Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

 Tariff item No. 8540.89.00 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing in the column “Most-Favoured-Nation Tariff / Final Rate” the reference to “3.5% (A)” with a reference to “Free (F)”.

 Tariff item No. 8543.20.00 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing in the column “Most-Favoured-Nation Tariff / Final Rate” the reference to “2.5% (A)” with a reference to “Free (F)”.

 Tariff item No. 8546.10.00 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing in the column “Most-Favoured-Nation Tariff / Final Rate” the reference to “2.5% (A)” with a reference to “Free (F)”.

 Tariff item No. 8546.20.00 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing in the column “Most-Favoured-Nation Tariff / Final Rate” the reference to “3% (A)” with a reference to “Free (F)”.

 Chapter 85 of the List of Tariff Provisions set out in the schedule to the Act is amended by adding, in numerical order, the tariff provisions set out in Schedule 3 to this Act.

 The Description of Goods of tariff item No. 9897.00.00 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing the reference to “9801.10.00” with a reference to “9801.10.10, 9801.10.20”.

 Chapter 98 of the List of Tariff Provisions set out in the schedule to the Act is amended by adding, in numerical order, the tariff provisions set out in Schedule 4 to this Act.

 The Description of Goods of tariff item No. 9945.00.00 in the List of Tariff Provisions set out in the schedule to the Act is amended by deleting the reference to “Gas turbines or parts thereof;”.

 The Description of Goods of tariff item No. 9993.00.00 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing the reference to “9801.10.00” with a reference to “9801.10.10, 9801.10.20”.

 Chapter 99 of the List of Tariff Provisions set out in the schedule to the Act is amended by adding, in numerical order, the tariff item set out in Schedule 5 to this Act.

 Tariff item Nos. 8504.50.20 and 8536.69.20 in the List of Intermediate and Final Rates for Tariff Items of the “F” Staging Category set out in the schedule to the Act are repealed.

  •  (1) The List of Intermediate and Final Rates for Tariff Items of the “F” Staging Category set out in the schedule to the Act is amended by adding, in numerical order, the tariff item set out in Schedule 6 to this Act.

  • (2) The List of Intermediate and Final Rates for the Tariff Items of the “F” Staging Category set out in the schedule to the Act is amended by adding, in numerical order, the tariff items set out in Schedule 7 to this Act.

Coming into Force

Marginal note:September 8, 2008
  •  (1) Sections 123 to 127 and subsection 220(1) are deemed to have come into force on September 8, 2008.

  • Marginal note:January 28, 2009

    (2) Sections 122 and 128 to 219 and subsection 220(2) are deemed to have come into force on January 28, 2009.

PART 4EMPLOYMENT INSURANCE

1996, c. 23Employment Insurance Act

 Section 66 of the Employment Insurance Act is amended by adding the following after subsection (3):

  • Marginal note:Premium rate for 2010

    (4) Despite subsections (1) to (3), the premium rate for the year 2010 is 1.73%.

 The Act is amended by adding the following after section 73:

Marginal note:Benefit enhancements under this Act

73.1 There shall be credited to the Employment Insurance Account on August 1, 2010 the amount determined by the Minister of Finance that corresponds to the cost of the benefit enhancement measures under this Act, provided for in the budget tabled in Parliament on January 27, 2009 in which the cost is estimated to be $2,900,000,000.

  •  (1) Schedule I to the Act is replaced by the Schedule I set out in Schedule 8 to this Act.

  • (2) Schedule I to the Act is replaced by the Schedule I set out in Schedule 9 to this Act.

Claimants Not in Canada

Marginal note:Subsection 55(7)

 The maximum number of weeks for which benefits may be paid to a claimant referred to in subsection 55(7) of the Employment Insurance Regulations whose benefit period has not ended before the second Sunday before the day on which this Act receives royal assent and does not begin after September 11, 2010 is to be determined in accordance with Schedule 10.

Pilot Project Relating To Extended Benefits

Marginal note:Pilot Project No. 10
  •  (1) Section 77.6 of the Employment Insurance Regulations is deemed to cease to have effect on the second Saturday before the day on which this Act receives royal assent.

  • Marginal note:Transitional

    (2) The maximum number of weeks for which benefits may be paid in a benefit period that is established for a claimant who is included in Pilot Project No. 10 and whose benefit period has not ended before the second Sunday before the day on which this Act receives royal assent is to be determined in accordance with Schedule I to the Employment Insurance Act, as enacted by subsection 224(1).

Premium Rates Provided for Under the Employment Insurance Act

Marginal note:Deeming provision

 Section 66.1 of the Employment Insurance Act, as enacted by section 9 of chapter 5 of the Statutes of Canada, 2001, is deemed to have read as follows:

Marginal note:Premium rates for 2002 and 2003

66.1 Notwithstanding section 66, the premium rates for the years 2002 and 2003 are 2.2% and 2.1%, respectively.

Marginal note:Deeming provision

 Section 66.3 of the Employment Insurance Act, as enacted by section 25 of chapter 22 of the Statutes of Canada, 2004, is deemed to have read as follows:

Marginal note:Premium rate for 2005

66.3 Notwithstanding section 66, the premium rate for the year 2005 is 1.95%.

Transitional Provision

Marginal note:Application

 Subsection 224(1) applies with respect to every claimant whose benefit period has not ended before the day on which that subsection comes into force and whose benefit period does not begin after September 11, 2010.

Coordinating Amendments

Marginal note:2008, c. 28
  •  (1) In this section, “other Act” means the Budget Implementation Act, 2008.

  • (2) If section 127 of the other Act comes into force before section 222 of this Act, then

    • (a) that section 222 is deemed never to have come into force and is repealed; and

    • (b) section 66 of the Employment Insurance Act is amended by adding the following after subsection (1):

      • Marginal note:Premium rate for 2010

        (1.1) Despite subsection (1), the premium rate for the year 2010 is 1.73%.

  • (3) If section 222 of this Act comes into force before section 127 of the other Act, then, on the day on which that section 127 comes into force, section 66 of the Employment Insurance Act is amended by adding the following after subsection (1):

    • Marginal note:Premium rate for 2010

      (1.1) Despite subsection (1), the premium rate for the year 2010 is 1.73%.

  • (4) If section 127 of the other Act comes into force on the same day as section 222 of this Act, then that section 222 is deemed to have come into force before that section 127 and subsection (3) applies as a consequence.

Coming into Force

Marginal note:Retroactive effect
  •  (1) Subsection 224(1) is deemed to have come into force on the second Sunday before the day on which this Act receives royal assent.

  • Marginal note:September 12, 2010

    (2) Subsection 224(2) comes into force on September 12, 2010.

PART 5STABILITY AND EFFICIENCY OF THE FINANCIAL SYSTEM

Division 1R.S., c. F-11Financial Administration Act

 The Financial Administration Act is amended by adding the following after section 60.1:

PART IV.1STABILITY AND EFFICIENCY OF THE FINANCIAL SYSTEM

Marginal note:Definitions
  • 60.2 (1) The following definitions apply in this section.

    “debt obligation”

    « titre de créance »

    “debt obligation” means a bond, debenture, note or other evidence of indebtedness of an entity, whether secured or unsecured.

    “entity”

    « entité »

    “entity” means an entity that, in the Minister’s opinion, is operating in Canada.

    “financial markets”

    « marchés financiers »

    “financial markets” includes markets for money, bonds, equities, derivatives, foreign exchange and commodities.

    “financial system”

    « système financier »

    “financial system” includes financial institutions, financial markets and payment systems as defined in section 36 of the Canadian Payments Act.

    “security”

    « titre »

    “security” means

    • (a) in relation to a corporation, a share, a class of shares or a debt obligation of the corporation, and includes any conversion or exchange privilege, option or other right to acquire a share of the corporation; and

    • (b) in relation to any other entity, any ownership interest in or debt obligation of the entity.

  • Marginal note:Contracts

    (2) Subject to subsection (3), the Minister may, with the Governor in Council’s authorization, enter into, on behalf of Her Majesty in right of Canada, any contract that in the Minister’s opinion is necessary to promote the stability or maintain the efficiency of the financial system in Canada, including such a contract to

    • (a) purchase, acquire, hold, lend or sell or otherwise dispose of securities of an entity;

    • (b) create a charge on, or right or interest in, securities of an entity held by the Minister;

    • (c) make a loan to an entity;

    • (d) provide a line of credit to an entity;

    • (e) guarantee any debt, obligation or financial asset of an entity; or

    • (f) provide loan insurance or credit insurance for the benefit of an entity in respect of any debt, obligation or financial asset of the entity.

  • Marginal note:Non-application to certain entities

    (3) Paragraph (2)(a) does not apply to

    • (a) shares, as defined in subsection 973.2(15) of the Bank Act, of a bank or bank holding company, as defined in section 2 of that Act;

    • (b) shares, as defined in subsection 459.9(14) of the Cooperative Credit Associations Act, of an association as defined in section 2 of that Act;

    • (c) shares, as defined in subsection 1016.7(15) of the Insurance Companies Act, of a company or insurance holding company, as defined in subsection 2(1) of that Act; or

    • (d) shares, as defined in subsection 527.9(15) of the Trust and Loan Companies Act, of a company as defined in section 2 of that Act.

  • Marginal note:Section 90 does not apply

    (4) Section 90 does not apply if the Minister purchases, acquires or sells or otherwise disposes, under paragraph (2)(a), of shares within the meaning of that section.

  • Marginal note:Section 61 and Surplus Crown Assets Act do not apply

    (5) Section 61 and the Surplus Crown Assets Act do not apply if the Minister holds, loans or sells or otherwise disposes of securities under paragraph (2)(a).

  • Marginal note:Payments out of C.R.F.

    (6) Any amount payable under or in connection with a contract entered into under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister, at the times and in the manner that the Minister considers appropriate.

  • Marginal note:Retroactive effect

    (7) This section applies to any contract entered into on or after November 30, 2008.

 
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