direction mentioned in subsection 35.21 (5) that must be issued during a notice period respecting a proposed direction of the Agency, the Minister may issue a direction to the Agency at any time. Same

(3) For greater certainty, in addition to a direction mentioned in subsection 35.21 (5) respecting a proposed direction of the Agency, the Minister may at any time issue a direction requiring the Agency to issue a direction. Binding

(4) The Agency shall comply with every direction of the Minister. General or particular

(5) A direction of the Minister may be general or particular in its application and may relate to the Agency’s exercise of its powers and duties under this or any other Act. Non-application of Legislation Act, 2006

(6) Part III (Regulations) of the Legislation Act, 2006 does not apply to directions of the Minister. Public availability

(7) The Agency shall publish every direction under this

section on a website.

9 Conflict

(8) For greater certainty, in the event of a conflict between a direction issued under this

section and a provision of any applicable Act or regulation, the Act or regulation prevails. Minister may require information 35.17

(1) The Minister may require that the Agency provide information to the Minister at the time and in the manner specified by the Minister. Same

(2) Without limiting the generality of subsection (1), the information that the Agency may be required to provide includes information relating to its operations, employees, assets, liabilities, rights and obligations, which may include plans, repo rts and financial statements, including audited financial statements, and may include personal information. Personal information

(3) The Minister may collect personal information from the Agency or from individuals for the purposes of exercising powers or performing duties under this Act. Duty to comply

(4) The Agency shall comply with subsection (1) within the time and in the form that the Minister specifies. No notice to individual

(5) Any collection by the Minister of personal information under this

section is exempt from the application of subsection 39 (2) of the Freedom of Information and Protection of Privacy Act. Consistent purpose

(6) For the purposes of the Freedom of Information and Protection of Privacy Act , personal information collected under this

section may be used by the Ministry for the purposes of exercising powers or performing duties under this Act, and that use shall be deemed to be for a purpose that is consistent with the purpose for which the pe rsonal information was obtained or compiled. Provision of information despite privilege

(7) The Agency shall comply with the requirement to provide information under subsection (1) even if the information required to be provided is privileged or confidential. No waiver of privilege

(8) A disclosure under subsection (7) does not constitute a waiver of privilege. Publication

(9) Subject to subsections (10) and (11), if directed by the Minister to publish all or a portion of the information provided to the Minister under subsection (1), the Agency shall do so at the time and in the manner specified by the Minister. Limitation (10) Subsection (9) does not apply in respect of any privileged or confidential information. Same (11) Subsection (9) shall not be read as limiting the application of the Freedom of Information and Protection of Privacy Act in respect of the information. Memorandum of understanding, accountability etc. 35.18

(1) The Minister and the Agency shall enter into a memorandum of understanding, which must set out, at a minimum, (

a) the requirements relating to the governance of the Agency and the expectations between the Ministry and Agency regarding the Agency’s operations; (

b) the accountability relationships between the Minister and the Agency and the roles and responsibilities for Ministry and Agency personnel, the chair, vice-chairs and board of directors; and (

c) the requirements with which the Agency shall comply in connection with carrying out its objects. Conflict

(2) For greater certainty, in the event of a conflict between the memorandum of understanding and a provision of any applicable Act or regulation, the Act or regulation prevails. Review 35.19

(1) The Minister may,

10 (

a) require that policy, legislative or regulatory reviews related to the powers and duties of the Agency under this Act, the regulations or the memorandum of understanding be carried out by, (

i) the Agency or by a person or entity acting on behalf of the Agency, or (ii) a person or entity specified by the Minister; or (

b) require that reviews of the Agency, of its operations or of both, including, without limitation, performance, governance, accountability and financial reviews, be carried out by, (

i) the Agency or by a person or entity acting on behalf of the Agency, or (ii) a person or entity specified by the Minister. Access to records

(2) If a review is carried out by a person or entity specified by the Minister, the Agency shall give the person or entity and the employees and agents of the person or entity access to all records and other information required to conduct the review. Report to Minister

(3) The results of reviews under this

section shall be reported to the Minister, within the time specified by the Minister. Terms and conditions

(4) The Minister may impose terms and conditions with respect to a review carried out under this section. Winding up 35.20

(1) If the Minister considers it to be in the public interest to wind up the affairs of the Agency, the Minister may do all things necessary to accomplish that, including dealing with the assets and liabilities of the Agency by, (

a) liquidating or selling the assets and paying the proceeds into the Consolidated Revenue Fund; (

b) transferring the assets and liabilities to the Crown, including another agency of the Crown; or (

c) transferring the Agency’s employees to the Crown or to another agency of the Crown. Dissolution

(2) When the winding up of the Agency is complete, the Lieutenant Governor in Council may, by order, dissolve the Agency as of the date specified in the order. Agency directions to authorities Definition 35.21

(1) In this section, “notice period” means the 45-day period following the day on which a copy of a proposed direction is provided under subsection (4) or such other period as may be prescribed by the regulations. Issuing of directions

(2) The Agency may issue directions to one or more authorities, in accordance with this

section and the regulations, governing the operations of authorities, including the programs and services that authorities provide. Same

(3) Without limiting the generality of subsection (2), and subject to the regulations, a direction may address the following: 1. Key performance indicators, key results or service delivery targets. 2. Service standards. 3. Information technology. 4. Procurement. 5. Training of members and employees. 6. Budgeting. 7. Asset management plans. 8. Strategic planning. Notice

(4) Except as otherwise provided by the regulations, the Agency shall, before issuing a direction, initiate the notice period in respect of the direction by providing the Minister with a copy of the proposed direction.

11 Minister’s options during notice period

(5) The Minister may, during the notice period, issue a direction under

section 35.16 directing the Agency to take any action in relation to the proposed direction as specified in the Minister’s direction and requiring the Agency to report to the Mini ster on what actions the Agency took to comply with the Minister’s direction. Timing

(6) The Agency shall not issue a direction until, (

a) if the Minister provides the Agency with a written statement that the Agency may proceed with the proposed direction, the day the Minister’s statement is issued; (

b) if the Minister issues a direction mentioned in subsection (5), the day the Minister provides the Agency with a written statement that the Minister is satisfied that the Agency has complied with the Minister’s direction; or (

c) if the Minister does not issue any direction or provide any written statement mentioned in clause (

a) during the notice period, the day after the final day of the notice period. Compliance by authority

(7) An authority shall comply with every direction of the Agency. General or particular

(8) A direction of the Agency may be general or particular in its application. Non-application of

Part III of the Legislation Act, 2006

(9) Part III (Regulations) of the Legislation Act, 2006 does not apply to directions of the Agency. Publication

(10) The Agency shall publish every direction under this

section on a website. Conflict

(11) For greater certainty, in the event of a conflict between a direction issued under this

section and a provision of any applicable Act or regulation or a Minister’s direction under

section 35.16, the Act, regulation or Minister’s direction preva ils. Agency guidelines for authorities 35.22

(1) The Agency may issue guidelines to authorities in respect of the same matters for which directions may be issued under

section 35.21 or for the purpose of supporting the implementation of any directions issued under

section 35.21. Publication

(2) The Agency shall publish every guideline under this

section on a website. Agency may require information 35.23

(1) The Agency may, for the purposes of achieving its objects, require that an authority provide information to the Agency at the time and in the manner specified by the Agency. Same

(2) Without limiting the generality of subsection (1), the information that the Agency may require from an authority includes information relating to its operations, employees, assets, liabilities, rights and obligations, which may include plans, repo rts and financial statements, including audited financial statements, and may include personal information. Personal information

(3) The Agency may collect personal information from an authority or from individuals for the purposes of exercising powers or performing duties under this Act. Duty to comply

(4) An authority shall comply with a requirement under subsection (1) within the time and in the form that the Agency specifies. No notice to individual

(5) Any collection by the Agency of personal information under this

section is exempt from the application of subsection 39 (2) of the Freedom of Information and Protection of Privacy Act. Consistent purpose

(6) For the purposes of the Freedom of Information and Protection of Privacy Act and the Municipal Freedom of Information and Protection of Privacy Act , personal information collected under this

section may be used by the Agency for the purposes of exercising powers or performing duties under this Act, and that use shall be deemed to be for a purpose that is consistent with the purpose for which the personal information was obtained or compiled.

