Budget Implementation Act, 2006 (S.C. 2006, c. 4)
Full Document:
Assented to 2006-06-22
178. (1) The definition “adjusted income” in subsection 180.2(1) of the Act is replaced by the following:
“adjusted income”
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“adjusted income” of an individual for a taxation year means the amount that would be the individual’s income under Part I for the year if no amount were included under subsection 56(6) or in respect of a gain from a disposition of property to which section 79 applies in computing that income and if no amount were deductible under paragraph 60(w) or (y) in computing that income;
(2) Subsection (1) applies to the 2006 and subsequent taxation years.
179. (1) Paragraph 241(4)(d) of the Act is amended by adding the following after subparagraph (vii.2):
(vii.3) to an official solely for the purposes of the administration and enforcement of the Children’s Special Allowances Act or the evaluation or formation of policy for that Act,
(vii.4) to an official solely for the purposes of the administration and enforcement of the Universal Child Care Benefit Act or the evaluation or formation of policy for that Act,
(2) Subparagraph 241(4)(d)(vii.3) of the Act, as enacted by subsection (1), applies after June 2003.
(3) Subparagraph 241(4)(d)(vii.4) of the Act, as enacted by subsection (1), applies after June 2006.
R.S., O-9Old Age Security Act
180. The definition “income” in section 2 of the Old Age Security Act is amended by striking out the word “and” at the end of paragraph (c), by adding the word “and” at the end of paragraph (d) and by adding the following after paragraph (d):
(e) there shall be deducted from the person’s income for the year any amount included under subsection 56(6) of the Income Tax Act and there shall be included in the person’s income for the year any amount that may be deducted under paragraph 60(y) of that Act;
Coming Into Force
Marginal note:Coming into force
181. This Part, other than sections 173 to 179, comes into force, or is deemed to have come into force, on July 1, 2006.
PART 7R.S., c. F-8; 1995, c. 17, s. 45(1)AMENDMENTS TO THE FEDERAL-PROVINCIAL FISCAL ARRANGEMENTS ACT
Marginal note:2005, c. 7, s. 1(1)
182. Section 3 of the Federal-Provincial Fiscal Arrangements Act is replaced by the following:
Marginal note:Fiscal equalization payment
3. Subject to the provisions of this Act, there may be paid to a province for each fiscal year that begins after March 31, 2004 a fiscal equalization payment not exceeding the amounts set out in this Part.
Marginal note:2005, c. 7, s. 1(1)
183. (1) Subsection 4.1(3) of the Act is replaced by the following:
Marginal note:Provincial allocation for fiscal year 2006-2007
(2.1) The fiscal equalization payment referred to in paragraph (1)(b) shall be allocated to the provinces as follows:
(a) to Quebec, $5,539,296,000;
(b) to Nova Scotia, $1,385,539,000;
(c) to New Brunswick, $1,450,799,000;
(d) to Manitoba, $1,709,430,000;
(e) to British Columbia, $260,228,000;
(f) to Prince Edward Island, $291,262,000;
(g) to Saskatchewan, $12,723,000; and
(h) to Newfoundland and Labrador, $632,223,000.
Marginal note:Provincial allocation for subsequent fiscal years
(3) With the approval of the Governor in Council, the fiscal equalization payments referred to in paragraph (1)(c) shall be allocated to each province in the proportion that the Minister considers appropriate. The approval of the Governor in Council shall be given once in respect of the three-month period beginning on April 1, 2007 and once in respect of each subsequent three-month period, within three months before the beginning of each of those periods.
Marginal note:2005, c. 7, s. 1(1)
(2) Subsection 4.1(4) of the Act is replaced by the following:
Marginal note:Upward adjustment of fiscal equalization payment for the fiscal year 2006-2007
(3.1) If the fiscal equalization payment for the fiscal year beginning on April 1, 2006 to which a province is entitled under subsection (2.1) exceeds the fiscal equalization payment that was paid to that province in accordance with the allocation determined under subsection (3), as it read on April 1, 2006, an amount equal to the difference may be paid to the province at the times and in the manner that the Minister considers appropriate.
Marginal note:Overpayment made to a province for the fiscal year 2006-2007
(3.2) If the fiscal equalization payment for the fiscal year beginning on April 1, 2006 to which a province is entitled under subsection (2.1) is less than the fiscal equalization payment that was paid to that province in accordance with the allocation determined under subsection (3), as it read on April 1, 2006, the Minister may recover the amount of that overpayment
(a) from any amount payable to the province under this Act in that fiscal year or as soon as possible after the end of that fiscal year; or
(b) from the province as a debt due to Her Majesty in right of Canada.
Marginal note:Time and manner of payment
(4) The fiscal equalization payment shall be paid to the province in equal monthly instalments on the first and third working days after the 15th day of each month during the relevant fiscal year. For the purpose of this subsection, “working day” includes any day that is not a Saturday or a holiday.
184. The Act is amended by adding the following after section 4.3:
Marginal note:Additional fiscal equalization payment for fiscal year 2006-2007
4.31 Despite paragraph 4.1(1)(b), an additional fiscal equalization payment for the fiscal year beginning on April 1, 2006, which shall not be included in the calculation made under paragraph 4.1(1)(c), may be paid, in accordance with subsection 4.1(4),
(a) to British Columbia, in the amount of $199,184,000; and
(b) to Newfoundland and Labrador, in the amount of $54,380,000.
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