Budget Implementation Act, 2006 (S.C. 2006, c. 4)
Full Document:
Assented to 2006-06-22
184. The Act is amended by adding the following after section 4.3:
Marginal note:Additional fiscal equalization payment for fiscal year 2006-2007
4.31 Despite paragraph 4.1(1)(b), an additional fiscal equalization payment for the fiscal year beginning on April 1, 2006, which shall not be included in the calculation made under paragraph 4.1(1)(c), may be paid, in accordance with subsection 4.1(4),
(a) to British Columbia, in the amount of $199,184,000; and
(b) to Newfoundland and Labrador, in the amount of $54,380,000.
Marginal note:2005, c. 7, s. 1(1)
185. The portion of section 4.4 of the Act before paragraph (a) is replaced by the following:
Marginal note:Payments to territories
4.4 Subject to the provisions of this Part, there may be paid to a territory
186. (1) Section 4.92 of the Act is amended by adding the following after subsection (1):
Marginal note:Payment for fiscal year 2006-2007
(1.1) For the fiscal year beginning on April 1, 2006, a territorial formula financing payment may be paid
(a) to Yukon, in the amount of $505,608,000;
(b) to the Northwest Territories, in the amount of $739,414,000; and
(c) to Nunavut, in the amount of $824,978,000.
Marginal note:2005, c. 7, s. 1(1)
(2) Subsections 4.92(3) and (4) of the Act are replaced by the following:
Marginal note:Territorial allocation for subsequent fiscal years
(3) With the approval of the Governor in Council, the territorial formula financing payments referred to in subsection (2) shall be allocated to each territory in the proportion that the Minister considers appropriate. The approval of the Governor in Council shall be given once in respect of the three-month period beginning on April 1, 2007 and once in respect of each subsequent three-month period, within three months before the beginning of each of those periods.
Marginal note:Time and manner of payment
(4) In April and May of each fiscal year beginning after March 31, 2005, there shall be paid to a territory a monthly instalment of the territorial formula financing payment equal to 16 per cent of the territory’s allocation of the aggregate territorial formula financing payment for that fiscal year. In each of the remaining ten months of the fiscal year, there shall be paid to the territory a monthly instalment of the territorial formula financing payment equal to 6.8 per cent of the territory’s allocation of the aggregate territorial formula financing payment under this section.
Marginal note:2005, c. 7, s. 1(1)
187. Section 4.93 of the Act is replaced by the following:
Marginal note:Underpayment
4.93 (1) If it is determined that an underpayment of any amounts payable to a territory under section 4.92 has been made, an amount equal to the underpayment may be paid to the territory at the times and in the manner that the Minister considers appropriate.
Marginal note:Overpayment
(2) If it is determined that an overpayment in respect of any amounts payable to a territory under section 4.92 for a fiscal year has been made, the Minister may recover the amount of that overpayment
(a) from any amount payable to the territory under this Act in the same fiscal year or as soon as possible after the end of that fiscal year; or
(b) from the territory as a debt due to Her Majesty in right of Canada.
188. The Act is amended by adding the following after section 4.93:
Marginal note:Additional territorial formula financing payment for fiscal year 2006-2007
4.94 Despite subsection 4.92(1.1), an additional territorial formula financing payment for the fiscal year beginning on April 1, 2006, which shall not be included in the calculation made under subsection 4.92(2), may be paid, in accordance with subsection 4.92(4),
(a) to Yukon, in the amount of $311,000; and
(b) to Nunavut, in the amount of $1,553,000.
Marginal note:2005, c. 7, s. 6
189. Section 41 of the Act is replaced by the following:
Marginal note:Payment out of C.R.F.
41. From and out of the Consolidated Revenue Fund there may, on the requisition of the Minister, be paid an amount authorized to be paid by Part I, I.1 or II at the times and in the manner that may be prescribed or, if no times and manner have been prescribed, at the times and in the manner set out in that Part.
