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Somebody is lying to you. It's just coming loose over time. Even if you
lived in Quebec, the heat shield couldn't be 'rusted' yet. You can put a
huge radiator hose-type clamp around it, smack a few new dents into it
or remove it.

'Curly'

Replacing the heat shield may not be that simple.  Before of the extreme heat
the bolts usually rust through.  If the cover is just rattling and has
broken off, you could probably get a large hose clamp and use that to keep the
shield in place and not making noise.  The other option is to just remove
what's left of the cover and run without a cover.  
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Alex

As the other people have posted, you have a few options that you can do at the
moment...

1) Rip off the heat shield or whatever is left over and leave it be. The only
thing you need to be careful of is where you park your car. It is unlikely that
the cat will cause anything to catch fire underneath but you need to use common
sense as this part gets extremely hot.

2) Get some wire and try to clamp it together the best you can. You can keep it
like this for a while longer. Eventually you will need to replace the B-Pipe and
muffler. In order for these two pieces to come off,  you need to cut in front on
the cat (at least on the 90's Honda's you had to do this) which at the time,
you'll be able to put a new heat shield as you have to take the existing heat
shield off the cat in order to grind off the bolts from the cat to the b-pipe.

3) Replace the heat shield.

Option 2 is probably your best bet to maintain safety but you can also go with
Option 1. In any case, as the previous poster mentioned, find another place to
go to get this done (and not a Midas or Pepboys shop either). These types of
people make me sick and have motivated myself to learn how to do all car work
myself. You may also want to mention the shop on this forum so that no other
person gets ripped off.

Hope this helps
Nick