12 Provision of information despite privilege

(7) An authority required under subsection (1) to provide information shall comply with the requirement even if the information required to be provided is privileged or confidential. No waiver of privilege

(8) The disclosure of information required under subsection (7) does not constitute a waiver of privilege. Publication

(9) Subject to subsections (10) and (11), if directed by the Agency to publish all or a portion of the information provided to the Agency under subsection (1), the authority shall do so at the time and in the manner specified by the Agency. Limitation (10) Subsection (9) does not apply in respect of any privileged or confidential information. Same (11) Subsection (9) shall not be read as limiting the application of the Municipal Freedom of Information and Protection of Privacy Act in respect of the information. Funding of Agency 35.24 The Minister may provide funding to the Agency on the terms and conditions that the Minister considers appropriate. Fees to be paid to Agency 35.25

(1) The Agency may, by notice, (

a) establish and require the payment of fees in respect of any matter related to the performance of its duties and the exercise of its powers under this Act, including respecting a direction issued under

section 35.21; (

b) provide for the refund or partial refund of a fee referred to in clause (a); (

c) require the payment of interest or penalty, including payment of collection costs, when fees referred to in clause (

a) are unpaid or are paid after the due date; and (

d) specify the rate of interest or penalty, or the basis for determining that rate. Fees to be paid to another person

(2) In such circumstances as may be prescribed by the regulations, the Agency may, by notice, (

a) establish and require the payment of fees described in clause (1) (

a) to a person other than the Agency; (

b) provide for that person to retain all or part of the fees; and (

c) provide for the refund or partial refund of the fees by that person. Fees, etc. not public money

(3) Any amount of a fee required to be paid under a notice and any interest or penalty that the Agency or a person is authorized to retain pursuant to the notice is not public money within the meaning of the Financial Administration Act. Publication

(4) The Agency shall publish every notice under this

section on a website. General or particular

(5) A notice of the Agency may be general or particular in its application. Legislation Act, 2006,

Part III

(6) Part III of the Legislation Act, 2006 does not apply to notices of the Agency. 5 The Act is amended by adding the following section: Cost recovery 35.26

(1) For the purpose of recovering the costs and expenses the Agency incurs, the Agency may, in accordance with any regulations, (

a) determine the amounts of the costs and expenses that the authorities collectively owe to the Agency; and (

b) apportion those amounts to the authorities. Notice to authority

(2) After apportioning amounts to an authority under clause (1) (b), the Agency may issue a notice to the authority, in accordance with any regulations, setting out the amount the authority shall pay to the Agency.

13 Payment

(3) Upon receipt of the notice, the authority shall pay the amount specified in the notice in accordance with any directions set out in the notice. Debt due

(4) The amount set out in the notice issued to the authority is a debt due by the authority to the Agency and may be enforced by the Agency as such. 6 The Act is amended by adding the following sections: Crown liability No personal liability 39.1

(1) No cause of action arises against any current or former member of the Executive Council, employee, officer or agent of the Crown or an investigator appointed under subsection 23.1 (4) or an administrator appointed under subsection 23.3 (1) for any act done in good faith in the exercise or performance, or intended exercise or performance, of the person’s powers, duties or functions under this Act or for any alleged neglect, default or other omission in the exercise or performance in go od faith of those powers, duties or functions. Crown remains vicariously liable

(2) Despite subsection 8 (3) of the Crown Liability and Proceedings Act, 2019 , subsection (1) of this

section does not relieve the Crown of liability to which it would otherwise be subject as a result of the acts or omissions of a person specified in t hat subsection. No liability for acts or omissions of others

(3) No cause of action arises against the Crown or any person specified in subsection (1) for

an act or omission of a person other than the Crown or a person specified in that subsection, if the act or omission is related, directly or indirectly, to the exercise or performance, or intended exercise or performance, of a power, duty or function under this Act. Employment, etc. with Agency

(4) If a person who is an employee or agent of the Crown is employed in or assigned to or otherwise performs duties directly for the Agency, the person is deemed to be an employee of the Agency and not an employee or agent of the Crown specified in subsection (1) in relation to the person’s acts or omissions arising from the employment, assignment or performance for the purposes of this

section and sections 39.2 and 39.4 as well as any claim for vicarious liability. Proceedings by Crown not prevented

(5) This

section does not apply with respect to proceedings brought by the Crown. Agency liability No personal liability 39.2

(1) No cause of action arises against any current or former member, director, officer, volunteer, employee or agent of the Agency or any person appointed to a council, committee or other body established by the Agency under

section 35.11 for any act done in good faith in the exercise or performance, or intended exercise or performance, of the person’s powers, duties or functions under this Act or for any alleged neglect, default or other omission in the exercise or performance in good faith o f those powers, duties or functions. Agency remains vicariously liable (2) Subsection (1) does not relieve the Agency of liability to which it would otherwise be subject as a result of the acts or omissions of a person specified in that subsection. No liability for acts or omissions of others

(3) No cause of action arises against the Agency or any person specified in subsection (1) for

an act or omission of a person other than the Agency or a person specified in that subsection, if the act or omission is related, directly or indirectly, to the exercise or performance, or intended exercise or performance, of a power, duty or function under this Act. Proceedings by Crown not prevented

(4) This

section does not apply with respect to proceedings brought by the Crown. Authority liability No personal liability 39.3

(1) No cause of action arises against any current or former member, director, officer, volunteer, employee or agent of an authority or any person appointed to an advisory board established under subsection 18 (2) for any act done in good faith in the exercise or performance, or intended exercise or performance, of the person’s powers, duties or functions under this Act or for any alleged neglect, default or other omission in the exercise or performance in good faith of those powers, duties or functions.

14 Authority vicariously liable (2) Subsection (1) does not relieve an authority of liability to which it would otherwise be subject as a result of the acts or omissions of a person specified in that subsection. Proceedings by Crown not prevented

(3) This

section does not apply with respect to proceedings brought by the Crown. Proceedings barred 39.4

(1) No proceeding shall be commenced against, (

a) any person specified in subsection 39.1 (1) in respect of a matter referred to in that subsection; (

b) the Crown or any person specified in subsection 39.1 (1) in respect of a matter referred to in subsection 39.1 (3); (

c) any person specified in subsection 39.2 (1) in respect of a matter referred to in that subsection; (

d) the Agency or any person specified in subsection 39.2 (1) in respect of a matter referred to in subsection 39.2 (3); or (

e) any person specified in subsection 39.3 (1) in respect of a matter referred to in that subsection.

Application (2) Subsection (1) does not apply with respect to an application for judicial review or a claim for a constitutional remedy or any proceeding that is specifically provided for under this Act, but does apply with respect to any other court, administrati ve or arbitral proceeding claiming any remedy or relief, including specific performance, an injunction, declaratory relief, a remedy in contract, restitution, unjust enrichment or tort, a remedy for breach of trust or fiduciary obligation or any equitable re medy, enforcement of a judgment, order or award made outside Ontario or any form of compensation or damages including loss of revenue or profit.

Proceedings by Crown not prevented

(3) This

section does not apply with respect to proceedings brought by the Crown. 7 (1) Subsection 40 (1) of the Act is amended by adding the following clauses: (m.1) prescribing provisions of the Not-for-Profit Corporations Act, 2010 and the Corporations Information Act and prescribing modifications affecting those provisions for the purposes of subsections 35.3 (1) and (3); (m.2) prescribing objects of the Agency for the purposes of paragraph 11 of

section 35.4; (m.3) prescribing limits on the Agency’s capacities, rights and powers described in subsection 35.5 (1); (m.4) for the purposes of subsection 35.6 (1) in respect of the number of members of the board of directors of the Agency appointed by the Lieutenant Governor in Council, (

i) prescribing a minimum number that is lower than five, and (ii) prescribing a maximum number that is lower than 12; (m.5) prescribing criteria for ineligibility for appointment to the board of directors of the Agency for the purposes of subsection 35.6 (2); (m.6) prescribing for the purposes of clause 35.6 (3) (c), matters to be taken into consideration in appointing a person as a member of the board of directors of the Agency; (m.7) prescribing circumstances for the purposes of subsection 35.25 (2); (m.8) governing transitional matters that may arise due to the enactment of

Schedule 3 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2); (2) Subsection 40 (1) of the Act is amended by adding the following clause: (m.9) governing the recovery of costs and expenses by the Agency under

section 35.26, including, (

i) the types of costs and expenses that may recovered by the Agency, (ii) the method of determining the amounts of the costs and expenses that the authorities collectively owe to the Agency, (iii) the method of apportioning amounts, and (iv) requirements respecting notices, including the contents of the notice and the process for issuing them; (3) Subsection 40 (3) of the Act is amended by adding the following clauses: (

l) prescribing powers and duties for the purposes of subsection 35.12 (2); (

m) prescribing matters to be addressed in a report for the purposes of paragraph 3 of

section 35.15;

15 (

n) governing directions issued by the Agency under subsection 35.21 (2), including, (

i) prescribing a period other than 45 days for the purposes of the definition of “notice period” in subsection 35.21 (1), (ii) prescribing matters that may not be addressed by the directions or circumstances in which directions do not apply, (iii) requiring the Agency to consult with prescribed persons or bodies before providing the Minister with a copy of a proposed direction, and (iv) for the purposes of subsection 35.21 (4), specifying circumstances in which the Agency is not required to provide the Minister with a copy of a proposed direction; Commencement 8

(1) Except as otherwise provided in this section, this

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent.

