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Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

Transitional Provisions

Marginal note:Certain applications deemed never to have been filed

463. Any application made under the Investment Canada Act that was filed before the day on which subsection 14.1(1) of that Act, as enacted by subsection 448(1), comes into force and in respect of which the Minister of Industry has not issued a decision before that day is deemed never to have been filed if the enterprise value of the assets to which the application relates is less than the amount referred to in paragraph 14.1(1)(a) of that Act, as enacted by subsection 448(1).

Marginal note:Transactions implemented during transitional period

464. An investment referred to in section 25.1 of the Investment Canada Act, as enacted by section 453, implemented within the period beginning on February 6, 2009 and ending on the day on which this Act receives royal assent, is subject to review under section 25.3 of that Act, as enacted by section 453, if the Minister of Industry sends a notice to the non-Canadian, within 60 days after the day on which this Act receives royal assent, indicating that the investment shall be subject to a review.

Coming into Force

Marginal note:February 6, 2009

  • 465. (1) Sections 445, 447 and 453 to 456, subsections 457(1) to (4), section 460 and subsections 462(1), (3), (4) and (6) are deemed to have come into force on February 6, 2009.

  • Marginal note:Subsections 448(1) and (2)

    (2) Subsections 448(1) and (2) come into force on a day to be fixed by order of the Governor in Council.

PART 14

Marginal note:1996, c. 10

CANADA TRANSPORTATION ACT

Amendments to the Act

Marginal note:2001, c. 27, s. 222

466. The definition “Canadian” in subsection 55(1) of the Canada Transportation Act is replaced by the following:

“Canadian”

« Canadien »

“Canadian” means a Canadian citizen or a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act, a government in Canada or an agent of such a government or a corporation or other entity that is incorporated or formed under the laws of Canada or a province, that is controlled in fact by Canadians and of which the percentage of voting interests owned and controlled by non-Canadians is not more than

  • (a) in respect of all non-Canadians, the percentage specified in the regulations, or

  • (b) in respect of any class of non-Canadians specified in the regulations, the percentage specified in the regulations in respect of that class;

467. The Act is amended by adding the following after section 55:

Marginal note:Regulations

55.1 The Governor in Council may, by regulation,

  • (a) specify a percentage for the purpose of paragraph (a) of the definition “Canadian” in subsection 55(1), which percentage may not be more than 49%; and

  • (b) for the purpose of paragraph (b) of that definition, specify classes of non-Canadians and specify a percentage with respect to each such class, which percentage may not be more than 49%.