Bill C-76

If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.

Royal Assent

PDF

R.S., c. F-11	Financial Administration Act
	*57. (1) The definitions ``securities'', ``treasury bill'' and ``treasury note'' in section 2 of the Financial Administration Act* are replaced by the following:**
``securities'' « valeurs » ou « titres »	``securities'' means securities of Canada in certificated form or non-certificated securities of Canada, and includes bonds, notes, deposit certificates, non-interest bearing certificates, debentures, treasury bills, treasury notes and any other security representing part of the public debt of Canada;
``treasury bill'' « bon du Trésor »	``treasury bill'' means a bill in certificated form, or a non-certificated security, issued by or on behalf of Her Majesty for the payment of a principal sum specified in the bill to a named recipient or to a bearer at a date not later than twelve months after the date of issue of the bill;
``treasury note'' « billet du Trésor »	``treasury note'' means a note in certificated form, or a non-certificated security, issued by or on behalf of Her Majesty for the payment of a principal sum specified in the note to a named recipient or to a bearer at a date not later than twelve months after the date of issue of the note.
	(2) Section 2 of the Act is amended by adding the following in alphabetical order:
``security certificate'' « certificat de valeur »	``security certificate'' means a tangible certificate issued by or on behalf of Her Majesty representing part of the public debt of Canada;
``non-certifica ted security'' « valeur sans certificat »	``non-certificated security'' includes a security for which no certificate is issued and a certificated security held within a security clearing and settlement system in the custody of a custodian or nominee;
1991, c. 24, s. 50 (Sch. II, item 6)(F)	58. Subsections 18(2) to (5) of the Act are replaced by the following:
Minister may acquire securities	(2) The Minister may, when he or she deems it advisable for the sound and efficient management of public money or the public debt, purchase or acquire securities, including securities on their issuance, pay for the securities out of the Consolidated Revenue Fund and hold the securities.
Sale of securities	(3) The Minister may sell or lend any securities purchased, acquired or held pursuant to subsection (2), and the proceeds of the sales or lending shall be deposited to the credit of the Receiver General.
Profit and loss	(4) Any net profit resulting in any fiscal year from the purchase, holding, sale or lending of securities pursuant to this section shall be credited to the revenues of that fiscal year, and any net loss resulting in any fiscal year from that purchase, holding, sale or lending shall be charged to an appropriation provided by Parliament for the purpose.
How profit and loss determined	(5) For the purposes of subsection (4), the net profit or loss in any fiscal year shall be determined by taking into account realized profits and losses on securities sold or loaned, the amortization applicable to the fiscal year of premiums and discounts on securities, and interest applicable to the fiscal year.
	59. Section 50 of the Act is replaced by the following:
Signing securities	50. (1) Security certificates evidencing securities issued under the authority of this Part shall be signed by the Deputy Minister of Finance or an officer of the Department of Finance designated by the Governor in Council to sign on behalf of the Deputy Minister of Finance, and shall be countersigned by such officer of the Department of Finance or other person as the Governor in Council designates for that purpose.
Facsimile signatures	(2) The Minister may direct that there be substituted for signatures in the proper handwriting of one or both of the persons authorized to sign or countersign security certificates under subsection (1), facsimiles of those signatures.
	60. Paragraphs 60(1)(a) to (c) of the Act are replaced by the following:
	(a) for the inscription of security certificates and the registration of securities and prescribing the effect of the inscription or registration;
	(b) for the transmission, transfer, redemption and cancellation of securities and the exchange and destruction of any security certificates, and, without limiting the generality of the foregoing,
	(i) for the transmission, transfer or redemption of securities pursuant to a judgment or as the result of the death, dissolution or bankruptcy of the registered owner of the securities, and
	(ii) prescribing the conditions on which the transfer and redemption of securities or the exchange of security certificates registered in the names of infants, minors or other persons not of full capacity to enter into ordinary contracts may be made;
	(c) for the issue of security certificates or making of payments in respect of damaged, lost, stolen or destroyed security certificates or interest coupons, and of the cheques pertaining thereto and prescribing conditions to the issue or payment;
	(c.1) respecting the issuance and holding of non-certificated securities;
	(c.2) respecting the circumstances under which the beneficial owner of a non-certificated security can obtain a security certificate or under which the beneficial owner of a security certificate can obtain a non-certificated security;
R.S., c. 32 (2nd Supp.)	Pension Benefits Standards Act, 1985
	*61. Paragraph 26(1)(b) of the Pension Benefits Standards Act, 1985* is replaced by the following:**
	(b) to transfer the member's pension benefit credit or the surviving spouse's pension benefit credit, whichever is applicable, to a retirement savings plan of the prescribed kind for the member or surviving spouse, as the case may be, or
R.S., c. P-37	Public Utilities Income Tax Transfer Act
	*62. (1) Subsection 3(1) of the Public Utilities Income Tax Transfer Act* is replaced by the following:**
Payments to provinces	3. (1) The Minister of Finance may cause to be paid to a province out of the Consolidated Revenue Fund, at such time or times as the Minister of Finance may determine, an amount determined by the Minister in accordance with subsections (2) and (4) in respect of each taxation year of a designated corporation carrying on business in the province.
