# EDGAR Filing Document

**Accession Number:** 0000230098
**File Stem:** 0001193125-26-242179
**Filing Date:** 2026-5
**Character Count:** 11040
**Document Hash:** 36f23f3a8857e33950eab177c8ba72b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-242179.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001193125-26-242179

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADA
- **CENTRAL INDEX KEY:** 0000230098
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-05368
- **FILM NUMBER:** 261027608

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CANADIAN EMBASSY
- **STREET 2:** 501 PENNSYLVANIA AVE NW
- **CITY:** WASHINGTON
- **PROVINCE COUNTRY:** Z4
- **BUSINESS PHONE:** 613-369-3646

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** DEPARTMENT OF FINANCE
- **STREET 2:** 90 ELGIN STREET
- **CITY:** OTTAWA, ONTARIO
- **PROVINCE COUNTRY:** Z4

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**AMENDMENT NO. 2** 

**For Foreign Governments and Political Subdivisions Thereof** 

**ANNUAL REPORT** 

**of** 

## CANADA
**(Name of Registrant)** 

**Date of end of last fiscal year: March 31, 2025** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

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| | | |
|:---|:---|:---|
| **Time of Issue** | **Amounts as to**<br> **which registration**<br> **is effective** | **Name of**<br> **exchanges on**<br> **which registered** |
| N/A | N/A | N/A |

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**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**CALEB HOLDEN** 

**Counsellor (Finance)** 

**Canadian Embassy** 

**501 Pennsylvania Avenue, N.W.** 

**Washington, D.C. 20001** 

---

| | | |
|:---|:---|:---|
|  | Copies to: |  |
| MATTHEW EMDE | YVES POIRIER | PAUL E. DENARO |
| Director General | Consul | Milbank LLP |
| Funds Management Division | Consulate General of Canada | 55 Hudson Yards |
| Department of Finance, Canada | 466 Lexington Avenue | New York, NY 10001 |
| 13th Floor, 90 Elgin Street | 20th Floor |  |
| Ottawa, Ontario K1A 0G5 | New York, NY 10017 |  |

---

\* The Registrant is filing this amendment to its annual report on a voluntary basis.

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This amendment to Canada's Annual Report on Form 18-K for the year ending March 31, 2025 is being filed to include as an exhibit to such form the Opinion and Consent of General Counsel, Finance Legal Services, Department of Justice (Canada) prepared in connection with the offering of U.S. $3,500,000,000 aggregate principal amount of Canada's 4.250% United States Dollar Bonds due May 28, 2031 (the "bonds") described in Canada's prospectus supplement dated May 20, 2026 (the "prospectus supplement") to its prospectus dated February 27, 2025 (the "prospectus") relating to bonds registered on Registration Statement No. 333-283961.

That portion of the bonds offered by the prospectus supplement and prospectus sold or to be sold in the United States or in circumstances where registration of the bonds is required has been registered under registration statement no. 333-283961. Such portion is not expected to exceed an aggregate principal amount of U.S. $1,485,110,000. Following the completion of the offering of the bonds offered by the prospectus supplement and the prospectus, an aggregate of U.S. $5,619,890,000 will remain registered on registration statement no. 333-283961.

The exhibits to Canada's Annual Report on Form 18-K for the year ended March 31, 2025, are hereby amended to include the following: Exhibit E: Opinion and Consent of General Counsel, Finance Legal Services, Department of Justice (Canada)

It is estimated that the expenses of Canada in connection with the sale of the bonds will be as follows:

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| | | |
|:---|:---|:---|
|  Filing Fee<sup>(1)</sup> | U.S. $| 137670.0 |
|  Legal |  | 95000.0 |
|  Miscellaneous Expenses |  | 17330.0 |
|  | U.S. $| 250000.0 |

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<sup>(1)</sup> Calculated based on filing fee of U.S. $92.70 per U.S. $1,000,000 for U.S. $1,485,110,000 of debt securities registered in 2022. 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 2 to its annual report to be signed on its behalf by the undersigned, thereunto duly authorized, at Ottawa, Canada, on the 27<sup>th</sup> day of May, 2026.

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| | |
|:---|:---|
| CANADA | CANADA |
| By: | /s/ Daniel Burnett |
|  | Daniel Burnett |
|  | Director |
|  | Reserves Management Section |
|  | Funds Management Division |
|  | Department of Finance |
|  | Government of Canada |

---

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EXHIBIT INDEX

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| | |
|:---|:---|
| <u>Exhibit No.</u> |  |
| E: | [Opinion and Consent of General Counsel, Finance Legal Services, Department of Justice (Canada)](d146226dex99e.htm) |

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## Ex-99.E

EXHIBIT E

OPINION AND CONSENT OF GENERAL COUNSEL, FINANCE LEGAL SERVICES,

DEPARTMENT OF JUSTICE (CANADA)

May 27, 2026

The Honourable Françôis-Philippe Champagne, P.C., M.P.

