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Version of document from 2006-07-01 to 2006-11-09:

Budget Implementation Act, 2006

S.C. 2006, c. 4

Assented to 2006-06-22

An Act to implement certain provisions of the budget tabled in Parliament on May 2, 2006

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

 This Act may be cited as the Budget Implementation Act, 2006.

PART 1Amendments Relating to the GST/HST Rate Reduction

Amendments Relating to the GST/HST

Excise Tax Act

 [Amendments]

 [Amendment]

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Related Amendments

Air Travellers Security Charge Act

 [Amendments]

Amendments Relating to the Taxation of Tobacco Products

Excise Act, 2001

 [Amendment]

 [Amendments]

 [Amendment]

 [Amendment]

 [Amendment]

 [Amendment]

 [Amendment]

 [Amendments]

Application

 For the purposes of applying the provisions of the Customs Act that provide for the payment of, or the liability to pay, interest in respect of any amount, the amount shall be determined and interest shall be computed on it as though sections 37 to 41 had come into force on July 1, 2006.

Amendments Relating to Alcohol Products

Excise Act

 [Amendment]

Excise Act, 2001

 [Amendments]

 [Amendments]

 [Amendment]

 [Amendment]

 [Amendment]

 [Amendment]

Application

 For the purposes of applying the provisions of the Customs Act and the Excise Act that provide for the payment of, or the liability to pay, interest in respect of any amount, the amount shall be determined and interest shall be computed on it as though sections 43, 48 and 49 had come into force on July 1, 2006.

PART 2Amendments to the Income Tax Act

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 [Amendment]

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 [Amendment]

 [Amendments]

 [Amendment]

 [Amendment]

PART 3Amendments Relating to Excise Tax on Jewellery, Etc.

Excise Tax Act

 [Amendment]

Budget Implementation Act, 2005

 [Amendment]

PART 4Amendments Relating to Aboriginal Tax Powers and Aboriginal Tax Treatment

First Nations Goods and Services Tax Act

 [Amendment]

 [Amendments]

 [Amendment]

 [Amendments]

 [Amendment]

 [Amendment]

 [Amendment]

Yukon First Nations Self-Government Act

 [Amendment]

PART 5Other Tax-related Amendments

Air Travellers Security Charge Act

The following provision is not in force.

 [Amendment]

 [Amendment]

The following provision is not in force.

 [Amendments]

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The following provision is not in force.

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 [Amendment]

Excise Act, 2001

The following provision is not in force.

 [Amendment]

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 [Amendments]

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Excise Tax Act

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 [Amendment]

The following provision is not in force.

 [Amendment]

The following provision is not in force.

 [Amendment]

Income Tax Act

 [Amendment]

 [Amendment]

The following provision is not in force.

 [Amendment]

 [Amendments]

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 [Amendment]

Conditional Amendment

 [Amendment]

PART 6Universal Child Care Benefit

Enactment of Act

Marginal note:Enactment of Act

 The Universal Child Care Benefit Act is enacted as follows:

[See Universal Child Care Benefit Act]

Consequential And Related Amendments

Children’s Special Allowances Act

 [Amendment]

 [Amendment]

 [Amendment]

Employment Insurance Act

 [Amendment]

Income Tax Act

 [Amendment]

 [Amendment]

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 [Amendment]

Old Age Security Act

 [Amendment]

Coming Into Force

Marginal note:Coming into force

Footnote * This Part, other than sections 173 to 179, comes into force, or is deemed to have come into force, on July 1, 2006.

PART 7Amendments to the Federal-Provincial Fiscal Arrangements Act

 [Amendment]

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 [Amendment]

PART 8Payments to Provinces and Territories

Marginal note:Payment of $650,000,000

  •  (1) From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Human Resources and Skills Development, be paid to the provinces a payment in the amount of $650,000,000 for the fiscal year beginning on April 1, 2006, in respect of early learning and child care.

  • Marginal note:Provincial allocation

    (2) The payment referred to in subsection (1) shall be allocated to the provinces as follows:

    • (a) to Ontario, $252,933,933.35;

    • (b) to Quebec, $152,740,663.90;

    • (c) to Nova Scotia, $18,743,350.65;

    • (d) to New Brunswick, $15,028,068.42;

    • (e) to Manitoba, $23,683,368.44;

    • (f) to British Columbia, $85,920,064.72;

    • (g) to Prince Edward Island, $2,762,632.45;

    • (h) to Saskatchewan, $19,863,918.85;

    • (i) to Alberta, $65,973,415.33;

    • (j) to Newfoundland and Labrador, $10,266,477.67;

    • (k) to Yukon, $619,370.20;

    • (l) to the Northwest Territories, $862,067.75; and

    • (m) to Nunavut, $602,668.27.

Marginal note:Payment to territories

 From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Finance, be paid to the territories the following payments for the fiscal year beginning on April 1, 2006:

  • (a) to Yukon, $10,900,000;

  • (b) to the Northwest Territories, $18,000,000; and

  • (c) to Nunavut, $17,500,000.