	(2) Section 3 of the Act is amended by adding the following after subsection (3):
Phase out	(4) Where the taxation year of a corporation includes any day during the period beginning on January 1, 1995 and ending on March 31, 1995, the amount determined by the Minister in accordance with subsection (2) shall be reduced by an amount determined by the Minister to be equal to the product obtained by multiplying the amount determined in accordance with subsection (2) by the fraction x/y, where
	(a) x is the number of days in the taxation year of the corporation after March 31, 1995; and
	(b) y is the number of days in the taxation year.
	63. The Act is amended by adding the following after section 4:
Termination of payments	4.1 No amount may be determined by the Minister in accordance with section 3 in respect of a taxation year of a designated corporation carrying on business in the province that begins after March 31, 1995.
Repeal of R.S., c. P-37	*64. The Public Utilities Income Tax Transfer Act* is repealed on March 31, 1999.**
Termination of payments	65. No payment may be made under the Act after March 31, 1999.
R.S., c. T-3	Tax Rebate Discounting Act
1993, c. 27, s. 226	*66. Paragraph (a) of the definition ``refund of tax'' in subsection 2(1) of the Tax Rebate Discounting Act* is replaced by the following:**
	(a) an overpayment of tax paid or deemed to have been paid under the Income Tax Act or collected pursuant to an agreement entered into under section 7 of the Federal-Provincial Fiscal Arrangements Act, or of tax deemed to have been paid under an Act of the legislature of a province that imposes a tax on income that is collected by the Minister of National Revenue pursuant to such an agreement,
R.S., c. V-3	Vocational Rehabilitation of Disabled Persons Act
	*67. The Vocational Rehabilitation of Disabled Persons Act* is amended by adding the following after section 4:**
Maximum contributions	4.1 Notwithstanding anything in this Act or any agreement made under this Act, the contributions payable to a province pursuant to an agreement made under this Act in respect of any fiscal year ending after March 31, 1995 shall not exceed the contributions to that province in respect of the fiscal year ending on March 31, 1995.
R.S., c. W-3	War Veterans Allowance Act
	*68. Subsection 2(2) of the War Veterans Allowance Act* is repealed.**
1992, c. 24, s. 10	69. Section 6.1 of the Act and the heading before it are repealed.
	70. The Act is amended by adding the following after section 6.1:
	VETERANS WITHOUT PRE-WAR CANADIAN DOMICILE
Continuation of allowance	6.2 (1) Subject to this Act, an allowance payable under section 4 or awarded under section 5, on or before February 27, 1995, to or in respect of a person who is an allied veteran within the meaning of paragraph 37(4)(b) or an allied dual service veteran within the meaning of paragraph 37(6)(b), as those paragraphs read immediately before that day, shall continue to be paid during the lifetime of the recipient and shall cease with the payment for the month in which the recipient dies.
Continuation of right to allowance	(2) Subject to this Act but notwithstanding subsections 4(4) and (5), a surviving spouse or orphan of an allied veteran or an allied dual service veteran to whom payment of an allowance was continued by subsection (1) may, on or after February 27, 1995, apply for and be paid an allowance under section 4 or be awarded an allowance under section 5, and any allowance so paid or awarded shall continue to be paid during the lifetime of the recipient and shall cease with the payment for the month in which the recipient dies.
When no allowance payable	(3) No allowance under section 4 or 5 shall be paid to or in respect of a person referred to in subsection (1) or (2) for any month after February, 1996 in which the person resides outside Canada.
Residency requirement	(4) In determining the rate of an allowance referred to in subsection (1) or (2) after February 29, 1996, a person is maintained by another, dependent on another or a dependent child of another only if the person is resident in Canada.
1992, c. 24, s. 11(2)	71. (1) Paragraph 37(4)(b) of the Act is repealed.
1992, c. 24, s. 11(3)	(2) Paragraph 37(6)(b) of the Act is repealed.
Coming into force	72. (1) Sections 68, 70 and 71 are deemed to have come into force on February 27, 1995.
Coming into force	(2) Section 69 comes into force on the later of
	(a) September 1, 1995, and
	(b) the first day of the month following the month in which this Act is assented to.
	CONDITIONAL AMENDMENTS
Bill C-67	73. If Bill C-67, introduced in the first session of the thirty-fifth Parliament and entitled An Act to establish the Veterans Review and Appeal Board, to amend the Pension Act, to make consequential amendments to other Acts and to repeal the Veterans Appeal Board Act, is assented to, then, on the later of the coming into force of this section and the coming into force of
	(a) section 24 of that Act, section 24 of that Act is replaced by the following:
Applicant and witnesses to be paid expenses, etc.	24. An applicant and each witness called by an applicant who attends a hearing by a review panel are entitled to be paid
	(a) travel and living expenses incurred in attending the hearing, in accordance with regulations made in relation to veterans health care under subsection 5(1) of the Department of Veterans Affairs Act; and
	(b) in the case of a witness who is a medical practitioner, such attendance fee as may be fixed by the Treasury Board.
	*(b) section 90 of the Pension Act, as enacted by section 73 of that Act, section 90 of the Pension Act* is replaced by the following:**
Expenses	90. (1) An applicant or pensioner who undergoes a medical examination required by the Minister is entitled to be paid a reasonable amount for travel and living expenses incurred by reason of the examination, in accordance with regulations made in relation to veterans health care under subsection 5(1) of the Department of Veterans Affairs Act.
Medical fees	(2) A qualified medical practitioner who is not employed in the Department is entitled to be paid such attendance fee as may be fixed by the Treasury Board to give evidence or for conducting a medical examination required by the Minister.