Financial Administration Act (R.S.C., 1985, c. F-11)

Act current to 2018-07-05 and last amended on 2018-06-22. Previous Versions

Marginal note:Contracts and agreements

 The Governor in Council may authorize the Minister, subject to any terms and conditions that the Governor in Council may specify, to enter into any contract or agreement of a financial nature, including options, derivatives, swaps and forwards, on such terms and conditions as the Minister considers necessary.

  • 1991, c. 24, s. 18;
  • 1999, c. 26, s. 22.
Marginal note:Powers — management of assets and liabilities

 The Minister may, on any terms and conditions the Minister considers appropriate, do any of the following if the Minister considers it appropriate for the sound and efficient management of the assets and liabilities of Canada, including contingent liabilities:

  • (a) purchase or acquire securities of Canada or any other securities, including purchasing or acquiring them on their issuance, and hold, lend or sell securities of Canada or any other securities; and

  • (b) create a charge on, or right or interest in, securities of Canada or any other securities held by the Minister.

  • R.S., 1985, c. F-11, s. 46;
  • 1999, c. 26, s. 22.
Marginal note:Authority to borrow money

 In any fiscal year, the Governor in Council may by order authorize the Minister to borrow money for

  • (a) the payment of any amount that is required to be paid in that fiscal year in respect of any money borrowed under the authority of this Act or any other Act of Parliament;

  • (b) the extinguishment or reduction of any liability of Canada, if the Minister is of the opinion that the liability should be extinguished or reduced; or

  • (c) the payment, by Her Majesty, of any amount in extraordinary circumstances, including in the event of a natural disaster or to promote the stability or maintain the efficiency of the financial system in Canada, if the Minister is of the opinion that the borrowing of money is necessary in those circumstances.

  • 1999, c. 26, s. 22;
  • 2007, c. 29, s. 86;
  • 2016, c. 7, s. 183.

 [Repealed, 2007, c. 29, s. 86]

Marginal note:Currency of borrowings
  •  (1) Any amounts raised by way of loan under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be repaid in the currency or currencies of any country or countries and securities issued under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be made payable in the currency or currencies of any country or countries.

  • Marginal note:Calculation of amount in foreign currency

    (2) Where an Act of Parliament, whether enacted before or after the coming into force of this subsection, authorizes

    • (a) the raising of a specific or maximum number of dollars by way of loan or the issue of securities, or

    • (b) the guarantee of the payment of a liability or obligation for a specific or maximum number of dollars,

    the authorized transaction may be undertaken, in whole or in part, in the currency of a country other than Canada, and for that purpose the specific or maximum number of dollars shall be construed as an equivalent amount in the currency of the other country, calculated at the daily average rate of exchange between the Canadian dollar and the currency concerned quoted by the Bank of Canada on the day immediately preceding the day on which the money is borrowed, the proceeds from the issue of securities are received or the guarantee is given, as the case may be, or at any other rate of exchange in use between those currencies that the Minister considers appropriate.

  • Marginal note:Calculation where limitation

    (3) For the purpose of any limitation in respect of an amount

    • (a) that may be borrowed,

    • (b) for which securities may be issued, or

    • (c) the payment of which may be guaranteed under this Act or any other Act of Parliament,

    the principal amount borrowed or authorized to be borrowed, the principal amount of any securities previously issued or authorized to be issued or the amount guaranteed or authorized to be guaranteed, as the case may be, payable in a currency of any country other than Canada, shall be deemed to be the Canadian dollar equivalent of the value thereof, as calculated under subsection (2), regardless of any premium or discount at which the securities were sold and regardless of any premium that may be payable on early redemption.

  • R.S., 1985, c. F-11, s. 48;
  • 1991, c. 24, ss. 19, 50(F);
  • 1999, c. 31, s. 110(F);
  • 2017, c. 20, s. 104.
Marginal note:Report on debt management
  •  (1) After the Public Accounts are tabled in the House of Commons, the Minister shall cause to be tabled in each House of Parliament, within the first 30 days on which that House is sitting after the Public Accounts are tabled in the House of Commons, a report on the activities of the Minister in relation to the following:

    • (a) the money borrowed in the fiscal year to which the Public Accounts relate;

    • (a.1) the money that is borrowed under an order made under paragraph 46.1(c) and that is due; and

    • (b) the management of the public debt in the fiscal year to which the Public Accounts relate.

  • Marginal note:Report next fiscal year

    (2) In every fiscal year, the Minister shall cause to be tabled in each House of Parliament a report on the Minister’s plans in relation to the following:

    • (a) the money to be borrowed in the next fiscal year and the purposes for which the moneys will be borrowed; and

    • (b) the management of the public debt in the next fiscal year.

  • R.S., 1985, c. F-11, s. 49;
  • 1999, c. 26, s. 23;
  • 2007, c. 29, s. 87;
  • 2016, c. 7, s. 184.
Marginal note:Report — borrowings in respect of extraordinary circumstances

 The Minister shall cause to be tabled in each House of Parliament a report on the money borrowed or to be borrowed under an order made under paragraph 46.1(c) within the first 30 days on which that House is sitting after the day on which the Governor in Council’s authorization is given under that paragraph.

  • 2016, c. 7, s. 185.
Marginal note:Signing securities
  •  (1) Security certificates evidencing securities issued under the authority of this Part shall be signed by the Deputy Minister of Finance or an officer of the Department of Finance designated by the Governor in Council to sign on behalf of the Deputy Minister of Finance, and shall be countersigned by such officer of the Department of Finance or other person as the Governor in Council designates for that purpose.

  • Marginal note:Facsimile signatures

    (2) The Minister may direct that there be substituted for signatures in the proper handwriting of one or both of the persons authorized to sign or countersign security certificates under subsection (1), facsimiles of those signatures.

  • R.S., 1985, c. F-11, s. 50;
  • 1995, c. 17, s. 59.
Marginal note:Registrars and fiscal agents
  •  (1) The Governor in Council may

    • (a) appoint one or more registrars to perform such services in respect of the registration of loans as the Governor in Council may prescribe;

    • (b) appoint one or more fiscal agents to perform such services in respect of loans as the Governor in Council may prescribe; and

    • (c) fix the remuneration or compensation of any registrar or fiscal agent appointed under this section.

  • Marginal note:Delegation to Minister

    (2) The Governor in Council may authorize the Minister to do anything referred to in paragraphs (1)(a) to (c) for any period that the Governor in Council considers appropriate.

  • R.S., 1985, c. F-11, s. 51;
  • 1999, c. 26, s. 23.1.
Marginal note:Records of money borrowed
  •  (1) The Minister shall cause to be maintained a system of books and records

    • (a) showing all money authorized by Parliament to be borrowed by the issue and sale of securities;

    • (b) containing a description and record of all money so borrowed and securities issued; and

    • (c) showing all amounts paid in respect of the principal of or interest on all money so borrowed.

  • Marginal note:Accounting by fiscal agents and registrars

    (2) Every fiscal agent and registrar shall annually, and as often as required by the Minister, give to the Minister an accounting, in such form and terms and containing such information as the Minister prescribes, of all his transactions as fiscal agent or registrar.

  • R.S., c. F-10, s. 43.
 
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