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

Act current to 2017-09-27 and last amended on 2017-09-21. Previous Versions

AMENDMENTS NOT IN FORCE

  • — 2009, c. 23, s. 353

    • 353 On the day on which paragraph 313(a) comes into force, section 7.4 of the Financial Administration Act is replaced by the following:

      • Regulations

        7.4 The Treasury Board may make regulations respecting the governance of the corporation, including regulations that adapt any provisions of the Canada Business Corporations Act and the Canada Not-for-profit Corporations Act and any regulations made under those Acts for the purpose of applying those provisions as adapted to the corporation.

  • — 2013, c. 33, s. 228(2)

      • 2006, c. 9, s. 262(2)

         (2) Subsection 85(1.01) of the Act is replaced by the following:

        • Exemption for Canada Pension Plan Investment Board

          (1.01) Divisions I to IV, except for sections 89.8 to 89.92 and 154.01, do not apply to the Canada Pension Plan Investment Board.

  • — 2016, c. 7, s. 182

    • 2007, c. 29, s. 85

      182 Section 43.1 of the Financial Administration Act is repealed.

  • — 2016, c. 7, s. 183

    • 183 The Act is amended by adding the following after section 46:

      • Authority to borrow money

        46.1 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.

  • — 2016, c. 7, s. 184

    • 2007, c. 29, s. 87
      • 184 (1) The portion of subsection 49(1) of the French version of the Act before paragraph (a) is replaced by the following:

        • Rapport : gestion de la dette publique
          • 49 (1) Après le dépôt des Comptes publics devant la Chambre des communes, le ministre fait déposer devant chaque chambre du Parlement, dans les trente premiers jours de séance de celle-ci qui suivent ce dépôt, un rapport faisant état :

      • 2007, c. 29, s. 87

        (2) Paragraph 49(1)(a) of the Act is replaced by 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

      • 2007, c. 29, s. 87

        (3) Paragraph 49(1)(b) of the French version of the Act is replaced by the following:

        • b) des mesures qu’il a prises pendant l’exercice en cause à l’égard de la gestion de la dette publique.

      • 2007, c. 29, s. 87

        (4) Paragraph 49(2)(a) of the Act is replaced by the following:

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

  • — 2016, c. 7, s. 185

    • 185 The Act is amended by adding the following after section 49:

      • Report — borrowings in respect of extraordinary circumstances

        49.1 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. 12, s. 121

    • 121 The Financial Administration Act is amended by adding the following after section 42.1:

      PART III.2Financial Transactions Related to Asset Management

      • Definitions

        42.2 The following definitions apply in this Part.

        fiscal agent

        fiscal agent means a fiscal agent appointed under this Part and includes the Bank of Canada. (agent financier)

        registrar

        registrar means a registrar appointed under this Part and includes the Bank of Canada. (agent comptable)

      • Lending of funds
        • 42.3 (1) The Minister may, for the sound and efficient management of the Consolidated Revenue Fund, lend money by way of an auction on any terms and conditions that the Minister considers appropriate.

        • Limit

          (2) However, the Minister is not to make a loan that exceeds the surplus of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada at the time of the making of the loan.

        • Determination

          (3) For the purposes of subsection (2), the amount of the surplus is determined by the Bank of Canada.

        • Part of Consolidated Revenue Fund

          (4) Any loans made under subsection (1) may only be paid out of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada.

        • Powers related to loans

          (5) Despite section 42.5, the Minister may enter into any contract or agreement related to the loans and do any other thing relating to the loans that the Minister considers appropriate.

      • Auctions
        • 42.4 (1) If the Minister lends money by way of an auction, the Minister may establish rules governing the conduct of the auction, including rules relating to any of the following:

          • (a) the eligibility of persons to participate in the auction;

          • (b) the provision to the Minister by participants of any information that the Minister considers relevant;

          • (c) the form of bids;

          • (d) the maximum amount that a participant may bid.

        • Rules not statutory instruments

          (2) Rules governing the conduct of an auction are not statutory instruments as defined in the Statutory Instruments Act.

      • Management of risks

        42.5 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 any terms and conditions that the Minister considers necessary for the management of risks related to the financial position of the Government of Canada.

      • Registrars and fiscal agents

        42.6 The Minister may

        • (a) appoint one or more registrars or fiscal agents to perform any services that the Minister may specify in respect of financial transactions entered into under this Part; and

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

      • Payment of related expenses

        42.7 With the authorization of the Governor in Council, there may be paid out of the Consolidated Revenue Fund

        • (a) the remuneration and compensation of registrars and fiscal agents appointed under section 42.6;

        • (b) all costs, expenses and charges incurred in the management of financial transactions referred to in this Part, including the negotiation, entering into and execution of those transactions;

        • (c) all money required to be paid under contracts and agreements entered into under subsection 42.3(5) or section 42.5;

        • (d) all money required to be paid under contracts and agreements entered into under this Act before the coming into force of this Part that could also have been entered into under this Part if this Part had been in force when these contracts and agreements were entered into; and

        • (e) all money that the Minister considers appropriate to pay in the exercise of his or her power to do any other thing relating to the lending of money under subsection 42.3(5).

      • Delegation

        42.8 The Minister may delegate to any officer of the Department of Finance any of the Minister’s powers, duties or functions under this Part, except the power to delegate under this section.

  • — 2017, c. 15, s. 37

    • 37 Schedule I.1 to the Financial Administration Act is amended by adding, in alphabetical order in column I, a reference to

      • Secretariat of the National Security and Intelligence Committee of Parliamentarians

        Secrétariat du Comité des parlementaires sur la sécurité nationale et le renseignement

      and a corresponding reference in column II to “Leader of the Government in the House of Commons”.

  • — 2017, c. 15, s. 38

    • 38 Schedule IV to the Act is amended by adding the following in alphabetical order :

      • Secretariat of the National Security and Intelligence Committee of Parliamentarians

        Secrétariat du Comité des parlementaires sur la sécurité nationale et le renseignement

  • — 2017, c. 15, s. 39

    • 39 Part III of Schedule VI to the Act is amended by adding, in alphabetical order in column I, a reference to

      • Secretariat of the National Security and Intelligence Committee of Parliamentarians

        Secrétariat du Comité des parlementaires sur la sécurité nationale et le renseignement

      and a corresponding reference in column II to “Executive Director”.

  • — 2017, c. 20, s. 445

    • 445 Subsection 41(2) of the Financial Administration Act is replaced by the following:

      • Exception

        (2) Subsection (1) does not apply in respect of Crown corporations, the Canada Revenue Agency or the Invest in Canada Hub.

  • — 2017, c. 20, s. 446

    • 446 Schedule II to the Act is amended by adding the following in alphabetical order:

      • Invest in Canada Hub

        Investir au Canada

  • — 2017, c. 20, s. 447

    • 447 Schedule V to the Act is amended by adding the following in alphabetical order:

      • Invest in Canada Hub

        Investir au Canada

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