(2) Section 5 and subsection 7 (2) come into force on a day to be named by order of the Lieutenant Governor in Council.

SCHEDULE 4 CORPORATIONS INFORMATION ACT 1 The Corporations Information Act is amended by adding the following section: Return re individuals with significant control 6.1

(1) If required by the regulations, a corporation subject to

section 140.2 of the Business Corporations Act shall file with the Minister a return setting out such information as may be prescribed regarding individuals with significant control over t he corporation, within the meaning of the Business Corporations Act, in the approved form and in such manner and time as may be prescribed. Provision of information to persons, bodies, etc.

(2) The Minister may provide all or part of the information received under subsection (1) to a person referred to in subsection 140.3 (3) or (4) of the Business Corporations Act, a regulatory body listed in subsection 140.3 (6) of that Act, or such other person or entity as may be prescribed. Commencement 2 This

Schedule comes into force on a day to be named by order of the Lieutenant Governor in Council.

SCHEDULE 5 CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020 1 Clause 23 (2) (

d) of the Credit Unions and Caisses Populaires Act, 2020 is amended by adding “of the members” after “its general meetings”. 2 (1) Clause 46 (1) (

a) of the Act is repealed and the following substituted: (

a) the rights, privileges, restrictions and conditions attaching to the shares of the class, including, (

i) whether the class of shares may be issued to non-members, and (ii) in the case of a class of shares other than membership shares and patronage shares, whether the class of shares includes the right to receive the remaining property of the credit union upon dissolution; and (2) Subsection 46 (2) of the Act is repealed and the following substituted: Restrictions

(2) Except as permitted under this Act, shares, other than membership shares, do not confer on their holder the right to vote at meetings of the members of the credit union. Same

(3) The articles of a credit union may provide that holders of shares other than membership shares or patronage shares have the right to elect up to, but no more than, 20 per cent of the directors. 3 Subsection 68 (1) of the Act is repealed and the following substituted: Selling securities

(1) A credit union may sell its securities or accept, directly or indirectly, consideration for its securities if, (

a) the sale of the securities or acceptance of consideration for the securities is to or from a member, and the credit union has obtained a receipt under

section 71 for an offering statement respecting the securities and the receipt has not been revoked or expired; (

b) the credit union has provided the Chief Executive Officer with a copy of receipts from the Ontario Securities Commission under the Securities Act for, (

i) a preliminary prospectus, if any, and (ii) a prospectus respecting the offering of the securities; (

c) the sale is exempt from the prospectus requirements of the Securities Act under an exemption provided for in that Act, the regulations or the rules made under it; or (

d) an order has been made in respect of the sale under

section 74 or subsection 143.11 (2) of the Securities Act. 4

Section 91 of the Act is amended by adding the following subsections: Election by non-member shareholders

(2) Despite subsection (1) and subject to the by -laws of a credit union, if the holders of a class or series of class of shares of the credit union, other than membership shares or patronage shares, have an exclusive right to elect one or more directors a nd a vacancy occurs among those directors, (

a) subject to subsection (3), the remaining directors elected by holders of that class or series may fill the vacancy except a vacancy resulting from an increase in the number of directors for that class or series or from a failure to elect the number of directors for that class or series; or (

b) if there are no such remaining directors, any holder of shares of that class or series may call a meeting of the holders of that class or series for the purpose of filling the vacancy. Same

(3) The by-laws may provide that a vacancy among the directors elected by the holders of a class or series of class of shares of a credit union, other than membership shares or patronage shares, shall only be filled by a vote of the holders of that cl ass or series if the vacancy occurs among the directors elected by holders of that class or series. 5

Section 93 of the Act is amended by adding the following subsection: Removal by non-member shareholders

(3) Despite subsections (1) and (2), if the holders of a class or series of class of shares of a credit union, other than membership shares or patronage shares, have an exclusive right to elect one or more directors, a director so elected may only be remo ved by an ordinary resolution at a meeting of the holders of that class or series.

18 6 (1) Clause 94 (1) (

b) of the Act is amended by striking out “the credit union’s members” and substituting “the credit union”. (2) Subsection 94 (2) of the Act is amended by adding “shareholders” after “members”. 7 Subsection 100 (1) of the Act is amended by adding “and holders of a class or series of classes of shares with voting rights” after “the members”. 8

Section 178 of the Act is repealed and the following substituted: General meetings 178 The board may at any time call a general meeting of the members, shareholders or specified classes of shareholders for the transaction of any business if the general nature of the business is specified in the notice calling the meeting. Commencement 9 This

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent.

SCHEDULE 6 EDUCATION ACT 1

(1) Section 257.11 of the Education Act is amended by adding the following subsection: Timing of payments

(0.1) In this section, “amount levied” means the taxes for school purposes levied on the assessment of properties according to the last returned assessment roll; (“somme prélevée”) “change to taxes” means an increase, decrease, cancellation, rebate, refund or write -off of an amount levied. (“ modification des impôts”)

(2) Subsection 257.11 (1) of the Act is repealed and the following substituted: Instalments

(1) In each calendar year, a municipality shall pay amounts levied in the following instalments: 1. On or before March 31, the municipality shall pay 25 per cent of the amount levied for the previous calendar year, adjusted to account for any change to taxes made between December 1 and December 31, inclusive, of the previous calendar year. 2.

On or before June 30, the municipality, i. shall, subject to subparagraph ii, pay 50 per cent of the amount levied for the calendar year, less 25 per cent of the amount levied for the previous calendar year, and ii. may adjust the amount calculated under subparagraph i to account for any change to taxes made between January 1 and June 15, inclusive, of the calendar year. 3.

On or before September 30, the municipality, i. shall, subject to subparagraph ii, pay 25 per cent of the amount levied for the calendar year, and ii. may adjust the amount calculated under subparagraph i to account for any change to taxes made between January 1 and September 15, inclusive, of the calendar year that were not accounted for in a previous instalment. 4.

On or before December 15, the municipality shall pay the balance of the amount levied for the calendar year, adjusted to account for any change to taxes made between January 1 and November 30, inclusive, of the calendar year that were not accounted for in a previous instalment.

(3) Section 257.11 of the Act is amended by adding the following subsections: Information return

(21) A municipality that pays an instalment shall provide the Minister of Finance, at the time and in the manner and form specified by the Minister of Finance, an information return containing the information the Minister of Finance requests with respect to the instalment and payments in lieu of taxes for school purposes. Legislation Act, 2006

(22) Part III (Regulations) of the Legislation Act, 2006 does not apply to anything done by the Minister of Finance under subsection (21). Assessment Act 2 (1) Clause 35 (3) (

b) of the Assessment Act is amended by adding “or, if the body is a school board, shall be paid to the body in accordance with the Education Act” at the end. (2) Clause 35 (3) (b.3) of the Act is repealed. Commencement 3 This

Schedule comes into force on January 1, 2028.

SCHEDULE 7 ELECTION ACT 1

Section 9 of the Election Act is repealed. 2

(1) Subsection 9.1 (4) of the Act is repealed and the following substituted: Day for close of nominations and grant of poll

(4) The day for the close of nominations and the grant of a poll where required shall be the third Thursday after the date of the writ.