PART 8PAYMENTS TO PROVINCES AND TERRITORIES
Marginal note:Payment of $650,000,000
190. (1) From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Human Resources and Skills Development, be paid to the provinces a payment in the amount of $650,000,000 for the fiscal year beginning on April 1, 2006, in respect of early learning and child care.
Marginal note:Provincial allocation
(2) The payment referred to in subsection (1) shall be allocated to the provinces as follows:
(a) to Ontario, $252,933,933.35;
(b) to Quebec, $152,740,663.90;
(c) to Nova Scotia, $18,743,350.65;
(d) to New Brunswick, $15,028,068.42;
(e) to Manitoba, $23,683,368.44;
(f) to British Columbia, $85,920,064.72;
(g) to Prince Edward Island, $2,762,632.45;
(h) to Saskatchewan, $19,863,918.85;
(i) to Alberta, $65,973,415.33;
(j) to Newfoundland and Labrador, $10,266,477.67;
(k) to Yukon, $619,370.20;
(l) to the Northwest Territories, $862,067.75; and
(m) to Nunavut, $602,668.27.
Marginal note:Payment to territories
191. From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Finance, be paid to the territories the following payments for the fiscal year beginning on April 1, 2006:
(a) to Yukon, $10,900,000;
(b) to the Northwest Territories, $18,000,000; and
(c) to Nunavut, $17,500,000.
PART 9MORTGAGE INSURANCE
Marginal note:Interpretation
192. The following definitions apply in sections 193 and 194.
“mortgagee”
« créancier hypothécaire »
“mortgagee” means a mortgagee or hypothecary creditor that holds a mortgage or hypothec insurance policy with a mortgage insurer.
“mortgage insurer”
« assureur hypothécaire »
“mortgage insurer” means a corporation to which subsection 13(1) of the Insurance Companies Act applies and that is approved by the Superintendent of Financial Institutions to sell mortgage or hypothec insurance policies in Canada.
Marginal note:Mortgage or hypothec insurance protection agreement
193. (1) The Minister of Finance may, with respect to an insurance policy held by a mortgagee, enter into an agreement with any person, including a mortgage insurer or the mortgagee, to do any of the following:
(a) provide an indemnity to the mortgagee;
(b) provide a guarantee or suretyship to the mortgagee; and
(c) purchase a replacement insurance policy for the mortgagee.
Marginal note:Payment to be made
(2) The agreement shall provide that, if the mortgage insurer with whom the mortgagee holds an insurance policy becomes insolvent or is liquidated, a payment shall be made to the mortgagee, or to another mortgage insurer if the agreement provides for a replacement insurance policy.
Marginal note:Amount of payment
(3) Subject to regulations made under paragraph 194(1)(a), the payment shall be equal to the benefits payable under the insurance policy held with the mortgage insurer less 10 per cent of the original principal amount of the mortgage or hypothec that is subject to the insurance policy.
Marginal note:Limitation
(4) The aggregate outstanding principal amount of all mortgages or hypothecs to which insurance policies that are subject to such agreements apply shall not at any time exceed $200,000,000,000 or any other amount that may be authorized for the purposes of this subsection under an appropriation Act.
Marginal note:Deeming
(5) An agreement having the same purpose as an agreement referred to in subsection (1) and that is entered into by the Minister of Finance before the coming into force of that subsection is deemed to be an agreement referred to in this section.
Marginal note:Regulations
194. (1) The Governor in Council may make regulations respecting
(a) the percentage of the original principal amount to be subtracted under subsection 193(3), including the mortgages or hypothecs to which that percentage applies;
(b) information and documents, electronic or otherwise, to be maintained by a person who is a party to an agreement referred to in section 193; and
(c) the disclosure of any information and documents, electronic or otherwise, by such a person to the Minister of Finance or any person designated by the Minister of Finance.
Marginal note:Application of regulations
(2) A regulation made under paragraph (1)(a) does not apply in respect of a mortgage or hypothec that became insured before the coming into force of the regulation by an insurance policy that is subject to an agreement referred to in section 193.
- Date modified: