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Bill C-50

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Coming into Force
Order in council
115. Subsection 101(1) and sections 104 to 106 and 112 come into force on a day or days to be fixed by order of the Governor in Council.
PART 6
2001, c. 27
IMMIGRATION AND REFUGEE PROTECTION ACT
Amendments to the Act
116. Subsection 11(1) of the Immigration and Refugee Protection Act is replaced by the following:
Application before entering Canada
11. (1) A foreign national must, before entering Canada, apply to an officer for a visa or for any other document required by the regulations. The visa or document may be issued if, following an examination, the officer is satisfied that the foreign national is not inadmissible and meets the requirements of this Act.
117. Subsection 25(1) of the Act is replaced by the following:
Humanitarian and compassionate considerations
25. (1) The Minister shall, upon request of a foreign national in Canada who is inadmissible or who does not meet the requirements of this Act, and may, on the Minister’s own initiative or on request of a foreign national outside Canada, examine the circumstances concerning the foreign national and may grant the foreign national permanent resident status or an exemption from any applicable criteria or obligation of this Act if the Minister is of the opinion that it is justified by humanitarian and compassionate considerations relating to them, taking into account the best interests of a child directly affected, or by public policy considerations.
118. The Act is amended by adding the following before the heading “Loans” before section 88:
Instructions on Processing Applications and Requests
Application
87.3 (1) This section applies to applications for visas or other documents made under subsection 11(1), other than those made by persons referred to in subsection 99(2), sponsorship applications made by persons referred to in subsection 13(1), applications for permanent resident status under subsection 21(1) or temporary resident status under subsection 22(1) made by foreign nationals in Canada and to requests under subsection 25(1) made by foreign nationals outside Canada.
Attainment of immigration goals
(2) The processing of applications and requests is to be conducted in a manner that, in the opinion of the Minister, will best support the attainment of the immigration goals established by the Government of Canada.
Instructions
(3) For the purposes of subsection (2), the Minister may give instructions with respect to the processing of applications and requests, including instructions
(a) establishing categories of applications or requests to which the instructions apply;
(b) establishing an order, by category or otherwise, for the processing of applications or requests;
(c) setting the number of applications or requests, by category or otherwise, to be processed in any year; and
(d) providing for the disposition of applications and requests, including those made subsequent to the first application or request.
Compliance with instructions
(4) Officers and persons authorized to exercise the powers of the Minister under section 25 shall comply with any instructions before processing an application or request or when processing one. If an application or request is not processed, it may be retained, returned or otherwise disposed of in accordance with the instructions of the Minister.
Clarification
(5) The fact that an application or request is retained, returned or otherwise disposed of does not constitute a decision not to issue the visa or other document, or grant the status or exemption, in relation to which the application or request is made.
Publication
(6) Instructions shall be published in the Canada Gazette.
Clarification
(7) Nothing in this section in any way limits the power of the Minister to otherwise determine the most efficient manner in which to administer this Act.
119. Paragraph 94(2)(a) of the Act is replaced by the following:
(a) the instructions given under section 87.3 and other activities and initiatives taken concerning the selection of foreign nationals, including measures taken in cooperation with the provinces;
Transitional Provision
Application
120. Section 87.3 of the Immigration and Refugee Protection Act applies only to applications and requests made on or after February 27, 2008.
PART 7
EMPLOYMENT INSURANCE
Canada Employment Insurance Financing Board Act
Enactment of Act
121. The Canada Employment Insurance Financing Board Act is enacted as follows:
An Act to establish the Canada Employment Insurance Financing Board
SHORT TITLE
Short title
1. This Act may be cited as the Canada Employment Insurance Financing Board Act.
INTERPRETATION
Definitions
2. The following definitions apply in this Act.
“Auditor General”
« vérificateur général »
“Auditor General” means the Auditor General of Canada appointed under subsection 3(1) of the Auditor General Act.
“Board”
« Office »
“Board” means the Canada Employment Insurance Financing Board established by subsection 3(1).
“by-law”
Version anglaise seulement
“by-law” means a by-law of the Board.
“Minister”
« ministre »
“Minister” means the Minister of Human Resources and Skills Development.
ESTABLISHMENT OF THE BOARD
Board established
3. (1) There is established a corporation to be known as the Canada Employment Insurance Financing Board.
Not agent of Her Majesty
(2) The Board is not an agent of Her Majesty in right of Canada.
Not part of federal public administration
(3) Directors, officers, employees, agents and mandataries of the Board are not part of the federal public administration.
Head office
(4) The head office and principal place of business of the Board shall be in the National Capital Region as described in the schedule to the National Capital Act.
Canada Corporations Act
(5) The Canada Corporations Act, chapter C-32 of the Revised Statutes of Canada, 1970, does not apply to the Board.
Inconsistency with Financial Administration Act
(6) In the event of any inconsistency between the provisions of this Act and the provisions of Part X of the Financial Administration Act, the provisions of this Act prevail.
Non-application
(7) Sections 105, 121, 128 to 132, 138 to 142, 148 and 150 of the Financial Administration Act do not apply to the Board.
OBJECTS, POWERS AND DUTIES
Objects
4. The objects of the Board are
(a) to set the premium rate under section 66 of the Employment Insurance Act;
(b) to maintain a reserve in accordance with that section;
(c) to manage any amounts paid to it under section 77.1 of that Act; and
(d) to invest its financial assets with a view to meeting its financial obligations.
Powers of Board
5. (1) The Board has the capacity and, subject to this Act, the rights, powers and privileges of a natural person.
No inconsistent business or activity
(2) The Board shall not, directly or indi- rectly, carry on any business or activity or exercise any power that is inconsistent with the Board’s objects, including any power in relation to benefits or other payments made under subsection 77(1) of the Employment Insurance Act or to the employment insurance program design or delivery, or that the Board is restricted by this Act from carrying on or exercising, and shall not, directly or indirectly, exercise any of its powers, or perform any of its duties, in a manner contrary to this Act.
Borrowing
(3) The Board shall not borrow money otherwise than from Her Majesty in right of Canada.
No subsidiaries
(4) The Board shall not incorporate or acquire any subsidiaries.
No invalidity
(5) No act of the Board, including a transfer of property, is invalid by reason only that the Board was without the capacity or power to so act.
MANAGEMENT
Board of Directors
Board of directors
6. The Board shall be managed by a board of directors of seven directors, including the chairperson.
Specific duties
7. The board of directors shall, among other things,
(a) on an annual basis, establish written investment policies, standards and procedures in accordance with section 23;
(b) monitor the officers and employees of the Board to ensure compliance with those investment policies, standards and procedures;
(c) establish procedures for the identification of real or potential conflicts of interest and procedures to resolve those conflicts;
(d) establish a code of conduct for officers and employees of the Board; and
(e) designate a committee of the board of directors to monitor the application of the conflict of interest procedures and the code of conduct.
Power to delegate
8. (1) Subject to subsection (2) and the by-laws, the board of directors may delegate to the chairperson of the board of directors, to a committee of the board of directors or to any officer of the Board any of the powers or duties of the board of directors.
Limits on power
(2) The board of directors may not delegate the power to
(a) set the premium rate under section 66 of the Employment Insurance Act;
(b) adopt, amend or repeal by-laws;
(c) establish the Board’s investment policies, standards and procedures;
(d) fill a vacancy in a committee of directors or in the office of auditor of the Board;
(e) appoint officers or fix their remuneration; or
(f) approve the annual financial statements of the Board or any other financial statements issued by the Board.
Directors
Appointment of directors
9. (1) Each director shall be appointed by the Governor in Council, on the recommendation of the Minister, to hold office during good behaviour for a term, not exceeding four years, that will ensure, as far as possible, the expiry in any one year of the terms of office of not more than one half of the directors.
Reappointment
(2) A director is eligible for reappointment for one or more additional terms.
Removal
(3) The Governor in Council may remove a director for cause.
Vacancy
(4) If a person ceases to be a director during the term for which the person was appointed, the Minister shall appoint a candidate from the list established under section 10 to hold office as a director for the remainder of the term.
No available candidates on list
(5) However, if no candidate on the list is available, the Minister shall, after taking into account the factors referred to in subsection 10(6), appoint any qualified person to hold office as a director for the remainder of the term.
Disqualified persons
(6) The following persons are disqualified from being directors:
(a) a person who is less than 18 years of age;
(b) a person who is of unsound mind and has been so found by a court in Canada or elsewhere;
(c) a person who has the status of a bankrupt;
(d) a person who is not a natural person;
(e) a member of the nominating committee established under subsection 10(1);
(f) a person who is an agent, mandatary or employee of Her Majesty in right of Canada or in right of a province;
(g) a person who is a member of the Senate or House of Commons of Canada or a member of a provincial legislature;
(h) a person who is an agent, mandatary or employee of the government of a foreign country or any political subdivision of a foreign country; and
(i) a person who is not a resident of Canada.
Nominating committee
10. (1) The Minister shall establish a nominating committee to establish a list of candidates for proposed appointment as directors. The committee shall consist of a chairperson appointed by the Minister and of the commissioners referred to in paragraphs 20(2)(c) and (d) of the Department of Human Resources and Skills Development Act.
Qualifications of chairperson
(2) The chairperson of the nominating committee shall be appointed on the basis of merit taking into account any relevant experience in the functioning of a board of directors and in the financial or insurance sector as a senior executive.
Term of office
(3) The chairperson of the nominating committee holds office for a maximum term of five years and is eligible for reappointment for one or more additional terms.
Removal
(4) The Minister may remove the chairperson of the nominating committee at any time.
Remuneration of chairperson
(5) The Minister shall fix the remuneration and expenses of the chairperson of the nominating committee, which shall be paid by the Board.
Factors for consideration
(6) When the nominating committee is establishing a list of qualified candidates for proposed appointment as directors, it shall consult the board of directors and shall have regard to the desirability of having on the board of directors a sufficient number of directors with proven financial ability or relevant work experience such that the Board will be able to effectively achieve its objects.
Maintenance of list
(7) The nominating committee shall maintain the list with a sufficient number of candidates to fill any vacancies on the board of directors that may arise.
Recommendations from list of nominating committee
(8) The recommendation of the Minister under subsection 9(1) shall be made from the list of candidates proposed by the nominating committee.
Chairperson of the Board of Directors
Designation
11. (1) The Governor in Council shall, on the recommendation of the Minister made after the Minister has consulted with the board of directors, designate one of the directors as chairperson of the board of directors.
Term of office
(2) The chairperson shall hold office during good behaviour for the term that the Governor in Council deems appropriate and is eligible for reappointment for one or more additional terms.
Removal
(3) The Governor in Council may remove the chairperson for cause.
Presiding at meetings
(4) The chairperson shall preside at all meetings of the board of directors and may exercise the powers and perform the duties and functions that are specified by the board of directors.
Absence of chairperson
(5) If the chairperson is absent at any meeting of the board of directors, one of the directors present who is chosen to so act by the directors present shall preside and have all the powers, duties and functions of the chairperson.
Incapacity of chairperson
(6) If the chairperson is incapable of performing his or her duties or there is a vacancy in the office of chairperson, the Minister may, after consulting with the board of directors, designate another director to exercise the powers and perform the duties and functions of the chairperson.
Officers
Directors not officers
12. (1) A director is not eligible to be appointed as an officer of the Board.
Two or more offices
(2) A person may hold two or more offices of the Board.
Chief Executive Officer
Designation
13. (1) The board of directors shall, after consulting with the Minister, appoint the chief executive officer of the Board on the basis of merit taking into account any relevant experience in the financial or insurance sector as a senior executive.
Term of office
(2) The chief executive officer shall hold office for the term that the board of directors deems appropriate.
Removal
(3) The board of directors may remove the chief executive officer for cause.
Duties
(4) The chief executive officer is responsible for the direction and management of the business and day-to-day operations of the Board.
Not a board member
(5) The chief executive officer is not a member of the board of directors.
Absence, incapacity or vacancy
(6) If the chief executive officer is absent or incapacitated or if the office of chief executive officer is vacant, the chairperson of the board of directors may designate any qualified person to exercise the powers and perform the duties and functions of the chief executive officer during the absence, incapacity or vacancy, but no person may be so designated for a period exceeding 90 days without the approval of the board of directors.
Chief Actuary
Appointment
14. (1) The board of directors shall appoint a Fellow of the Canadian Institute of Actuaries to be the chief actuary of the Board.
Officer
(2) The chief actuary is an officer of the Board under the direction of the chief executive officer.
Duties
(3) The chief actuary shall prepare actuarial forecasts and estimates for the purposes of section 66 of the Employment Insurance Act and shall, on or before October 31 in each year, provide the board of directors with
(a) the forecast premium rate for the following year and a detailed analysis in support of the forecast;
(b) the forecast fair market value of the Board’s reserve at the end of the following year;
(c) a determination and analysis of any difference between the premium rate set for the year that is two years before the current year and what that rate should have been for that year in order to meet the objective of subsection 66(1) of the Employment Insurance Act; and
(d) the source of the data, the actuarial and economic assumptions and the actuarial methodology used.
Diligence
Obligation
15. (1) Every director and officer of the Board in exercising any of the powers of a director or an officer and in performing any of the duties of a director or an officer shall
(a) act honestly and in good faith with a view to the best interests of the Board; and
(b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
Special knowledge or skill
(2) A director or officer of the Board who in fact possesses, or by reason of profession or business ought to possess, a particular level of knowledge or skill relevant to the director’s or officer’s powers or duties shall employ that particular level of knowledge or skill in the exercise of those powers or the performance of those duties.
Reliance on statements
(3) A director or an officer of the Board is deemed to comply with subsections (1) and (2) if they rely in good faith on
(a) financial statements of the Board represented by an officer of the Board, or represented in a written report of the Board’s auditor, to be a fair reflection of the financial condition of the Board; or
(b) a report of an accountant, actuary, lawyer, notary or other person whose profession lends credibility to a statement made by the person.
BY-LAWS
Statutory Instruments Act does not apply
16. The Statutory Instruments Act does not apply in respect of by-laws.
COMMITTEES
Establishment
Committees
17. (1) The board of directors shall establish an audit committee, an investment committee and a human resources committee.
Other committees
(2) The board of directors may establish other committees as it deems necessary and assign to them the duties that it considers appropriate.
Audit Committee
Duties
18. The audit committee shall
(a) require the Board’s management to implement and maintain appropriate internal control procedures;
(b) review, evaluate and approve those internal control procedures;
(c) review and approve the Board’s annual financial statements and report to the board of directors before those statements are approved by the board of directors;
(d) meet with the Board’s auditor to discuss the Board’s annual financial statements and the auditor’s report;
(e) review all investments and transactions that could adversely affect the return on the Board’s investments that are brought to the committee’s attention by the Board’s auditor or officers; and
(f) meet with the internal auditor of the Board, or with the person acting in any similar capacity, and with the Board’s management, to discuss the effectiveness of the internal control procedures.
Meeting of audit committee
19. (1) The Board’s auditor or any member of the audit committee may call a meeting of the committee.
Meeting of directors
(2) The audit committee may call a meeting of the board of directors to consider any matter of concern to the committee.
Auditor’s right to attend meetings
20. (1) The Board’s auditor is entitled to receive notice of and to attend meetings of the board of directors and meetings of the audit committee, at the Board’s expense, and to be heard at those meetings on matters relating to the auditor’s duties.
Rights if no meeting
(2) If the board of directors or the audit committee proposes to make a decision with respect to matters referred to in subsection (1) without holding a meeting, the auditor is entitled to notice of a proposed decision to be made by the board or the committee and the proposed decision shall not be made until the auditor has been given the opportunity to make submissions on the matter in writing, in accordance with the by-laws.
Requiring auditor’s attendance
(3) The Board’s auditor shall attend meetings of the audit committee, if requested to do so by a member of the audit committee — and shall attend meetings of the board of directors, if requested to do so by a director — at the Board’s expense.
Investment Committee
Duties
21. The investment committee shall
(a) perform the duties that are assigned to it by the board of directors;
(b) approve the engagement of investment managers empowered with discretionary authority to invest the assets of the Board;
(c) meet with the officers and employees of the Board to discuss the effectiveness of the Board’s investment policies and the achievement of the Board’s objects;
(d) require the Board’s management to implement and maintain appropriate procedures to
(i) monitor the application of the Board’s investment policies, standards and procedures, and
(ii) ensure that the Board’s agents and mandataries comply with this Act and the Board’s investment policies, standards and procedures; and
(e) review, evaluate and approve the procedures referred to in paragraph (d).
Human Resources Committee
Duties
22. The human resources committee shall
(a) establish human resources policies and procedures, including those related to the review and assessment of employee perform- ance and to the resolution of personnel grievances;
(b) fix the remuneration of employees;
(c) approve candidates for senior positions reporting directly to the chief executive officer; and
(d) develop, and recommend to the board of directors for approval, the selection criteria for the position of chief actuary.
INVESTMENTS
Investment policies, standards and procedures
23. Subject to the regulations, the board of directors shall establish, and the Board shall adhere to, investment policies, standards and procedures that a person of ordinary prudence would implement in dealing with the property of others.
Duty of investment managers
24. Every investment manager who invests the assets of the Board shall do so in accordance with this Act and the Board’s investment policies, standards and procedures.
FINANCIAL MANAGEMENT
General
Financial year
25. The financial year of the Board is the period beginning on April 1 in one calendar year and ending on March 31 in the next calendar year.
Deposits and deposit receipts
26. (1) The Board may only have accounts with banks listed in Schedule I to the Bank Act.
Regulations
(2) Despite subsection (1), the Governor in Council may, on the recommendation of the Minister of Finance, make regulations prescribing the types of account that the Board may have and the financial institutions with which it may have those accounts.
Financial Statements
Books and systems
27. (1) The Board shall cause
(a) books of account and records to be kept;
(b) financial and management control and information systems and management practices to be maintained; and
(c) a record of the investments held during the financial year to be kept, showing
(i) the book value of each investment,
(ii) the market value of each investment and the information that will permit the verification of that value, and
(iii) the information that will permit the determination of whether the requirements of this Act and the investment policies, standards and procedures have been met.
Manner in which books, etc., to be kept
(2) The books, records, systems and practices required by subsection (1) shall be kept and maintained in the manner that will provide reasonable assurance that
(a) the Board’s assets are safeguarded and controlled;
(b) the Board’s transactions are in accord- ance with this Act and the by-laws; and
(c) the Board’s financial, human and physical resources are managed economically and efficiently and that the Board’s operations are carried out effectively.
Internal audit
(3) The Board shall cause internal audits to be conducted to assess compliance with subsections (1) and (2).
Annual financial statements
(4) The Board shall cause financial statements to be prepared annually, including, with respect to the financial year to which it relates,
(a) a balance sheet as at the end of the financial year;
(b) a statement of income for the financial year;
(c) a statement of change in net assets for the financial year; and
(d) a statement of investment portfolio.
Contents of statements
(5) The annual financial statements shall show the information and particulars that in the opinion of the board of directors are necessary to present fairly, in accordance with generally accepted accounting principles, the Board’s financial position as at the end of the financial year to which the statements relate.
Quarterly financial statements
(6) During each financial year, the Board shall cause quarterly financial statements to be prepared for each three-month period of the year. The quarterly statements shall
(a) show the same information for the most recent three-month period as is required to be shown in the Board’s annual financial statements, except that a balance sheet is not required; and
(b) show the same information in respect of the part of the year up to the date of the statements in relation to the corresponding period in the preceding financial year.
Approval by board of directors
(7) The board of directors shall approve the Board’s annual financial statements and that approval shall be evidenced by the signature of at least one director of the Board.
Auditor’s Report
Annual auditor’s report
28. (1) The Board shall cause an annual auditor’s report to be prepared on
(a) the annual financial statements referred to in subsection 27(4);
(b) the record of investments referred to in paragraph 27(1)(c); and
(c) any revised financial statement referred to in subsection 133(3) of the Financial Administration Act.
Contents
(2) The report shall be addressed to the Board and shall
(a) include separate statements indicating whether, in the auditor’s opinion,
(i) the financial statements are presented fairly in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year,
(ii) the Board’s transactions that have come to the auditor’s notice in the course of the auditor’s examination for the report were in accordance with this Act and the by-laws, and
(iii) the record of investments referred to in paragraph 27(1)(c) fairly presents the information required by that paragraph; and
(b) call attention to any other matter falling within the scope of the auditor’s examination for the report that, in the auditor’s opinion, should be brought to the attention of the Board.
Examination
(3) The auditor shall carry out the examination that the auditor considers necessary to prepare the report.
Auditing standards
(4) The auditor’s examination shall be carried out in accordance with generally accepted auditing standards.
Reliance on internal audit
(5) In conducting an audit under this Act, the auditor shall rely on any internal audit conducted under subsection 27(3), to the extent that the auditor considers that reliance to be practi- cable.
Qualified Privilege
Qualified privilege
29. Any oral or written statement or report made under this Act by the Board’s auditor or a former auditor of the Board has qualified privilege.
Special Examination
Special examination
30. (1) The Minister shall cause a special examination to be carried out at least once every five years to determine if the systems and practices referred to in paragraph 27(1)(b) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of paragraphs 27(2)(a) and (c).
Plan
(2) Before beginning a special examination, the examiner shall survey the systems and practices of the Board and submit a plan to the audit committee for the examination, including a statement of the criteria to be applied in the examination.
Resolution of disagreements
(3) Disagreements, if any, between the examiner and the audit committee with respect to the plan may be resolved by the Minister.
Reliance on internal audit
(4) An examiner shall rely on any internal audit conducted under subsection 27(3), to the extent that the examiner considers that reliance to be practicable.
Report
31. (1) An examiner shall, on completion of the special examination, submit a report on the examiner’s findings to the Minister.
Contents
(2) The report of an examiner shall include
(a) a statement indicating whether, in the examiner’s opinion, with respect to the criteria established under subsection 30(2), there is reasonable assurance that there are no significant deficiencies in the systems and practices examined; and
(b) a statement of the extent to which the examiner relied on internal audits.
Tabling in Parliament
(3) After receiving the report, the Minister shall cause it to be laid before each House of Parliament on any of the next 15 days during which that House is sitting.
Copy to board and Auditor General
(4) Within 10 days after the day on which the Minister receives the report, the Minister shall provide the board of directors and the Auditor General with a copy of the report.
Examiner
32. (1) Subject to subsection (2), a special examination referred to in section 30 shall be carried out by the Board’s auditor.
Examiner
(2) If, in the opinion of the Governor in Council, a person other than the Board’s auditor should carry out a special examination, the Governor in Council may, after the Minister has consulted the board of directors, appoint an auditor who is qualified for the purpose to carry out the examination in lieu of the Board’s auditor and may, after the Minister has consulted the board of directors, remove that qualified auditor at any time.
Applicable provisions
(3) Subject to subsection (4), section 29 and sections 135 and 137 of the Financial Administration Act apply in respect of an examiner as though the references in those sections to an auditor were references to an examiner.
Auditor General eligible
(4) The Auditor General is eligible to be appointed as an examiner and section 135 of the Financial Administration Act does not apply to the Auditor General in respect of such an appointment.
REPORTING
Quarterly Statements
Statements to Minister
33. (1) The Board shall send copies of the financial statements for the first, second and third quarters of the financial year, prepared in accordance with subsection 27(6), to the Minister within 45 days after the end of the three-month period to which they relate.
Statements to be made public
(2) Within seven days after the financial statements are sent, the Board shall make the statements available to the public.
Annual Report
Annual report required
34. (1) The Board shall as soon as possible, but in any case within 90 days, after the end of each financial year provide the Minister and the President of the Treasury Board with an annual report on the operations of the Board in that year and the Board shall make the report available to the public.
Tabling in Parliament
(2) After receiving the annual report, the Minister shall cause it to be laid before each House of Parliament on any of the next 15 days during which that House is sitting.
Reference to committee
(3) The annual report laid before Parliament stands permanently referred to any parliamentary committee that may be designated or established to review matters relating to the activities of the Board.
Contents
(4) The annual report shall contain
(a) the financial statements for the financial year prepared as required under section 27;
(b) the annual auditor’s report referred to in section 28;
(c) a certificate, signed by a director on behalf of the board of directors, stating that the investments of the Board held during the financial year were in accordance with this Act and the Board’s investment policies, standards and procedures;
(d) a statement of the Board’s objectives for the financial year and a statement of the extent to which the Board met those objectives;
(e) a statement of the Board’s objectives for the next financial year and for the foreseeable future;
(f) a statement of the corporate governance practices of the Board;
(g) a summary of the Board’s investment policies, standards and procedures established under paragraph 7(a) and a comparison of its investment policies with investments actually held by it;
(h) a summary of the code of conduct established under paragraph 7(d);
(i) a special examiner’s report submitted under section 31; and
(j) any information that the Minister may require.
Premium Rate Setting Report
Report
35. On the day on which the Board sets the premium rate under section 66 of the Employment Insurance Act, it shall make public a report that sets out
(a) the premium rate;
(b) a detailed analysis in support of that rate;
(c) information provided to the board of directors by the chief actuary under subsection 14(3);
(d) information provided to the Board by the Minister under subsection 66.1(1) of the Employment Insurance Act; and
(e) any other information that the Board took into account in setting the rate.
REGULATIONS
Governor in Council
36. The Governor in Council, on the joint recommendation of the Minister and the Minister of Finance, may make regulations
(a) respecting the investments that the Board may make;
(b) respecting the limitations to which the Board is subject when it makes investments; and
(c) prescribing anything that this Act provides is to be prescribed or is to be determined by regulation.
Transitional Provisions
Application
122. For the purposes of paragraph 4(a) of the Canada Employment Insurance Financing Board Act, the Board sets the premium rate under section 66 of the Employment Insurance Act, as enacted by section 127.
Application
123. For the purposes of subsection 10(6) of the Canada Employment Insurance Financing Board Act, the nominating committee does not have to consult the board of directors until the first seven directors have been appointed by the Governor in Council.
1996, c. 23
Amendments to the Employment Insurance Act
2001, c. 5, s. 2
124. Subsections 3(1) and (2) of the Employment Insurance Act are replaced by the following:
Commission to assess adjustment
3. (1) The Commission shall monitor and assess the impact and effectiveness, for individ- uals, communities and the economy, of the benefits and other assistance provided under this Act, including
(a) how the benefits and assistance are utilized by employees and employers, and
(b) the effect of the benefits and assistance on the obligation of claimants to be available for and to seek employment and on the efforts of employers to maintain a stable workforce.
Report
(2) The Commission shall report to the Minister on its assessment annually no later than March 31 following the end of a year. The Commission shall make any additional reports at any other times, as the Minister may request.
125. The Act is amended by adding the following before the heading “Premiums” before section 65.3:
Interpretation
Definition of “Board”
65.21 In this Part, “Board” means the Canada Employment Insurance Financing Board established by subsection 3(1) of the Canada Employment Insurance Financing Board Act.
2005, c. 30, s. 126 and par. 129(2)(c)
126. Section 65.3 of the Act is repealed.
2005, c. 30, s. 126
127. Sections 66 to 66.5 of the Act are replaced by the following:
Annual premium rate setting
66. (1) Subject to subsection (7) and section 66.3, the Board shall set the premium rate for each year in order to generate just enough premium revenue during that year to cover the payments to be made under subsection 77(1) during that year and the repayment of any advances that must be made in accordance with subsection 80(2) during that year, and to ensure that the forecast fair market value of the Board’s reserve at the end of that year is equal to the amount determined under subsection (5).
Factors
(2) Subject to subsection (3) and any regulations made under subsections 66.1(2) and 66.2(2), the Board shall set the premium rate based on
(a) the information provided under sections 66.1 and 66.2;
(b) any difference, accumulated after December 31, 2008, between
(i) the amount credited to the Employment Insurance Account under sections 73 to 75, and
(ii) the amount charged to that Account under subsections 77(1) and 80(3);
(c) the investment income earned by the Board;
(d) the Board’s obligation to manage a reserve, the amount of which is referred to in subsection (5);
(e) any regulations made under section 69;
(f) any changes, announced by the Minister on or before September 30 in a year, to payments to be made under paragraph 77(1)(a), (b) or (c) during the following year; and
(g) any other information that the Board considers relevant.
Restriction
(3) In exercising its powers and performing its functions and duties, the Board shall not take into account the balance in the Employment Insurance Account.
Reserve
(4) The Board’s reserve is equal to its financial assets less its financial liabilities.
Indexation
(5) The amount referred to in subsection (1) is equal to the amount paid under section 70.1, indexed annually, beginning in 2009, on a compound basis, in accordance with the regulations.
Regulations — indexation
(6) On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may make regulations respecting the method for indexing, for the purposes of subsection (5).
Difference year to year
(7) The premium rate may not be increased or decreased by more than fifteen one-hundredths of one per cent (0.15%) from one year to the next.
Governor in Council — maximum change in premium rate
(8) On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may change the maximum percentage referred to in subsection (7) by which the premium rate may be increased or decreased from one year to the next, if the Governor in Council considers it to be in the public interest.
Time limit
(9) On or before November 14 in a year, the Board shall set the premium rate for the following year.
Information provided
66.1 (1) The Minister shall, on or before September 30 in a year, provide the Board with the following information:
(a) the amount of the payments made under subsection 77(1) during the two previous years;
(b) the amount of the payments made under that subsection during the year;
(c) if the Minister has made an announcement referred to in paragraph 66(2)(f), the forecast change in the amount of the payments to be made during the following year under paragraph 77(1)(a), (b) or (c), as the case may be;
(d) the forecast costs to be paid under paragraphs 77(1)(d) and (f) during the following year, including any forecast change in those costs resulting from any change to the payments referred to in paragraph (c); and
(e) any prescribed information.
Regulations
(2) On the recommendation of the Minister, the Governor in Council may make regulations
(a) prescribing information referred to in paragraph (1)(e); and
(b) specifying which of the information referred to in subsection (1) is binding on the Board.
Information provided
66.2 (1) The Minister of Finance shall, on or before September 30 in a year, provide the Board with the following information:
(a) the most current forecast values of the economic variables that are relevant to the determination under section 66 of a premium rate for the following year;
(b) the amount credited to the Employment Insurance Account under sections 73 to 75 during the year that is two years before the current year;
(c) the estimated amount credited to the Employment Insurance Account under sections 73 to 75 during the previous year;
(d) the amounts forecasted under subsection 77.1(1);
(e) the amount of any interim payment to be made under subsection 77.1(2) or (3) during the year; and
(f) any prescribed information.
Regulations
(2) On the recommendation of the Minister of Finance, the Governor in Council may make regulations
(a) prescribing information referred to in paragraph (1)(f); and
(b) specifying which of the information referred to in subsection (1) is binding on the Board.
Governor in Council
66.3 (1) On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may, on or before November 30 in a year,
(a) if the Governor in Council considers it to be in the public interest, substitute a premium rate for the following year that is different from the one set by the Board under section 66; or
(b) if the Board has not set a premium rate under that section by November 14 in the year, set one for the following year.
Non-application of subsection 66(7)
(2) Subsection 66(7) does not apply to the setting of the premium rate under subsection (1).
