The program is a collaboration with newswire service Agence France-Presse, who will have fact-checkers in Canada to review stories from local news outlets and rate their accuracy.
Content the fact-checkers deem to be false or a mixture of accurate and inaccurate will appear lower in news feeds and be accompanied with related, true articles from fact-checkers.
Pages that repeatedly share fake news will see their ability to monetize and advertise removed after several offences.
Publishers responsible for false stories will have the chance to dispute any inaccurate ratings they receive and will be able to issue corrections.
Facebook has long been the subject of complaints around fake news, which some say the platform has allowed to spread.
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