PART 9Mortgage Insurance

Marginal note:Interpretation

 The following definitions apply in sections 193 and 194.

mortgagee

créancier hypothécaire

mortgagee means a mortgagee or hypothecary creditor that holds a mortgage or hypothec insurance policy with a mortgage insurer. (créancier hypothécaire)

mortgage insurer

assureur hypothécaire

mortgage insurer means a corporation to which subsection 13(1) of the Insurance Companies Act applies and that is approved by the Superintendent of Financial Institutions to sell mortgage or hypothec insurance policies in Canada. (assureur hypothécaire)

Marginal note:Mortgage or hypothec insurance protection agreement

  •  (1) The Minister of Finance may, with respect to an insurance policy held by a mortgagee, enter into an agreement with any person, including a mortgage insurer or the mortgagee, to do any of the following:

    • (a) provide an indemnity to the mortgagee;

    • (b) provide a guarantee or suretyship to the mortgagee; and

    • (c) purchase a replacement insurance policy for the mortgagee.

  • Marginal note:Payment to be made

    (2) The agreement shall provide that, if the mortgage insurer with whom the mortgagee holds an insurance policy becomes insolvent or is liquidated, a payment shall be made to the mortgagee, or to another mortgage insurer if the agreement provides for a replacement insurance policy.

  • Marginal note:Amount of payment

    (3) Subject to regulations made under paragraph 194(1)(a), the payment shall be equal to the benefits payable under the insurance policy held with the mortgage insurer less 10 per cent of the original principal amount of the mortgage or hypothec that is subject to the insurance policy.

  • Marginal note: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 $200,000,000,000 or any other amount that may be authorized for the purposes of this subsection under an appropriation Act.

  • Marginal note:Deeming

    (5) An agreement having the same purpose as an agreement referred to in subsection (1) and that is entered into by the Minister of Finance before the coming into force of that subsection is deemed to be an agreement referred to in this section.

Marginal note:Regulations

  •  (1) The Governor in Council may make regulations respecting

    • (a) the percentage of the original principal amount to be subtracted under subsection 193(3), including the mortgages or hypothecs to which that percentage applies;

    • (b) information and documents, electronic or otherwise, to be maintained by a person who is a party to an agreement referred to in section 193; and

    • (c) the disclosure of any information and documents, electronic or otherwise, by such a person to the Minister of Finance or any person designated by the Minister of Finance.

  • Marginal note:Application of regulations

    (2) A regulation made under paragraph (1)(a) does not apply in respect of a mortgage or hypothec that became insured before the coming into force of the regulation by an insurance policy that is subject to an agreement referred to in section 193.

Marginal note:Amount to be paid out of C.R.F.

 From and out of the Consolidated Revenue Fund there may, on the requisition of the Minister of Finance, be paid any amounts to be paid under an agreement entered into under section 193.

 [Repealed, 2006, c. 4, s. 198]

 [Amendment]

 [Amendment]

PART 10Amendments Relating to Financial Institutions

Bank Act

 [Amendment]

 [Amendment]

Cooperative Credit Associations Act

 [Amendment]

Insurance Companies Act

 [Amendment]

 [Amendment]

Trust and Loan Companies Act

 [Amendment]

PART 11Amendments Relating to Pensions

Canadian Forces Superannuation Act

The following provision is not in force.

 [Amendment]

Public Service Superannuation Act

The following provision is not in force.

 [Amendment]

The following provision is not in force.

 [Amendment]

Royal Canadian Mounted Police Superannuation Act

The following provision is not in force.

 [Amendment]

Coming into Force

Marginal note:Coming into force

 This Part comes into force on January 1, 2008.

PART 12Mackenzie Gas Project Impacts Act

Enactment of Act

The following provision is not in force.

Marginal note:Enactment of Act

 The Mackenzie Gas Project Impacts Act, whose text is as follows and whose schedule is set out in Schedule 2 to this Act, is hereby enacted:

[See Mackenzie Gas Project Impacts Act]

Payments

The following provision is not in force.

Marginal note:Payment of $500,000,000

  •  (1) From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Finance made on the recommendation of the Minister of Indian Affairs and Northern Development, be paid to the Corporation for the Mitigation of Mackenzie Gas Project Impacts payments not exceeding in the aggregate the sum of $500,000,000.

  • Marginal note:Condition for recommendation

    (2) The Minister of Indian Affairs and Northern Development may only make the recommendation if the Mackenzie gas project, as defined in section 2 of the Mackenzie Gas Project Impacts Act, as enacted by section 208 of this Act, has not been terminated and the Minister of Indian Affairs and Northern Development is of the opinion that progress is being made on the project.

  • Marginal note:Terms and conditions

    (3) The Minister of Indian Affairs and Northern Development may, with the concurrence of the Minister of Finance, enter into an agreement with the Corporation for the Mitigation of Mackenzie Gas Project Impacts respecting the terms and conditions applicable to the making of the payments and their use.

Consequential Amendments

Access to Information Act

The following provision is not in force.

 [Amendment]

Financial Administration Act

The following provision is not in force.

 [Amendment]

Privacy Act

The following provision is not in force.

 [Amendment]

Coming Into Force

Marginal note:Order in Council

Footnote * Sections 208 to 212 come into force on a day to be fixed by order of the Governor in Council.

PART 13Miscellaneous Amendments

European Bank for Reconstruction and Development Agreement Act

 [Amendment]

 [Amendment]

Freshwater Fish Marketing Act

 [Amendment]

Public Sector Pension Investment Board Act

 [Amendment]

SCHEDULE 1

[Amendment]

The following schedule is not in force.

SCHEDULE 2(Section 208)

[See Mackenzie Gas Project Impacts Act]


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