Bill C-17
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RECOMMENDATION |
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Her Excellency the Governor General recommends to the House of
Commons the appropriation of public revenue under the circumstances,
in the manner and for the purposes set out in a measure entitled ``An Act
to amend the Budget Implementation Act, 1997 and the Financial
Administration Act''.
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SUMMARY |
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The amendments to the Budget Implementation Act, 1997
implement certain of the Government of Canada's commitments
regarding the Canada Foundation for Innovation that were announced
in the Economic Statement and Budget Update of October 18, 2000.
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Funding for the Foundation will include operation and maintenance
costs of research infrastructure, as well as the purchasing of access to
world-leading research facilities located outside Canada and to major
international collaborative research projects.
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Also, a further $750,000,000 is provided to the
Foundation - beyond the $500,000,000 provided for in the Economic
Statement and Budget Update of October 18, 2000 - for a total amount
of $1,250,000,000.
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The Financial Administration Act is amended to clarify that
Parliament must provide explicit authority for any borrowing by or on
behalf of the Crown. Two new kinds of regulations are made
possible - regulations deeming certain transactions to be a borrowing
of money, and regulations imposing a requirement that a
money-borrowing transaction be authorized by the Minister of Finance.
The Minister of Finance is empowered to authorize such transactions,
subject to any terms and conditions that the Minister considers
appropriate.
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The Financial Administration Act is also amended to correct an
oversight under which the Canada Pension Plan Investment Board was
inadvertently removed from the list of Crown Corporations that are
exempt from the application of Divisions I to IV of Part X of that Act.
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EXPLANATORY NOTES |
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Budget Implementation Act, 1997 |
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Clause 1: The definition ``eligible project'' in section
2 reads as follows:
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``eligible project'' means a project carried on, or to be carried on, by an
eligible recipient for the modernization, acquisition or development
of research infrastructure by the recipient.
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Clause 2: Section 5 reads as follows:
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5. The objects and purposes of the foundation are to make grants to
eligible recipients for eligible projects to increase the capability of
carrying on high quality research in Canada.
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Clause 3: New.
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Financial Administration Act |
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Clause 4: Section 43 reads as follows:
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43. No money shall be borrowed or securities issued by or on behalf
of Her Majesty without the authority of Parliament.
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Clause 5: (1) New. The relevant portion of subsection
60(1) reads as follows:
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60. (1) The Governor in Council may make such regulations as he
deems necessary to provide for the management of the public debt of
Canada and the payment of interest thereon and, without limiting the
generality of the foregoing, may make regulations
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(2) New.
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Clause 6: This amendment would add the underlined
words.
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