Robin Wait, 44, was suspended from teaching and charged with two counts of sexual assault and two counts of sexual interference in December of 2011, but Crown prosecutors say the charges have now been stayed because of a lack of evidence.
Delta School district spokesperson Deneka Michaud says now that the police investigation has ended, the district will finish its own investigation.
"We don't know how long that will take but with any sort of situation of this nature it does have to be a very thorough investigation because student safety does have to be our top priority," he said.
Michaud says Wait is still considered a school district employee while the investigation continues, but will not be in the classroom.
Wait told CBC News Friday that the impact of the charges on his life have been profound.
"I went through some very dark times," Wait said. "My wife, who had always been a stay-at-home mom, was forced to get a full-time job. I also got a part-time job as well, in the service industry, just to make ends meet."