Rounding percentage rates
66.4 If the calculation of a premium rate under section 66 or 66.3 results in a rate that includes a fraction of one per cent, the resulting percentage is to be rounded to the nearest one-hundredth of one per cent or, if the resulting percentage is equidistant from two one-hundredths of one percent, to the higher of them.
Statutory Instruments Act
66.5 The Statutory Instruments Act does not apply in respect of a premium rate set under section 66 or 66.3 or the premiums determined under sections 67 and 68. However, the premium rates must, as soon as possible, be published by the Board in Part I of the Canada Gazette.
128. The Act is amended by adding the following after section 70:
Payment of $2,000,000,000
70.1 There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, an amount of two billion dollars to the Board.
129. Subsection 77(1) of the Act is amended by striking out “and” at the end of paragraph (c) and by adding the following after paragraph (d):
(e) the costs to the Board of administering the Canada Employment Insurance Financing Board Act; and
(f) the costs to Her Majesty in right of Canada of administering that Act.
130. The Act is amended by adding the following after section 77:
Forecast — premium revenue and payments
77.1 (1) On or before September 30 in a year, the Minister of Finance shall forecast
(a) the amount to be credited to the Employment Insurance Account under sections 73 to 75 during the year; and
(b) the amount to be charged, during the year, to that Account under subsection 77(1) — based on, among other things, information provided by the Minister — and under subsection 80(3).
Interim payment to Board
(2) If the amount referred to in paragraph (1)(a) is greater than the amount referred to in paragraph (1)(b), an interim payment equal to the amount of the difference shall be made, on or before October 31 in the year, to the Board out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, and charged to the Employment Insurance Account.
Interim payment by Board
(3) If the amount referred to in paragraph (1)(a) is less than the amount referred to in paragraph (1)(b), an interim payment equal to the amount of the difference shall be made, on or before October 31 in the year, by the Board to the Consolidated Revenue Fund and credited to the Employment Insurance Account.
Calculation
(4) On or before March 31 in the second year following the year referred to in subsection (1), the Minister of Finance shall determine the difference between
(a) the actual amount credited to the Employment Insurance Account under sections 73 to 75 during the year, and
(b) the actual amount charged to that Account under subsections 77(1) and 80(3) during the year.
Final payment
(5) A final payment required to reconcile the amount of the interim payment made under subsection (2) or (3) with the amount of the difference determined under subsection (4) shall be determined in accordance with the regulations.
Final payment to Board
(6) If a final payment is owed to the Board, it shall be made, on or before the March 31 referred to in subsection (4), to the Board out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, and charged to the Employment Insurance Account.
Final payment by Board
(7) If a final payment is owed by the Board, it shall be made, on or before the March 31 referred to in subsection (4), by the Board to the Consolidated Revenue Fund and credited to the Employment Insurance Account.
Regulations — final payment
(8) On the recommendation of the Minister of Finance, the Governor in Council may make regulations respecting
(a) the method for determining the final payment referred to in subsection (5);
(b) the interest on it, if any;
(c) the method for determining that interest;
(d) the time from which that interest is payable.
Terms and conditions
(9) Any interim or final payment shall be made in the manner and on the terms and conditions that the Minister of Finance may establish after consulting with the Minister and the Board.
131. Subsections 80(1) and (2) of the Act are replaced by the following:
Advances
80. (1) If amounts credited to the Employment Insurance Account after December 31, 2008, and the amount of the Board’s reserve referred to in subsection 66(4), are not sufficient for the payment of amounts authorized to be charged to that Account after that day, the Minister of Finance, when requested by the Minister, may authorize the advance to the Account from the Consolidated Revenue Fund of an amount sufficient to make the payment.
Advances repayable
(2) The advance shall be credited to the Employment Insurance Account and shall be repaid in the time and manner and on the terms and conditions that the Minister of Finance may establish.
Consequential Amendments
2005, c. 34
Department of Human Resources and Skills Development Act
2005, c. 30, par. 129(2)(a)
132. (1) Subsection 28(1.1) of the Department of Human Resources and Skills Development Act is repealed.
(2) Section 28 of the Act is amended by adding the following after subsection (3):
Calculations
(4) The Commission may request the Canada Employment Insurance Financing Board established under subsection 3(1) of the Canada Employment Insurance Financing Board Act to perform calculations for the purposes of sections 4 and 69 of the Employment Insurance Act in accordance with an agreement between the Commission and that Board.
2005, c. 30, par. 129(2)(b)
133. Section 28.1 of the Act is repealed.
R.S., c. F-11
Financial Administration Act
134. Part I of Schedule III to the Financial Administration Act is amended by adding the following in alphabetical order:
Canada Employment Insurance Financing Board
Office de financement de l’assurance-emploi du Canada
Coming into Force
Order in council
135. The provisions of this Part or those of the Canada Employment Insurance Financing Board Act, as enacted by section 121, come into force on a day or days to be fixed by order of the Governor in Council.
PART 8
PAYMENTS TO PROVINCES AND TERRITORIES
Police Officers Recruitment Fund
Maximum payment of $400,000,000
136. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding four hundred million dollars, to a trust established to provide provinces and territories with funding to support the recruitment of 2,500 new front-line police officers over the next five years.
Provincial or territorial share
(2) The amount that may be provided to a province or territory under this section is to be determined in accordance with the terms of the trust indenture establishing the trust.
Payments out of C.R.F.
(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.
Public Transit Capital Trust 2008
Maximum payment of $500,000,000
137. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding five hundred million dollars, to a trust established to support capital investment in public transit infrastructure in the provinces and territories.
Beneficiaries’ share
(2) The beneficiaries of the trust and the amount that may be provided to each beneficiary under this section are to be determined in accordance with the terms of the trust indenture establishing the trust.
Payments out of C.R.F.
(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.
Payment to Saskatchewan for Carbon Capture and Storage
Maximum payment of $240,000,000
138. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding two hundred and forty million dollars, to a trust established to provide Saskatchewan with funding to support a full scale commercial demonstration of carbon capture and storage in the coal-fired electricity sector.
Determination of amount
(2) The amount that may be provided to Saskatchewan under this section is to be determined in accordance with the terms of the trust indenture establishing the trust.
Payments out of C.R.F.
(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.
Payment to Nova Scotia for Carbon Storage
Maximum payment of $5,000,000
139. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, a sum not exceeding five million dollars to Nova Scotia to support geological research examining the potential for carbon storage in the province.