(2) Subsection 9.1 (8) of the Act is repealed. 3 Subsections 13.1 (2) to (4) of the Act are repealed. 4 Subsection 17.14 (1) of the Act is repealed and the following substituted: Targeted registration programs

(1) The Chief Electoral Officer shall conduct periodic targeted registration programs. 5 (1) Subsections 44 (2), (2.1) and (3) of the Act are repealed and the following substituted: Same

(2) Advance polls shall be held in accordance with the following rules: 1. The polls must be open at every returning office on six days, including a Saturday and a Sunday, during the period that begins on the 13th day and ends on the 6th day before polling day. However, the polls do not have to be open on the 13th to 11th days before polling day if the ballots have not been printed. 2.

The polls must be open at every designated other location on three days during the period that begins on the 13th day and ends on the 6th day before polling day. (2) Subsection 44 (4) of the Act is amended by striking out “Subsections (2) and (3) apply” at the beginning and substituting “Subsection (2) applies”. 6

Section 112.1 of the Act is repealed. CONSEQUENTIAL AMENDMENTS AND COMMENCEMENT Fiscal Sustainability, Transparency and Accountability Act, 2019 7

Section 13 of the Fiscal Sustainability, Transparency and Accountability Act, 2019 is repealed. Government Advertising Act, 2004 8 Subsection 8 (3) of the Government Advertising Act, 2004 is amended by, (

a) striking out “the following periods” in the portion before paragraph 1 and substituting “the following period”; and (

b) repealing paragraph 2. Legislative Assembly Act 9 The Legislative Assembly Act is amended by adding the following section: Maximum duration of Legislative Assembly 3 No Legislative Assembly shall continue for longer than five years from the polling day for the general election of its members except as provided in subsection 4 (2) of the Canadian Charter of Rights and Freedoms. Commencement 10 This

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent.

SCHEDULE 8 ELECTION FINANCES ACT 1 Subsection 2 (1) of the Election Finances Act is amended by adding the following clause: (d.0.1) conduct investigations and examinations of the financial affairs and records of a third party if the Chief Electoral Officer considers it reasonably necessary to determine whether the third party has contravened any of sections 37.1 to 37.13; 2

Section 7 of the Act is amended by adding the following subsection: Same

(1.3) If information with respect to the affairs of a third party is reasonably necessary to determine whether the third party has contravened any of sections 37.1 to 37.13, the Chief Electoral Officer may request the information and the third party shall provide it. 3 (1) Subsections 18 (1) to (1.4) of the Act are repealed and the following substituted: Registered parties

(1) The contributions that a person makes to any one registered party shall not exceed, in a calendar year, $5,000, multiplied by the indexation factor determined for the calendar year under

section 40.1 and rounded to the nearest dollar. Constituency associations, nomination contestants

(1.1) The contributions that a person makes to registered constituency associations and registered nomination contestants of any one registered party or to the constituency association of any independent member shall not exceed, in a calendar year, $3,425, multiplied by the indexation factor determined for the calendar year under

section 40.1 and rounded to the nearest dollar. Candidates of party

(1.2) The contributions that a person makes to registered candidates of any one registered party shall not exceed, in a campaign period, $3,425, multiplied by the indexation factor determined under

section 40.1 for the calendar year in which the campaign period commences and rounded to the nearest dollar. Non-party candidates

(1.3) The contributions that a person makes to all registered candidates not endorsed by a registered party shall not exceed, in a campaign period, $3,425, multiplied by the indexation factor determined under

section 40.1 for the calendar year in which the campaign period commences and rounded to the nearest dollar. Leadership contestants

(1.4) The contributions that a person makes to any one registered leadership contestant of a registered party shall not exceed, in a calendar year that falls during a leadership contest period or during which the contestant is required to be registered by virtue of subsection 14 (2.1), $3,425, multiplied by the indexation factor determined for the calendar year under

section 40. 1 and rounded to the nearest dollar.

(2) Section 18 of the Act is amended by adding the following subsection: Transition, campaign periods commencing before January 1, 2026 (7) Subsections (1.2) and (1.3) do not apply with respect to a campaign period that commenced before January 1, 2026 and, instead, subsections (1.2) and (1.3), as they read on December 31, 2025, continue to apply with respect to the entire campaig n period. 4 Subsection 22 (8) of the Act is amended by adding the following paragraph: 1.1 The written proof provided under subsection 37.4 (2). 5

(1) Subsection 32.1 (2) of the Act is repealed and the following substituted: How allowance calculated

(2) Each registered party’s allowance for a quarter is the amount calculated by multiplying $0.636 by the number of valid votes cast for the party’s candidates in the election referred to in subsection (1).

(2) Subsection 32.1 (4) of the Act is amended by striking out “of a calendar year commencing with the 2017 calendar year”.

(3) Paragraphs 1 and 2 of subsection 32.1 (5) of the Act are repealed and the following substituted: 1. For each electoral district, subject to paragraphs 3, 3.1 and 4, divide $4,879.17 among the registered constituency associations of the electoral district, based on the percentage of the total number of valid votes the registered candidates associated with the registered parties of the constituency associations received in the electoral district at the most recent election.

22 6

Section 37.4 of the Act is amended by adding the following subsections: Proof of third party registration

(2) During a period referred to in

section 37.10.1, no third party that is required to apply for registration under

section 37.5 shall cause a third party political advertisement to appear without providing, to the broadcaster or publisher, written proof that the third party has been registered under

section 37.5. Duty on broadcaster, publisher

(3) During a period referred to in

section 37.10.1, no broadcaster or publisher shall allow a third party political advertisement to appear without ensuring compliance with subsection (2). 7 Subsections 37.10.1 (2) and (3.2) of the Act are repealed. 8

Section 38.1 of the Act is repealed. 9 Subsection 40.1 (2) of the Act is repealed and the following substituted: Exception

(2) For the purposes of

section 18, the indexation factor is the amount that would be represented by the formula in subsection (1) if clause (

a) read “for 2026, 1; and”. 10

(1) Subsection 45.1 (1) of the Act is amended by adding the following paragraphs: 0.1 Subsections 7 (1) and (1.3). 0.2 Subsection 10 (1). 0.3 Subsection 11 (1). . . . . . 1.1 Subsection 13 (2). . . . . . 7.1 Subsection 37.4 (3).

(2) Paragraph 9 of subsection 45.1 (1) of the Act is repealed and the following substituted: 9. Subsection 37.10.1 (1).

(3) Paragraph 13 of subsection 45.1 (1) of the Act is repealed.

(4) Paragraph 2 of subsection 45.1 (5) of the Act is repealed and the following substituted: 2.

For a contravention of any of the following provisions, $10,000 in the case of an individual, and $100,000 in the case of a corporation or other entity: i. subsection 10 (1). ii. subsection 11 (1). iii. subsection 12.1 (1). iv. subsection 13 (2). v. subsection 14 (1). vi. subsection 22 (9). vii. subsection 37 (2). viii. subsection 37.4 (3). ix. subsection 37.5 (1). x. subsection 37.10.1 (1). xi. subsection 37.10.2 (1). xii. subsection 38 (1), (2), (3) or (3.1). 2.1 For a contravention of subsection 7 (1) or (1.3), $5,000 in the case of an individual, and $50,000 in the case of a corporation or other entity.

(5) Paragraph 3 of subsection 45.1 (5) of the Act is amended by striking out “37.5 (1)”.

23 CONSEQUENTIAL AMENDMENTS AND COMMENCEMENT Restoring Trust, Transparency and Accountability Act, 2018 11 Subsection 5 (4) and

section 6 of

Schedule 13 of the Restoring Trust, Transparency and Accountability Act, 2018 are repealed. Commencement 12

(1) Except as otherwise provided in this section, this

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent.

(2) Sections 3, 5 and 9 come into force on January 1, 2026 or, if the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent after that day, those sections are deemed to have come into force on that day.

SCHEDULE 9 EMPLOYER HEALTH TAX ACT 1

Section 5 of the Employer Health Tax Act is amended by adding the following subsection: Same, amalgamation (2.0.1) Despite subsection (2), an employer who ceases to have a permanent establishment in Ontario before the end of a year as a result of an amalgamation under

section 87 of the Income Tax Act (Canada) shall deliver all returns required under this

section for the year to the Minister on or before the earlier of, (

a) the day that is six months after the date of the amalgamation; and (

b) March 15 of the following year. Commencement 2 This

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent.