Minister of Finance and National Revenue

House of Commons

Ottawa, Ontario

Canada

K1A 0A6

Dear Minister Champagne:

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| | |
|:---|:---|
| Subject: | U.S. $3,500,000,000  |

---

<u>4.250% United States Dollar Bonds due May 28, 2031</u> <br>

I have been requested by the Director, Reserves Management Section, Funds Management Division, Financial Sector Policy Branch, Department of Finance (Canada), to provide you with an opinion relating to the authorization of the issuance of U.S. $3,500,000,000 aggregate principal amount of 4.250% United States Dollar Bonds of His Majesty in right of Canada ("Canada") due May 28, 2031 (the "<u>Securities")</u>, to be sold pursuant to an Underwriting Agreement dated as of May 20, 2026 (the "<u>Underwriting Agreement")</u> among BMO Capital Markets Corp., BNP PARIBAS, BofA Securities, Inc., National Bank of Canada Financial Inc. and TD Securities (USA) LLC, as representatives for the several underwriters listed in Schedule II thereof (the "<u>Representatives</u>"), the other several underwriters listed in Schedule II thereof (together with the Representatives, the "<u>Underwriters")</u>, and Canada, as represented by the Minister of Finance.

In connection with the issue of the Securities, Canada proposes to enter into a Fiscal Agency Agreement, to be dated as of May 28, 2026, with Citibank, N.A., as fiscal agent, transfer agent, registrar and principal paying agent (the "<u>Fiscal Agency Agreement")</u>.

I have examined originals or copies, certified or otherwise identified to my satisfaction, of such statutes, documents, certificates of public officials and other instruments relating to the authorization, issuance and sale of the Securities by Canada as I have deemed necessary, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrowing Authority Act, S.C. 2017, c. 20, s. 103, as amended (the " <u>Borrowing Authority Act")</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Order in Council P.C. 2026-279, dated March 30, 2026, relating to the
authorization of the issue and sale of the Securities (the " <u>Order in Council")</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fiscal Agency Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The form of the Securities appended to the Fiscal Agency Agreement.

The Director, Reserves Management Section, has represented to me by a certificate dated May 27, 2026, that the Securities are being issued and sold pursuant to the Order in Council and, as of May 28, 2026, after giving effect to the issue and sale of the Securities, the aggregate principal amount of money borrowed by Canada in the 2026-2027 fiscal year pursuant to the Order in Council will not exceed CAD 683 billion and the maximum amount in section 4 of the Borrowing Authority Act, subject to the exceptions at sections 5 and 6 of that Act, will not be exceeded.

In response to the request of the Director, Reserves Management Section, I give it as my opinion as General Counsel, Department of Justice (Canada), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fiscal Agency Agreement has been duly authorized by Canada and, when duly executed and delivered by Canada,
assuming the due authorization, execution and delivery by the Fiscal Agent, will constitute a legal, valid and binding agreement of Canada; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance of the Securities by Canada has been duly authorized by the Order in Council and the Securities, when duly
executed, authenticated and delivered to and paid for by the Underwriters in accordance with the provisions of the Underwriting Agreement, will constitute valid, legally binding, direct unconditional obligations of Canada in accordance with their
terms and payment of the principal of and interest on each Security so authenticated, delivered and paid for will be a charge on and payable out of the Consolidated Revenue Fund of Canada.

The foregoing opinions are subject to the following limitations and qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pursuant to the Currency Act (Canada), a judgment by a court in Canada must be awarded in Canadian currency, and such
judgment may be based on a rate of exchange in existence on a day other than the date of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the enforcement of the Fiscal Agency Agreement and the Securities may be limited by general principles of equity, and
no opinion is expressed as to any specific remedy that might be granted, imposed or rendered only in the discretion of a court, including remedies such as specific performance and injunction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no execution may issue on a judgment against Canada, but the Crown Liability and Proceedings Act (Canada) requires that
any money or costs awarded to any person against Canada in any proceedings be paid out of the Consolidated Revenue Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the opinions expressed are based on the law of the Province of Ontario and the law of Canada applicable therein. I have
assumed that, insofar as any obligation is to be performed in any jurisdiction outside Ontario, its performance will not be illegal or ineffective by virtue of the laws of that jurisdiction.

I hereby consent to the inclusion of this opinion letter as an exhibit to Amendment No. 2 to Canada's Annual Report on Form 18-K for the year ended March 31, 2025.

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| |
|:---|
| Yours sincerely, |
| /s/ Martin Marcone |
| Martin Marcone |
| General Counsel |
| Finance Legal Services |
| Department of Justice (Canada) |

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*[Canada – 18K-A Opinion of Senior Counsel of DOJ (Canada)]*