Canada Social Transfer Transition Protection Payment to Saskatchewan
Payment of $31,204,000
140. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of thirty-one million, two hundred and four thousand dollars to Saskatchewan.
Canada Social Transfer Transition Protection Payment to Nunavut
Payment of $705,000
141. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of seven hundred and five thousand dollars to Nunavut.
PART 9
PAYMENTS TO CERTAIN ENTITIES
Genome Canada
Maximum payment of $140,000,000
142. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding one hundred and forty million dollars to Genome Canada for its use.
Mental Health Commission of Canada
Maximum payment of $110,000,000
143. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding one hundred and ten million dollars to the Mental Health Commission of Canada for its use.
Terms and conditions
(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with the Mental Health Commission of Canada respecting the terms and conditions applicable to the making of the payment and its use.
The Gairdner Foundation
Maximum payment of $20,000,000
144. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding twenty million dollars to The Gairdner Foundation for its use.
Terms and conditions
(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with The Gairdner Foundation respecting the terms and conditions applica- ble to the making of the payment and its use.
University of Calgary
Maximum payment of $5,000,000
145. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Natural Resources, a sum not exceeding five million dollars to the University of Calgary for the purpose of examining regulatory, economic and technological barriers in order to accelerate the deployment of carbon capture and storage technologies.
Terms and conditions
(2) The Minister of Natural Resources may, before or after this section comes into force, enter into an agreement with the University of Calgary respecting the terms and conditions applicable to the making of the payment and its use.
PART 10
VARIOUS AMENDMENTS
R.S., c. B-2
Bank of Canada Act
1999, c. 28, s. 95(1); 2001, c. 9, s. 194(2)
146. (1) Paragraphs 18(g) and (g.1) of the Bank of Canada Act are replaced by the following:
(g) for the purposes of conducting monetary policy or promoting the stability of the Canadian financial system,
(i) buy and sell from or to any person securities and any other financial instruments — other than instruments that evidence an ownership interest or right in or to an entity — that comply with the policy established by the Governor under subsection 18.1(1), and
(ii) if the Governor is of the opinion that there is a severe and unusual stress on a financial market or the financial system, buy and sell from or to any person any securities and any other financial instruments, to the extent determined necessary by the Governor;
(2) Paragraph 18(k) of the Act is repealed.
2001, c. 9, s. 195
147. Section 19 of the Act is replaced by the following:
Policy established by Governor
18.1 (1) The Governor shall establish a policy for the purposes of subparagraph 18(g)(i).
Publication
(2) The Bank shall publish the policy and any amendment to it in the Canada Gazette and the policy or the amendment comes into force seven days after the day on which the Bank publishes it or on any later day specified by the Governor.
Publication
19. If the Bank takes any action under subparagraph 18(g)(ii), the Bank shall cause a notice to be published in the Canada Gazette that the Governor has formed an opinion that there is a severe and unusual stress on a financial market or the financial system. The notice is to be published as soon as the Governor is of the opinion that its publication will not materially contribute to the stress to which the notice relates.
2006, c. 4
Budget Implementation Act, 2006
148. Subsection 193(4) of the Budget Implementation Act, 2006 is replaced by the following:
Limitation
(4) The aggregate outstanding principal amount of all mortgages or hypothecs to which insurance policies that are subject to such agreements apply shall not at any time exceed $250,000,000,000 or any other amount that may be authorized for the purposes of this subsection under an appropriation Act.
R.S., c. C-17
Canadian Forces Superannuation Act
149. The Canadian Forces Superannuation Act is amended by adding the following after section 93:
Power of Minister
94. The Minister may use electronic means to create, communicate, make available, collect, receive, store or otherwise deal with documents or information under this Act.
Regulations — electronic means
95. (1) The Governor in Council may make regulations
(a) respecting the use of electronic means to create, communicate, make available, collect, receive, store or otherwise deal with a document or information under this Act, including
(i) the technology or process, and the format, to be used,
(ii) the place where an electronic document is to be made or sent,
(iii) the time and circumstances when an electronic document is considered to be sent or received and the place where it is considered to have been sent or received,
(iv) the technology or process to be used to make or verify an electronic signature and the manner in which the signature is to be used, and
(v) the circumstances in which an elec- tronic document must be signed with an electronic signature or a secure electronic signature; and
(b) providing that a requirement under a provision of this Act to provide a document or information by non-electronic means is satisfied by the provision of an electronic document if the prescribed conditions, if any, have been complied with.
Personal Information Protection and Electronic Documents Act
(2) In subsection (1), “electronic document”, “electronic signature” and “secure electronic signature” have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.
150. The Act is amended by adding the following after section 95:
Interest on overpayment
96. If there is an overpayment by a contributor, a participant or a former participant in respect of amounts required to be paid under this Act, interest shall be paid on the overpayment in accordance with the regulations.
Regulations — payment of interest
97. The Governor in Council may make regulations respecting
(a) the circumstances in which interest is to be paid;
(b) the rate of interest, the manner of calculating the rate and the period in respect of which interest is to be paid;
(c) the terms and conditions to which the payment of interest may be subject; and
(d) any other matters that the Governor in Council deems necessary for the purposes of section 96.
1991, c. 48
Cooperative Credit Associations Act
2001, c. 9, s. 314
151. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 386(1) of the Cooperative Credit Associations Act are replaced by the following:
(iv) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and
(II) at the time the loan is made or acquired the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,
(v) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent, or
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent, and
(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,
2007, c. 33
Donkin Coal Block Development Opportunity Act
152. Section 10 of the Donkin Coal Block Development Opportunity Act is amended by adding the following after subsection (2):
Payment out of Consolidated Revenue Fund
(3) There may be paid out of the Consolidated Revenue Fund to Her Majesty in right of the Province, on the requisition of the Minister, any amount to be remitted during a fiscal year under subsection (2).
R.S., c. F-11
Financial Administration Act
153. The Financial Administration Act is amended by adding the following after section 15:
Advisory and other committees
15.1 (1) The Minister may establish advisory and other committees and provide for their membership, duties, functions and operation.
Remuneration and expenses
(2) Members of a committee may be paid for their services the remuneration and expenses that the Governor in Council may determine.
1991, c. 47
Insurance Companies Act
2001, c. 9, s. 426
154. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 490(1) of the Insurance Companies Act are replaced by the following:
(iv) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and
(II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,
(v) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent,
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent, and
(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or
(C) the loan is one referred to in paragraph 469(2)(d),
R.S., c. I-15
Interest Act
2001, c. 4, s. 95
155. Subsection 10(2) of the Interest Act is replaced by the following:
Exception
(2) Subsection (1) does not apply
(a) to any mortgage on real property or hypothec on immovables given by a joint stock company or any other corporation, nor to any debenture issued by them, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables; or
(b) to any prescribed mortgage on real property or prescribed hypothec on immovables given by a prescribed entity, nor to any prescribed debenture issued by it, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables.
Regulations
(3) For the purposes of paragraph (2)(b), the Governor in Council may, by regulation,
(a) prescribe entities; and
(b) prescribe classes of mortgages and hypothecs given by those entities and classes of debentures issued by them.
R.S., c. O-9
Old Age Security Act
1999, c. 22, s. 87(1)
156. Subparagraph (a)(i) of the definition “income” in section 2 of the Old Age Security Act is replaced by the following:
(i) a single amount in respect of all offices and employments of that person equal to
(A) for the purpose of determining benefits payable in respect of any month before July 2008, the lesser of $500 and one fifth of the person’s income from office or employment for the year, or
(B) for the purpose of determining benefits payable in respect of any month after June 2008, the lesser of $3,500 and the person’s income from office or employment for the year,
R.S., c. P-36
Public Service Superannuation act
157. Section 40.1 of the Public Service Superannuation Act is amended by adding the following after subsection (2):
Deemed coming into force
(3) Subsection (1), as enacted by section 79 of chapter 34 of the Statutes of Canada, 2001, is deemed to have come into force on December 1, 1996.
158. Paragraph 42(1)(v) of the Act is replaced by the following:
(v) respecting, for the purposes of paragraph 13(1)(d) and subsection 13(6), the method by which the amount of any annuity or annual allowance payable to a contributor described in paragraph 13(1)(a), (c) or (d) shall be adjusted;
159. The Act is amended by adding the following after section 72:
Power of Minister
73. The Minister may use electronic means to create, communicate, make available, collect, receive, store or otherwise deal with documents or information under this Act.
Regulations — electronic means
74. (1) The Governor in Council may make regulations
(a) respecting the use of electronic means to create, communicate, make available, collect, receive, store or otherwise deal with a document or information under this Act, including
(i) the technology or process, and the format, to be used,
(ii) the place where an electronic document is to be made or sent,
(iii) the time and circumstances when an electronic document is considered to be sent or received and the place where it is considered to have been sent or received,
(iv) the technology or process to be used to make or verify an electronic signature and the manner in which the signature is to be used, and
(v) the circumstances in which an elec- tronic document must be signed with an electronic signature or a secure electronic signature; and
(b) providing that a requirement under a provision of this Act to provide a document or information by non-electronic means is satisfied by the provision of an electronic document if the prescribed conditions, if any, have been complied with.
Personal Information Protection and Electronic Documents Act
(2) In subsection (1), “electronic document”, “electronic signature” and “secure electronic signature” have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.
160. The Act is amended by adding the following after section 74:
Interest on overpayment
75. If there is an overpayment by a contributor in respect of amounts required to be paid under this Act, interest shall be paid on the overpayment in accordance with the regulations.
Regulations — payment of interest
76. The Governor in Council may make regulations respecting
(a) the circumstances in which interest is to be paid;
(b) the rate of interest, the manner of calculating the rate and the period in respect of which interest is to be paid;
(c) the terms and conditions to which the payment of interest may be subject; and
(d) any other matters that the Governor in Council deems necessary for the purposes of section 75.
R.S., c. R-11
Royal Canadian Mounted Police Superannuation Act
161. The Royal Canadian Mounted Police Superannuation Act is amended by adding the following after section 42:
Power of Minister
43. The Minister may use electronic means to create, communicate, make available, collect, receive, store or otherwise deal with documents or information under this Act.
Regulations — electronic means
44. (1) The Governor in Council may make regulations
(a) respecting the use of electronic means to create, communicate, make available, collect, receive, store or otherwise deal with a document or information under this Act, including
(i) the technology or process, and the format, to be used,
(ii) the place where an electronic document is to be made or sent,
(iii) the time and circumstances when an electronic document is considered to be sent or received and the place where it is considered to have been sent or received,
(iv) the technology or process to be used to make or verify an electronic signature and the manner in which the signature is to be used, and
(v) the circumstances in which an elec- tronic document must be signed with an electronic signature or a secure electronic signature; and
(b) providing that a requirement under a provision of this Act to provide a document or information by non-electronic means is satisfied by the provision of an electronic document if the prescribed conditions, if any, have been complied with.
Personal Information Protection and Electronic Documents Act
(2) In subsection (1), “electronic document”, “electronic signature” and “secure electronic signature” have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.
Powers of Treasury Board
(3) The Treasury Board may, in addition to the powers conferred on it by paragraph 7(2)(d) of the Financial Administration Act, exercise the powers of the Governor in Council under subsection (1).
162. The Act is amended by adding the following after section 44:
Interest on overpayment
45. If there is an overpayment by a contributor in respect of amounts required to be paid under this Act, interest shall be paid on the overpayment in accordance with the regulations.
Regulations — payment of interest
46. (1) The Governor in Council may make regulations respecting
(a) the circumstances in which interest is to be paid;
(b) the rate of interest, the manner of calculating the rate and the period in respect of which interest is to be paid;
(c) the terms and conditions to which the payment of interest may be subject; and
(d) any other matters that the Governor in Council deems necessary for the purposes of section 45.
Powers of Treasury Board
(2) The Treasury Board may, in addition to the powers conferred on it by paragraph 7(2)(d) of the Financial Administration Act, exercise the powers of the Governor in Council under subsection (1).
1991, c. 45
Trust and Loan Companies Act
2001, c. 9, s. 550
163. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 449(1) of the Trust and Loan Companies Act are replaced by the following:
(iv) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and
(II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,
(v) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent,
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and
(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or
(C) the loan is one referred to in paragraph 418(2)(d),
Coming into Force
Order in council
164. (1) Subject to subsection (2), the provisions of this Part, other than sections 148, 149, 151 to 155, 157 to 159, 161 and 163, come into force on a day or days to be fixed by order of the Governor in Council.
Deemed coming into force
(2) Section 156 comes into force or is deemed to have come into force on July 1, 2008.
Published under authority of the Speaker of the House of Commons
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