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

Act current to 2014-04-02 and last amended on 2014-02-13. Previous Versions

Marginal note:Five-year reviews
  •  (1) Subject to and except as otherwise provided in any directives issued by the Treasury Board, every department shall conduct a review every five years of the relevance and effectiveness of each ongoing program for which it is responsible.

  • Definition of “program”

    (2) In this section, “program” means a program of grants or contributions made to one or more recipients that are administered so as to achieve a common objective and for which spending authority is provided in an appropriation Act.

  • 2006, c. 9, s. 260.

PART IVPUBLIC DEBT

Marginal note:Borrowing of money
  •  (1) Notwithstanding any statement in any other Act of Parliament to the effect that this Act or any portion or provision of it does not apply, no money shall be borrowed by or on behalf of Her Majesty in right of Canada except as provided by or under

    • (a) this Act;

    • (b) any other Act of Parliament that expressly authorizes the borrowing of money; or

    • (c) any other Act of Parliament that provides for the borrowing of money from Her Majesty in right of Canada or of a province.

  • Marginal note:Issuing of securities

    (2) No securities shall be issued by or on behalf of Her Majesty in right of Canada without the authority of Parliament.

  • R.S., 1985, c. F-11, s. 43;
  • 1999, c. 26, s. 21(E);
  • 2001, c. 11, s. 4.
Marginal note:Power to borrow

 The Governor in Council may authorize the Minister to borrow money on behalf of Her Majesty in right of Canada.

  • 2007, c. 29, s. 85.
Marginal note:Raising of money
  •  (1) When by this Act or any other Act of Parliament authority is given to raise money by Her Majesty, the Governor in Council may, subject to the Act authorizing the raising of the money, authorize the Minister to borrow the money by any means that the Minister considers appropriate.

  • Marginal note:Maximum

    (2) The aggregate principal amount of money borrowed by the Minister under this section in any fiscal year may not exceed the amount that is specified by order of the Governor in Council for that fiscal year.

  • Marginal note:Powers of Minister

    (3) Subject to any terms and conditions that the Governor in Council may specify, the Minister may enter into any contract or agreement, issue securities and do any other thing relating to the borrowing of money that the Minister considers appropriate.

  • Marginal note:Transitional

    (4) Subsection (3) applies with respect to anything done in relation to borrowings under this section, as it read immediately before the coming into force of this subsection, as though the borrowing were done under subsection (1).

  • R.S., 1985, c. F-11, s. 44;
  • 1999, c. 26, s. 22.