SCHEDULE 10 FISCAL SUSTAINABILITY, TRANSPARENCY AND ACCOUNTABILITY ACT, 2019 1

(1) The definition of “provincial net debt” in

section 1 of the Fiscal Sustainability, Transparency and Accountability Act, 2019 is repealed.

(2) Section 1 of the Act is amended by adding the following definition: “provincial net financial liabilities” means net financial liabilities calculated on the same basis as the net financial liab ilities presented in the consolidated financial statements of the Province as set out in the most recent Public Accounts. (“ passif financier net de la province”)

(3) Section 1 of the Act is amended by adding the following subsection: Transition, 2026-2027 and 2027-2028 budgets

(2) Despite the definition of “provincial net financial liabilities” in subsection (1), for the purposes of the 2026-2027 and 2027- 2028 budgets, the provincial net financial liabilities shall be calculated as the difference between financial assets and fi nancial liabilities of the Province. 2 The French version of paragraph 1 of

section 2 of the Act is amended by striking out “de la dette” and substituting “du passif financier net de la province”. 3 The Act is amended by striking out “provincial net debt” wherever it appears and substituting in each case “provincial net financial liabilities”. Commencement 4 This

Schedule comes into force on January 1, 2026.

SCHEDULE 11 INSURANCE ACT 1

Section 14.1 of the Insurance Act is amended by adding the following subsections: Reassessments

(6) The Lieutenant Governor in Council may reassess an amount previously assessed under this

section within four years from the date of the end of the period in respect of which the original assessment was made. Same

(7) The provisions of this Act and the regulations that apply to assessments apply with necessary modifications to reassessments. Same

(8) No interest is payable on an amount that is reassessed under this section. 2

(1) Subsection 121.0.1 (1) of the Act is amended by adding the following paragraph: 26.0.1 Prescribing limits for the purposes of

section 299.1.

(2) Section 121.0.1 of the Act is amended by adding the following subsection: Conflict with transitional rule

(4.3) In the event of a conflict between this Act or the regulations and a rule made under subsection (4.2), the rule made under subsection (4.2) prevails.

(3) Subsection 121.0.1 (4.3) of the Act, as enacted by subsection (2), is repealed. 3 The Act is amended by adding the following section: Reimbursement or other payment for drug dispensed by an operator of a pharmacy 299.1

(1) If, under a contract of group insurance, an insurer provides reimbursement or other payment in respect of a drug dispensed by an operator of a pharmacy, the insurer shall provide the same reimbursement or other payment in respect of that drug for all operators of pharmacies that dispense it, subject to the limits set out in this

section and such other limits as may be prescribed by Authority rule. Maximum dispensing fee or pharmacy mark-up

(2) An insurer may set a maximum amount that it will pay for a dispensing fee or pharmacy mark -up for a drug dispensed by an operator of a pharmacy in respect of a contract of group insurance, and the insurer is not required to provide reimbursement or other payment in respect of that drug if it is dispensed by an operator of a pharmacy that charges a dispensing fee or pharmacy mark-up that exceeds the maximum. Same, disclosure

(3) If an insurer sets a maximum amount that it will pay for a dispensing fee or pharmacy mark -up under subsection (2), the insurer shall disclose the maximum to an operator of a pharmacy upon request. Same, failure to disclose

(4) If an insurer sets a maximum amount that it will pay for a dispensing fee or pharmacy mark-up under subsection (2) and the operator of a pharmacy does not disclose the dispensing fee, pharmacy mark-up or original cost of a drug or drug ingredient for a drug dispensed by that operator of a pharmacy to an insurer upon request, the in surer is not required to provide reimbursement or other payment in respect of that drug dispensed by that operator of a pharmacy. Application for reimbursement at excluded pharmacy

(5) A group person insured or a claimant may apply to an insurer in the form approved by the Chief Executive Officer for reimbursement or other payment in respect of a drug dispensed by an operator of a pharmacy that the insurer is not otherwise required to provide reimbursement or other payment for under subsection (2). Same, reimbursement limit

(6) If an application for reimbursement or other payment under subsection (5) is approved, the group person insured or claimant is entitled to at least the same reimbursement or other payment as the group person insured or claimant would be entitled to for a drug dispensed by an operator of a pharmacy that does not charge a dispensing fee or pharmacy mark -up that exceeds the maximum set under subsection (2).

Definitions

(7) In this section, “dispensing fee” means a fee paid to an operator of a pharmacy for the technical and cognitive components of dispensing a drug; (“honoraires de préparation”)

27 “operator of a pharmacy” means the holder of a certificate of accreditation for the operator of a pharmacy under the Drug and Pharmacies Regulation Act and, despite subsection 121 (1) of that Act, includes the holder of a certificate of accreditation for the operation of a hospital pharmacy; (“exploitant d’une pharmacie”) “pharmacy mark-up” means an additional amount, other than a dispensing fee, charged by an operator of a pharmacy for a drug that is above the original cost to the operator of the pharmacy of the drug or, in the case of a medication compounded by the operator of the pharmacy, above the original cost of the drug ingredients to the operator of the pharmacy. (“ majoration de pharmacie”) 4

Part XIII of the Act is amended by adding the following section: Public sector reciprocal insurance exchanges Designation 392.0.1

(1) The Lieutenant Governor in Council may, by regulation, designate a reciprocal insurance exchange licensed under this Part as a public sector reciprocal insurance exchange if, (

a) the majority of the exchange’s subscribers are broader public sector organizations within the meaning of the Broader Public Sector Accountability Act, 2010; (

b) a portion prescribed by regulation of the exchange’s subscriber base’s funding is provided from public funds by one or more broader public sector organizations within the meaning of the Broader Public Sector Accountability Act, 2010; or (

c) the Lieutenant Governor in Council believes that the designation is in the public interest. Same, responsible Minister

(2) A regulation made under subsection (1) must specify a responsible Minister for the designated public sector reciprocal insurance exchange for the purposes of this

section and the responsible Minister has the powers and duties provided for in th is

section in respect of that exchange. Same, policies and directives

(3) For the purposes of this section, the responsible Minister may issue policies or directives in writing to the public sector reciprocal insurance exchange and require the exchange to comply with them. Composition of advisory board

(4) If the Lieutenant Governor in Council believes that it is in the public interest to do so, the Lieutenant Governor in Council may, by regulation, prescribe the composition of the advisory board established under clause 380.1 (

a) of a public sector reciprocal insurance exchange and may provide for any of the following: 1. The appointment of members of the advisory board. 2. The terms of appointment of advisory board members appointed under paragraph 1. 3. Competency criteria that a person must meet in order to be qualified to be appointed as an advisory board member. 4. The process to be followed for selecting the chair of the advisory board. 5. Transitional matters arising out of the making of a regulation under this subsection. Authority to appoint supervisor

(5) The Lieutenant Governor in Council may, by order, appoint an individual as a supervisor for a public sector reciprocal insurance exchange for the purposes of assuming control of the exchange and responsibility for its activities if the Lieutena nt Governor in Council believes on reasonable grounds that, (

a) the advisory board or the attorney of the exchange has failed to meet a requirement set out in subsection (11); (

b) there is a financial risk to the public or to the exchange’s subscribers; (

c) the appointment is necessary to prevent harm to the public or to the exchange’s subscribers; (

d) the exchange is facing a risk of insolvency; (

e) the exchange has failed to provide information as required under subsection (11); (

f) the appointment of the supervisor is in the public interest; or (

g) the appointment of the supervisor is necessary for such other reasons as may be prescribed by regulation. Powers and duties of supervisor

(6) Unless the order appointing the supervisor under subsection (5) provides otherwise, the supervisor has the exclusive right to exercise all the powers and perform all the duties of the attorney.

28 Report to responsible Minister

(7) The supervisor shall report to the responsible Minister as the responsible Minister requires. Minister’s direction

(8) The responsible Minister may issue directions to the supervisor with regard to any matter within the supervisor’s jurisdiction, and the supervisor shall carry them out. Inclusion in consolidated financial statement of the Province

(9) On the recommendation of the President of the Treasury Board, the Lieutenant Governor in Council may, by regulation, require that the financial statements of a public sector reciprocal insurance exchange be included in the consolidated financ ial statements of the Province of Ontario as set out in the Public Accounts. Same, reports

(10) A regulation made under subsection (9) may also require the public sector reciprocal insurance exchange to do the following in accordance with the regulation: 1. Prepare an annual report and provide it to the responsible Minister and make it available to the public. 2. Prepare and implement a strategic five-year business plan and conduct an annual review of it. Duties of public sector reciprocal insurance exchanges

(11) If a regulation is made under subsection (9), the public sector reciprocal insurance exchange shall do the following: 1. Provide any information requested by the President of the Treasury Board or the responsible Minister in the form and manner and within the timeframe specified by the President of the Treasury Board or the responsible Minister, as the case may be. 2. Enter into an agreement with the responsible Minister that covers such matters as may be prescribed by regulation, including reporting and accounting requirements that the exchange must meet. 3.

