Economic Recovery Act (stimulus) (S.C. 2009, c. 31)

Coming into Force

Marginal note:April 1, 1998

46. Subsection 45(1) is deemed to have come into force on April 1, 1998.

1988, c. 28Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act

• 47. (1) The definition “former Act” in subsection 246(1) of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act is repealed.

• (2) The definitions “deemed profit”, “fiscal incentive”, “offshore revenue threshold” and “threshold rate of return” in subsection 246(1) of the English version of the Act are repealed.

• 48. (1) Subsection 247(1) of the Act is replaced by the following:

  Marginal note:Adjustment payment

  • 247. (1) Subject to this section, the Federal Minister may, on behalf of Her Majesty in right of Canada, pay an amount to Her Majesty in right of the Province equal to seventy-five per cent of the profit realized on or after April 1, 2010, and determined in the manner prescribed, in respect of a project.

• (2) Subsection 247(2) of the English version of the Act is replaced by the following:

  • Marginal note:Restriction

    (2) No payment shall be made pursuant to subsection (1) in respect of a project unless the Provincial Minister demonstrates to the satisfaction of the Federal Minister that the rate of return in respect of that project that would have been obtained on behalf of Her Majesty in right of the Province, calculated in the manner prescribed, is equal to or greater than an annual rate of return on invested capital that is equal to the lesser of 20% and the aggregate of 7% and the average annual cost to the Province of borrowing money.

• (3) Subsections 247(3) and (4) of the Act are replaced by the following:

  • Marginal note:Exception

    (2.1) Subsection (2) does not apply in respect of the Sable Offshore Energy Project and the Deep Panuke Offshore Gas Development Project.

  • Marginal note:Reduction for fiscal incentives

    (3) The aggregate amount of payments made pursuant to subsection (1) in respect of any project shall be reduced by the aggregate amount, determined in the manner prescribed, of all fiscal incentives and any other benefits that are

    • (a) established by or pursuant to an Act of Parliament;

    • (b) prescribed for the purposes of this Part or approved in the manner prescribed; and

    • (c) received in respect of the project.

  • Marginal note:Exception

    (3.1) Subsection (3) does not apply in respect of fiscal incentives and other benefits generally prevailing in Canada.

  • Marginal note:Time of payments

    (4) Subject to the regulations, a payment made pursuant to subsection (1) shall be made annually, not later than six months after the end of each fiscal year.

• (4) Subsection 247(6) of the Act is repealed.

49. The heading before section 248 of the French version of the Act is replaced by the following:

50. Section 248 of the Act is replaced by the following:

1997, c. 36Customs Tariff

Amendments to the Act

Marginal note:2009, c. 2, s. 122

51. Paragraph 133(c) of the Customs Tariff is replaced by the following:

52. The Description of Goods of tariff item No. 9801.10.10 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing the reference to “---Conveyances,” with a reference to “---Conveyances, not including trailers and semi-trailers of subheading 8716.31 or 8716.39,”.

53. The Description of Goods of tariff item No. 9801.10.20 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing

• (a) the reference to “30 days” with a reference to “365 days”; and

• (b) the reference to “The containers provided for in this tariff item may engage in the transportation of goods from one point in Canada to another point in Canada where: (a) that transportation is incidental to the international traffic of the goods; (b) the transportation does not occur outside the territorial limits of Canada; and (c) the container has not entered Canada for the purpose of an in-transit movement through Canada to a point outside of Canada” with a reference to “The containers provided for in this tariff item may engage in the transportation of goods from one point in Canada to another point in Canada where: (a) the transportation does not occur outside the territorial limits of Canada; and (b) the container has not entered Canada for the purpose of an in-transit movement through Canada to a point outside of Canada”.

54. 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 “9801.10.20” with a reference to “9801.10.20, 9801.10.30”.

55. 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 provision set out in the schedule to this Act.

56. 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 “9801.10.20” with a reference to “9801.10.20, 9801.10.30”.

Coordinating Amendments

Marginal note:Bill C-23

• 57. (1) Subsections (2) and (3) apply if Bill C-23, introduced in the 2nd session of the 40th Parliament and entitled the Canada–Colombia Free Trade Agreement Implementation Act (referred to in this section as the “other Act”), receives royal assent.

• (2) If subsection 48(1) of the other Act comes into force before section 55 of this Act, tariff item No. 9801.10.30 in the List of Tariff Provisions set out in the schedule to the Customs Tariff is amended by

  • (a) adding in the column “Preferential Tariff / Initial Rate”, above the reference to “GPT: Free”, a reference to “COLT: Free”; and

  • (b) adding in the column “Preferential Tariff / Final Rate”, above the reference to “GPT: Free (A)”, a reference to “COLT: Free (A)”.

• (3) If subsection 48(1) of the other Act comes into force on the same day as section 55 of this Act, then that section 55 is deemed to have come into force before that subsection 48(1).

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

Amendments to the Act

58. The Financial Administration Act is amended by adding the following after section 65:

Marginal note:2006, c. 9, s. 262(1)

59. Subsection 85(1) of the Act is replaced by the following:

60. The Act is amended by adding the following after section 131: