Employment Insurance Act

Marginal note:Forecasts and estimates

• 77.1 (1) On or before July 31 in a year,

  • (a) the Minister of Finance shall

    • (i) forecast the amount to be credited to the Employment Insurance Operating Account under sections 73 to 75 during the year,

    • (ii) forecast the amount to be charged, during the year, to that Account under subsection 77(1) based on, among other things, information provided by the Minister, and

    • (iii) estimate the total, at December 31 of the immediately preceding year, of the amounts credited to that Account; and

  • (b) the Minister shall estimate the total, at December 31 of the immediately preceding year, of the amounts charged to that Account.

• Marginal note:Payment to Board

  (2) A payment in the amount determined under subsection (3) is to be made on or before August 31 in a year to the Board out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, and charged to the Employment Insurance Operating Account if

  (A + C) > (B + D)

  where

  A

  is the amount forecast under subparagraph (1)(a)(i);

  B

  is the amount forecast under subparagraph (1)(a)(ii);

  C

  is the total estimated under subparagraph (1)(a)(iii); and

  D

  is the total estimated under paragraph (1)(b).

• Marginal note:Amount of payment to Board

  (3) For the purpose of subsection (2), the amount of the payment is an amount equal to the amount calculated in accordance with the following formula:

  (A + C) – (B + D)

  where

  A

  is the amount forecast under subparagraph (1)(a)(i);

  B

  is the amount forecast under subparagraph (1)(a)(ii);

  C

  is the total estimated under subparagraph (1)(a)(iii); and

  D

  is the total estimated under paragraph (1)(b).

• Marginal note:Payment by Board

  (4) A payment in the amount determined under subsection (5) is to be made on or before August 31 in a year, or at any later date that the Minister of Finance may specify, by the Board to the Consolidated Revenue Fund and credited to the Employment Insurance Operating Account if

  (A + C) < (B + D)

  where

  A

  is the amount forecast under subparagraph (1)(a)(i);

  B

  is the amount forecast under subparagraph (1)(a)(ii);

  C

  is the total estimated under subparagraph (1)(a)(iii); and

  D

  is the total estimated under paragraph (1)(b).

• Marginal note:Amount of payment by Board

  (5) For the purpose of subsection (4), the amount of the payment is an amount equal to the lesser of the amount of the Board’s financial assets less its financial liabilities and the amount calculated in accordance with the following formula:

  (B + D) – (A + C)

  where

  A

  is the amount forecast under subparagraph (1)(a)(i);

  B

  is the amount forecast under subparagraph (1)(a)(ii);

  C

  is the total estimated under subparagraph (1)(a)(iii); and

  D

  is the total estimated under paragraph (1)(b).

• Marginal note:Terms and conditions

  (6) Payments under this section must be made in the manner and on the terms and conditions that the Minister of Finance may establish after consulting with the Minister and the Board.