Publish such information as may be specified by the responsible Minister in the form and manner and within the timeframe specified. 4. Appoint an auditor licensed under the Public Accounting Act, 2004 to conduct an annual audit of the accounts and financial transactions of the exchange and provide a report of the audit to the responsible Minister. 5. Follow any policies or directives issued by the responsible Minister. 6. Comply with such other requirements as may be prescribed by regulation. Audit by Auditor General

(12) In addition to the requirement for an annual audit, the Auditor General appointed under the Auditor General Act may also audit the accounts and financial transactions of a public sector reciprocal insurance exchange or any of its subsidiaries for any fiscal year. Regulations

(13) The Lieutenant Governor in Council may make regulations relating to public sector reciprocal insurance exchanges, (

a) prescribing matters that are required or permitted under this

section to be prescribed, or to be done by or in accordance with the regulations; (

b) designating a reciprocal insurance exchange as a public sector reciprocal insurance exchange for the purposes of this section; (

c) specifying the responsible Minister for a public sector reciprocal insurance exchange; (

d) governing the composition of advisory boards and providing for the matters listed in subsection (4); (

e) establishing financial requirements that apply to public sector reciprocal insurance exchanges, including, but not limited to, accounting practices and minimum capital requirements; (

f) governing the operations of, and services provided by, public sector reciprocal insurance exchanges; (

g) imposing geographic boundaries for the operations or services of a public sector reciprocal insurance exchange; (

h) providing that the Public Sector Salary Disclosure Act, 1996 or the Broader Public Sector Executive Compensation Act, 2014 apply with respect to public sector reciprocal insurance exchanges; (

i) providing additional enforcement and oversight powers over public sector reciprocal insurance exchanges for the Auditor General appointed under the Auditor General Act.

29 Commencement 5

(1) Except as otherwise provided in this section, this

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent. (2) Subsections 2 (1) and (2) and

section 3 come into force on a day to be named by order of the Lieutenant Governor in Council. (3) Subsection 2 (3) comes into force on the second anniversary of the day subsection 2 (2) comes into force.

SCHEDULE 12 INTERIM APPROPRIATION FOR 2026-2027 ACT, 2025

Interpretation 1 Expressions used in this Act have the same meaning as in the Financial Administration Act unless the context requires otherwise. Expenses of the public service 2 Pending the voting of supply for the fiscal year ending on March 31, 2027, amounts not exceeding a total of $211,659,735,800 may be paid out of the Consolidated Revenue Fund or recognized as non -cash expenses to be applied to the expenses of the public service that are not otherwise provided for.

Investments of the public service 3 Pending the voting of supply for the fiscal year ending on March 31, 2027, amounts not exceeding a total of $9,738,006,200 may be paid out of the Consolidated Revenue Fund or recognized as non -cash investments to be applied to the investments of the public service in capital assets, loans and other investments that are not otherwise provided for.

Expenses of the Legislative Offices 4 Pending the voting of supply f or the fiscal year ending on March 31, 2027, amounts not exceeding a total of $392,289,400 may be paid out of the Consolidated Revenue Fund to be applied to the expenses of the Legislative Offices that are not otherwise provided for. Charge to proper appropriation 5 All expenditures made or recognized under this Act must be charged to the proper appropriation following the voting of supply for the fiscal year ending on March 31, 2027. Commencement 6 The Act set out in this

Schedule comes into force on April 1, 2026.

Short title 7 The

short title of the Act set out in this

Schedule is the Interim Appropriation for 2026-2027 Act, 2025.

SCHEDULE 13 ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM ACT, 2006 1

(1) The definition of “OMERS pension plans” in subsection 1 (1) of the Ontario Municipal Employees Retirement System Act, 2006 is amended by striking out “Sponsors Corporation” at the end and substituting “Sponsors Council”. (2) Subsection 1 (1) of the Act is amended by adding the following

definitions: “prescribed” means prescribed by the regulations; (“prescrit”) “regulations” means the regulations made under this Act; (“règlements”)

(3) The definition of “Sponsors Corporation” in subsection 1 (1) of the Act is repealed and the following substituted: “Sponsors Corporation” means the corporation that was dissolved by an order made under subsection 21.1 (9), as that subsection read immediately before it was repealed; (“Société de promotion”) (4) Subsection 1 (1) of the Act is amended by adding the following definition: “Sponsors Council” means the council established by subsection 22 (1); (“Conseil de promotion”)

(5) Section 1 of the Act is amended by adding the following subsection: References to “Sponsors Council”

(5) For the purposes of this Act, before the day

section 11 of

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) comes into force, a reference to the “Sponsors Council” is a reference to the council to be established under subsection 22 (1), as re-enacted by

section 11 of

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2). (6) Subsection 1 (5), as enacted by subsection (5), is repealed. 2 Subsection 4 (1) of the Act is amended by striking out “Sponsors Corporation” and substituting “Sponsors Council”. 3 Paragraph 9 of subsection 5 (1) of the Act is repealed. 4 Subsection 6 (1) of the Act is amended by striking out “Sponsors Corporation” in the portion before paragraph 1 and substituting “Sponsors Council”. 5 (1) Subsection 8 (1) of the Act is amended, (

a) by striking out “or paragraph 9 or 10” and substituting “or paragraph 10”; and (

b) by striking out “Sponsors Corporation” at the end and substituting “Sponsors Council”. (2) Subsection 8 (2) of the Act is amended, (

a) by striking out “or paragraph 9 or 10” and substituting “or paragraph 10”; and (

b) by striking out “Sponsors Corporation” at the end and substituting “Sponsors Council”. 6 (1) Subsection 12 (2) of the Act is amended by striking out “Sponsors Corporation” wherever it appears and substituting in each case “Sponsors Council”. (2) Clause 12 (3) (

a) of the Act is amended by adding “or the Sponsors Council” after “Sponsors Corporation”. 7 Subsection 15 (1) of the Act is amended by striking out “Sponsors Corporation” and substituting “Sponsors Council”. 8

Section 16 of the Act is amended by striking out “Sponsors Corporation” wherever it appears and in each case substituting “Sponsors Council”. 9

Section 18 of the Act is amended by striking out “Sponsors Corporation” and substituting “Sponsors Council”. 10

(1) The Act is amended by adding the following

section immediately after the heading “Sponsors Corporation”: Winding up the Sponsors Corporation 21.1

(1) The Minister of Municipal Affairs and Housing may, by order, require the Sponsors Corporation to wind up the affairs of the Sponsors Corporation and may, by order, specify terms relating to the winding up of the corporation, including the time within which it shall be completed. Duty of Sponsors Corporation

(2) The Sponsors Corporation shall prepare and, by resolution, adopt a plan for winding up the Sponsors Corporation. Plan

(3) The plan for winding up the Sponsors Corporation may provide for, (

a) liquidating assets;

32 (

b) transferring assets, liabilities, rights, obligations and employees, including specifying to whom they are transferred; and (

c) any other matter relating to the winding up of the Sponsors Corporation. Requirement to give adopted plan to Minister

(4) The Sponsors Corporation shall, if the Minister so requests, give the adopted plan to the Minister in the manner, form and timelines specified by the Minister. Minister approval

(5) If the Sponsors Corporation is required to give the Minister the plan, the Minister may approve the plan, approve the plan with such modifications as the Minister considers appropriate or require the Sponsors Corporation to prepare another plan. Requirement to wind up

(6) The Sponsors Corporation shall wind up the affairs of the Sponsors Corporation and transfer its assets, liabilities, rights, obligations and employees, including transferring the proceeds from the liquidation of assets, in accordance with the plan an d the Minister’s order under subsection (1). Same

(7) For the purposes of subsection (6), (

a) if the Minister has approved the plan under subsection (5), the reference to the plan in subsection (6) is a reference to the approved plan; or (

b) if the Minister has not requested the Sponsors Corporation to give the plan to the Minister under subsection (4) or if the Minister has done so but has not approved the plan within 90 days after the plan was submitted or by such other day as may be prescribed, the reference to the plan in subsection (6) is a reference to the plan that is adopted by the Sponsors Corporation. Same

(8) If the Minister has provided notice that the Minister will not be requesting the plan, the Sponsors Corporation shall commence the windup of the Sponsors Corporation in accordance with the adopted plan and the Minister’s order under subsection (1). Dissolution of Sponsors Corporation

(9) The Minister may, by order, dissolve the Corporation as of the date specified in the order. Non-application of Legislation Act, 2006,

Part III

(10) Part III (Regulations) of the Legislation Act, 2006 does not apply to an order of the Minister made under subsection (1) or (9).

