Receipt and Deposit of Public Money Regulations, 1997 (SOR/98-128)

Regulations are current to 2017-09-27 and last amended on 2008-02-28. Previous Versions

Receipt and Deposit of Public Money Regulations, 1997

SOR/98-128

FINANCIAL ADMINISTRATION ACT

Registration 1998-02-23

Receipt and Deposit of Public Money Regulations, 1997

T.B. 825983-2 1998-02-19

The Treasury Board, pursuant to section 17Footnote a of the Financial Administration Act, hereby makes the annexed Receipt and Deposit of Public Money Regulations, 1997.

Interpretation

 The definitions in this section apply in these Regulations.

Act

Act means the Financial Administration Act. (Loi)

financial institution

financial institution[Repealed, SOR/2008-44, s. 1]

  • SOR/2008-44, s. 1.

Record of Receipts and Deposits

 Every person who collects or receives public money shall

  • (a) record the following information in a register kept for that purpose:

    • (i) the date of every receipt and deposit,

    • (ii) the amounts received, deposited or withheld, and

    • (iii) all other information required for identification or audit purposes; and

  • (b) on request, or if directed to do so by the appropriate Minister, issue a receipt or acknowledgment for any public money collected or received.

Crediting the Receiver General

 Public money must be paid to the credit of the Receiver General by depositing it in an account established under subsection 17(2) of the Act

  • (a) without delay, if the money is collected or received electronically; or

  • (b) once a day, if the money is received by other than electronic means, or, if it is not cost effective to do so,

    • (i) once a week, or

    • (ii) in exceptional circumstances and if authorized by the Receiver General, once a month.

  • SOR/2008-44, s. 2.
  •  (1) Despite section 3, the portion of the following money that is public money and is collected or received electronically by a service provider must be paid to the credit of the Receiver General by depositing it, within two business days after the day of collection or receipt, in an account established under subsection 17(2) of the Act:

    • (a) money collected or received as repayment of financial assistance as defined in subsection 2(1) of the Canada Student Financial Assistance Regulations, as repayment of a guaranteed student loan as defined in subsection 2(1) of the Canada Student Loans Act or as payment of interest owing on that assistance or loan; or

    • (b) interest received by the service provider on the money referred to in paragraph (a).

  • (2) The following definitions apply in this section:

    business day

    business day means a day other than a Saturday or a holiday. (jour ouvrable)

    service provider

    service provider means a corporation that has entered into an agreement under subsection 6.2(1) of the Canada Student Financial Assistance Act. (fournisseur de services)

  • (3) This section expires on March 31, 2018.

  • SOR/2008-44, s. 3.

Chargeback and Withholding of Public Money

  •  (1) Any person referred to in paragraph 17(5)(b) of the Act may, if an instruction for payment has been dishonoured after having been credited to the Receiver General, charge the amount of the instruction for payment back to the Receiver General

    • (a) by debiting the account into which the instruction for payment was originally credited to the Receiver General with that amount; and

    • (b) providing the Receiver General with confirmation of the amount that is charged back.

  • (2) The Receiver General shall inform the appropriate minister of any amounts charged back under subsection (1).

 Every person who collects or receives public money is authorized to withhold their fees or commissions from payments of that money to the credit of the Receiver General if the fees or commissions are determined in accordance with

  • (a) an enactment, as defined in the Interpretation Act; or

  • (b) a contractual arrangement entered into by Her Majesty and that person and are in the form of

    • (i) a lump sum,

    • (ii) a percentage of each amount collected or received, or

    • (iii) a flat-rate amount for each amount collected or received.

Repeal

 [Repeal]

Coming into Force

 These Regulations come into force on February 23, 1998.

 
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