(2) Section 21.1 of the Act, as enacted by subsection (1), is repealed. 11

Section 22 of the Act is repealed and the following substituted: Sponsors Council 22

(1) A council to be known in English as the Sponsors Council and in French as Conseil de promotion is established. Status

(2) The Sponsors Council is not, (

a) a Crown agency; or (

b) a local board as defined in subsection 1 (1) of the Municipal Act, 2001, except for such purposes as may be prescribed. Regulations re establishment of Sponsors Council

(3) The establishment of the Sponsors Council under subsection (1) shall be carried out in accordance with such requirements or transitional rules as may be provided for in the regulations. Continued effect of things done by Sponsors Corporation

(4) Any thing done by the Sponsors Corporation in the exercise of its powers under this Act before it was dissolved under subsection 22.1 (9) and that was in effect on the day before the day

section 11 of

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) came into force, including but not limited to anything established, agreed upon, determined or decided by the Sponsors Corporation, is deemed to still be in effect as of the day that

section comes into forc e and shall be treated as if it had been done by the Sponsors Council. 12

(1) Section 23 of the Act is amended by adding the following subsections:

33 Regulations

(6) The Minister of Municipal Affairs and Housing may make regulations governing the composition of the Sponsors Corporation, including prescribing the method of choosing any of its members and providing that their appointment is for a specified term not to exceed three years. Conflict

(7) Any by-law referred to in this

section is without effect to the extent that it conflicts with a regulation made under subsection (6). (2) Subsections 23 (6) and (7) of the Act, as enacted by subsection (1), are repealed. 13 Sections 23, 24 and 25 of the Act are repealed and the following substituted: Objects 23

(1) The following are the objects of the Sponsors Council: 1. To make decisions about the design of benefits to be provided by, and contributions to be made to, the OMERS pension plans. 2. To perform such other duties as may be provided under this Act. 3. Such other objects as may be prescribed. Same

(2) For furthering its objects, the Sponsors Council may, (

a) make decisions about the design of the OMERS pension plans and make amendments to the OMERS pension plans; (

b) set contribution rates under the pension plans; (

c) decide whether to file a valuation more frequently than is required under the Pension Benefits Act; (

d) receive reports from the Administration Corporation; and (

e) do such other things as may be prescribed. Members to act honestly and in good faith 24 Every member of the Sponsors Council, in exercising their powers and discharging their duties, shall, (

a) act honestly and in good faith with a view to balancing the best interests of the plan members and participating employers; and (

b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Composition of Sponsors Council Initial composition 25

(1) The composition of the Sponsors Council on the day

section 11 of

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) comes into force is comprised of the following: 1. 14 persons who are appointed, in accordance with such rules as may be prescribed, as voting members by the prescribed organizations. 2. Five persons who are appointed, in accordance with such rules as may be prescribed, as non -voting members by the prescribed organizations. Same

(2) An organization prescribed for the purposes of subsection (1) shall not appoint, (

a) a person who is or has been a member of the Administration Corporation or of a committee established for the purpose of advising the Administration Corporation; or (

b) a person who has been a member of the Sponsors Corporation or of a committee established for the purpose of advising the Sponsors Corporation. Composition after initial appointment

(3) Beginning on the day after

section 11 of

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) comes into force, the composition of the Sponsors Council shall be determined in accordance with the Sponsor Council’s by - laws. By-laws 25.1

(1) The Sponsors Council may pass by-laws and resolutions regulating,

34 (

a) its proceedings and generally for the conduct and management of its affairs; and (

b) its composition and the method of choosing its members. Same

(2) Without limiting the generality of subsection (1), the Sponsors Council may make by -laws respecting, (

a) the election or appointment of voting and non -voting members, eligibility and competency requirements of members, their term of office and the number of members to be elected or appointed; (

b) the weight of the votes by voting members; (

c) the election or appointment of one or more chairs and their terms of office; (

d) quorum; (

e) the remuneration and expenses to be paid to the members; (

f) the calling and holding of meetings of the Sponsors Council, and the procedures by which such meetings shall be conducted and the giving of notice for such meetings; (

g) materials to be provided to any members who are not eligible to vote; (

h) consultations between the Sponsors Council and others, and the sharing of documentation for the purposes of those consultations; (

i) matters on which the Sponsors Council must report and to whom they must be reported; (

j) matters that the Sponsors Council must review and how often they must be reviewed; (

k) committees to be established for the purpose of advising the Sponsors Council; and (

l) insurance for members of the Sponsors Council. Prescribed requirements

(3) Any resolution or by -law passed by the Sponsors Council respecting any matter mentioned in subsection (1) or (2) shall comply with such requirements as may be prescribed respecting the matter. 14 The Act is amended by adding the following section: Initial by-laws 25.2

(1) The Administration Corporation shall prepare the Sponsors Council’s initial by-laws, which shall be for the purposes of governing the proceedings and generally for the conduct and management of the Sponsor Council’s affairs and the composition and method of choosing its members. Compliance with regulations

(2) The initial by-laws must comply with such requirements as may be prescribed. Requirement to give initial by-laws to Minister

(3) The Administration Corporation shall, if the Minister of Municipal Affairs and Housing so requests, give the initial by - laws to the Minister in the manner, form and timelines specified by the Minister. Minister approval

(4) If the Administration Corporation is required to give the Minister the initial by -laws, the Minister may approve the by - laws, approve the by -laws with such modifications as the Minister considers appropriate or require the Administration Corporation to prepare another set of initial by-laws. Effect of initial by-laws

(5) The initial by -laws shall take effect as the by -laws of the Sponsors Council on the day

section 11 of

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) comes into force. Same

(6) For the purposes of subsection (5), (

a) if the Minister has approved the initial by -laws under subsection (4), the reference to the initial by -laws in subsection (5) is a reference to the initial by-laws that were approved; or (

b) if the Minister has not requested the Administration Corporation to give the initial by -laws to the Minister under subsection (4) or if the Minister has done so but has not approved them within 90 days after they were submitted or by such other date as may be prescribed, the reference to the initial by-laws in subsection (5) is a reference to the initial by- laws that were prepared by the Administration Corporation.

35 Amendments to initial by-laws

(7) Any amendments to the initial by-laws shall be done in accordance with

section 25.1. 15

Section 26 of the Act is amended by striking out “Sponsors Corporation” wherever it appears and substituting in each case “Sponsors Council”. 16

Section 27 of the Act is amended by striking out “Sponsors Corporation” and substituting “Sponsors Council”. 17

(1) Section 28 of the Act is amended by striking out “Sponsors Corporation” wherever it appears and substituting in each case “Sponsors Council”. (2) Subsection 28 (2) of the Act is amended by striking out “and” at the end of clause (a), by adding “and” at the end of clause (

b) and by adding the following clause: (

c) the expenses incurred for obtaining insurance for members of the Sponsors Council. 18

Section 30 of the Act is amended by striking out “Sponsors Corporation” and substituting “Sponsors Council”. 19

Section 31 of the Act is amended by striking out “Sponsors Corporation” wherever it appears and substituting in each case “Sponsors Council”. 20 (1) Subsections 33 (1), (2), (5) and (6) of the Act are amended by striking out “Sponsors Corporation” wherever it appears and substituting in each case “Sponsors Council”.

(2) Section 33 of the Act is amended by adding the following subsection: Same, compliance with prescribed requirements

(3) The by-laws referred to in subsection (1) must comply with such requirements as may be prescribed. (3) Subsection 33 (4) of the Act is repealed and the following substituted: Eligibility

(4) The following persons are not eligible to hold office as a member of the Administration Corporation or to be appointed to any committee established for the purpose of advising the Administration Corporation: 1. A person who is or has been a member of the Sponsors Corporation. 2. A person who is or has been a member of the Sponsors Council. 3. Such other persons as may be prescribed. 21

(1) The Act is amended by adding the following section: Appointment of Chair 33.1

(1) Despite subsection 33 (1), the Minister of Municipal Affairs and Housing may, by order, appoint a person as Chair of the Administration Corporation for a term commencing on April 15, 2026 or such other date as may be prescribed. Term

(2) The term of the appointment set out in the order under subsection (1) shall not exceed three years. Copy of order to be provided

(3) If the Minister makes an order under subsection (1), the Minister shall, as soon as possible after the order is made, provide a copy of the order to the Sponsors Corporation and the Administration Corporation. Order to be made available to plan members

(4) The Administration Corporation shall, as soon as possible after receiving the copy of the order, make the order available to the plan members.

(2) Section 33.1 of the Act, as enacted by subsection (1), is repealed. 22 Paragraph 2 of

section 34 of the Act is repealed and the following substituted: 2. To advise and assist the Sponsors Council to exercise its powers and perform such duties as may be required under this Act. 23 Subsection 35 (2) of the Act is amended by striking out “Sponsors Corporation” wherever it appears and substituting in each case “Sponsors Council”. 24 Paragraph 12 of subsection 35.1 (6) of the Act is amended by striking out “by the regulations” wherever it appears. 25 Subsection 35.2 (2) of the Act is amended by striking out “Sponsors Corporation” and substituting “Sponsors Council”. 26 The Act is amended by adding the following sections:

36 Limitations on remedies 36

(1) No cause of action arises against the Crown or any current or former member of the Executive Council or employee, officer or agent of or advisor to the Crown as a direct or indirect result of, (

a) the enactment of

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2); (

b) the making, amendment or revocation of any provision of a regulation made under

section 40 or of an order made under

section 21.1 or 33.1; (

c) anything done or not done in accordance with a provision of this Act enacted by

Schedule 13 to the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2); or (

d) any modification, revocation, cessation or termination of rights in real property, contractual rights, or other rights resulting from anything referred to in clauses (

a) to (c). No remedy

(2) Except as otherwise provided under this Act, no costs, compensation or damages, including for loss of revenue or profit or any other alleged loss, whether direct or indirect, are owing or payable to any person by a person referred to in subsection (1), and no remedy, including a remedy in contract, restitution, tort, a remedy for misfeasance, bad faith, or a breach of trust o r fiduciary obligation, any equitable remedy or any remedy under any statute is available to any person against any person referred to in subsection (1) in connection with anything referred to in that subsection. Proceedings barred

(3) No proceeding that is directly or indirectly based on or related to anything referred to in subsection (1) may be brought or maintained against any person referred to in that subsection. Application (4) Subsections (2) and (3) do not apply with respect to an application for judicial review or a claim for constitutional remedy, but do apply with respect to any other court, administrative or arbitral proceeding claiming any remedy or relief, including specific performance, an injunction, declaratory relief or the enforcement of a judgment, order or award made outside Ontario. No costs awarded

(5) No costs shall be awarded against any person in respect of a proceeding that cannot be brought or maintained under subsection (3). No expropriation or injurious affection

(6) Nothing referred to in subsection (1) constitutes an expropriation or injurious affection for the purposes of the Expropriations Act or otherwise at law. Proceedings by Crown not prevented

(7) This

section does not apply with respect to proceedings brought by the Crown. Crown liability No personal liability 37

(1) No cause of action arises against any current or former member of the Executive Council, officer, employee or agent of the Crown for any act done in good faith in the exercise or performance, or intended exercise or performance, of the person’s powers, duties or functions under this Act or for any alleged neglect, default or other omission in the exercise or performance in good faith of those powers, duties or functions. Crown remains vicariously liable

(2) Despite subsection 8 (3) of the Crown Liability and Proceedings Act, 2019 , subsection (1) of this

section does not relieve the Crown of liability to which it would otherwise be subject as a result of the acts or omissions of a person specified in t hat subsection. No liability for acts or omissions of others

(3) No cause of action arises against the Crown or any person specified in subsection (1) for

an act or omission of a person other than the Crown or a person specified in that subsection, if the act or omission is related, directly or indirectly, to the exercise or performance, or intended exercise or performance, of a power, duty or function under this Act. Proceedings by Crown not prevented

(4) This

section does not apply with respect to proceedings brought by the Crown. Retrospective effect (5) Subsections (1) to (4) apply regardless of whether the cause of action on which a proceeding is purportedly based arose on or after the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) received Royal Assent.

37 No personal liability, Sponsors Corporation 38

(1) No cause of action arises against any current or former member or employees of the Sponsors Corporation for any act done in good faith in the exercise or the performance, or intended exercise or performance, of the person’s powers, duties or functions under this Act for any alleged neglect, default or other omission in the exercise or performance in good faith of those powers, duties or functions. Proceedings by Crown not prevented

(2) This

section does not apply with respect to proceedings brought by the Crown. Proceedings barred 39

(1) No proceeding shall be commenced, (

a) against any person specified in subsection 37 (1) in respect of a matter referred to in that subsection; (

b) against the Crown or any person specified in subsection 37 (1) in respect of a matter referred to in subsection 37 (3); or (

c) against any person specified in subsection 38 (1) in respect of a matter referred to in that subsection.

Same (2) Subsection (1) does not apply with respect to an application for judicial review or a claim for constitutional remedy, but does apply with respect to any other court, administrative or arbitral proceeding claiming any remedy or relief, including specific performance, an injunction, declaratory relief, a remedy in contract, restitution, unjust enrichment or tort, a remedy for breach of trust or fiduciary obligation or any equitable remedy, enforcement of a judgment, order or award made outside Ontario or any form of compensation or damages including loss of revenue or profit.

Proceedings by Crown not prevented

(3) This

section does not apply with respect to proceedings brought by the Crown. Regulations 40 The Minister of Municipal Affairs and Housing may make regulations, (

a) prescribing anything that is referred to in this Act as prescribed or as otherwise dealt with in the regulations; (

b) providing for such rules that are, in the opinion of the Minister, necessary or desirable respecting the winding up of the Sponsors Corporation, including with respect to the transfer of its assets, liabilities, rights, obligations and employees; (

c) providing for and governing requirements or transitional matters that are, in the opinion of the Minister, necessary or advisable respecting the establishment of the Sponsors Council under subsection 22 (1), including, without limiting the foregoing, providing for any property that belonged to the Sponsors Corporation before its dissolution under subsection 21.1 (9) to become the property of the Sponsors Council, and requiring the Administration Corporation to facilitate the transfer of any such property; (

d) defining any word or expression used in this Act that is not already defined; (

e) governing any transitional matters which, in the opinion of the Minister, are necessary or desirable to facilitate the implementation of

Schedule 13 of the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2). Commencement 27

(1) Except as otherwise provided in this section, this

Schedule comes into force on the day the Plan to Protect Ontario Act (Budget Measures), 2025 (No. 2) receives Royal Assent. (2) Subsections 1 (1), (3), (4) and (6), sections 2 to 9, subsection 10 (2),

section 11, subsection 12 (2), sections 13 to 20, subsection 21 (2) and sections 22, 23 and 25 come into force on a day to be named by order of the Lieutenant Governor in Council.

SCHEDULE 14 PENSION BENEFITS ACT 1 (1) Subsection 14 (6) of the Pension Benefits Act is amended by striking out “under

section 80.4” and substituting “under

section 80.4, 80.5 or 80.6”.

(2) Section 14 of the Act is amended by adding the following subsection: Same, special individual transfers (8) Subsection (1) does not apply with respect to an amendment that relates to a transfer of assets under

section 101.4 from a single employer pension plan to a jointly sponsored pension plan. 2 (1) Subsection 26 (6) of the Act is amended by striking out “under

section 80.4” and substituting “under

section 80.4, 80.5 or 80.6”.

(2) Section 26 of the Act is amended by adding the following subsection: Same, special individual transfers (8

Document details

Collection	Ontario — Bills
Citation	p44 s1 bill 68 b068ra e.pdf
Type	bill
Volume / chapter	p44 s1 bill 68 b068ra e.pdf
Language	en
Format	json
Source	PROVINCIAL
Identifier	b362608ee5c3ae84480f89864d30c282863e6a7d

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