Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

Marginal note:2010, c. 12, s. 1848

 The portion of section 34 of the Act before paragraph (b) is replaced by the following:

Marginal note:Annual report

34. The Minister shall cause to be laid before each House of Parliament, not later than the fifth sitting day of that House after September 30 next after the end of each fiscal year, a report showing the Agency’s operations for that year and describing

  • (a) in aggregate form, its conclusions on the compliance, in that year, of financial institutions and external complaints bodies with the consumer provisions applicable to them; and

Coordinating Amendments

Marginal note:2009, c. 23

 On the first day on which both section 306 of the Canada Not-for-profit Corporations Act and section 146 of this Act are in force, subsection 455.01(1) of the Bank Act is replaced by the following:

Marginal note:Approval of external complaints body
  • 455.01 (1) Subject to section 455.1, the Minister may, on the Commissioner’s recommendation and for the purposes of this section, approve a body corporate incorporated under the Canada Not-for-profit Corporations Act or under the Canada Business Corporations Act whose purpose, in the Minister’s view, under its letters patent is dealing with complaints, made by persons having requested or received products or services from its member financial institutions, that have not been resolved to the satisfaction of those persons under procedures established by those financial institutions under paragraph 455(1)(a).

Marginal note:2010, c. 12
  •  (1) In this section, “other Act” means the Jobs and Economic Growth Act.

  • (2) If section 2116 of the other Act comes into force before section 158 of this Act, then that section 158 is replaced by the following:

    158. Subsection 14(1) of the Act is replaced by the following:

    Marginal note:Ownership
    • 14. (1) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company, external complaints body or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution or external complaints body.

  • (3) If section 2116 of the other Act and section 158 of this Act come into force on the same day, then that section 158 is deemed to have come into force before that section 2116.

Coming into Force

Marginal note:Order in council

 This Part, other than sections 163 and 164, comes into force on a day to be fixed by order of the Governor in Council.

PART 52007, c. 35, s. 136CANADA DISABILITY SAVINGS ACT

Amendments to the Act

Marginal note:2010, c. 12, s. 26(3)

 Paragraph 2(2)(b) of the Canada Disability Savings Act is replaced by the following:

  • (b) the expressions “contribution”, “designated provincial program”, “DTC-eligible individual”, “holder”, “issuer” and “registered disability savings plan” have the same meanings as in section 146.4 of that Act; and

  •  (1) Section 6 of the Act is amended by adding the following after subsection (2):

    • Marginal note:Deemed year of contribution

      (2.1) For the purposes of subsection (2), a contribution allocated to a year under subsection (2.2) is deemed to have been made in that year.

    • Marginal note:Allocation of contribution

      (2.2) The Minister may allocate a contribution made to the beneficiary’s registered disability savings plan in a year after 2010, in parts — to the year in which it is actually made and to each of the previous 10 years that is after 2007 — in the following order:

      • (a) up to $500 to each year in which the beneficiary is one referred to in paragraph (2)(a), beginning with the earliest year, less any contributions allocated to the year in question;

      • (b) up to $1500 to each year in which the beneficiary is one referred to in paragraph (2)(a), beginning with the earliest year, less any contributions allocated to the year in question including those so allocated under paragraph (a); and

      • (c) up to $1000 to each year in which the beneficiary is not one referred to in paragraph (2)(a), beginning with the earliest year, less any contributions allocated to the year in question.

    • Marginal note:Residency and DTC-eligibility

      (2.3) No contribution made to the plan in a year may be allocated to a previous year unless, during that previous year, the beneficiary was resident in Canada and a DTC-eligible individual.

    • Marginal note:Limit

      (2.4) The Minister may allocate only the portion of contributions made to the plan in a year in respect of which, in accordance with subsection (2), a Canada Disability Savings Grant of up to $10,500 may be paid into the plan in that year.

    • Marginal note:Contributions made before 2011

      (2.5) For the purposes of determining the contributions allocated to the year in question under any of paragraphs (2.2)(a) to (c), contributions made to the plan in 2008, 2009 or 2010 are considered to have been allocated to the year in which they were actually made.

  • (2) Section 6 of the Act is amended by adding the following after subsection (7):

    • Marginal note:Annual cap

      (8) Not more than $10,500 in Canada Disability Savings Grants may be paid in respect of a beneficiary in a year.

    • Marginal note:Annual statement to plan holders

      (9) Once a year, the Minister shall cause each holder of a registered disability savings plan to be provided with a statement that sets out the amount of Canada Disability Savings Grants that may be paid for particular years on the basis of future contributions.

 Subsection 7(1) of the Act is replaced by the following:

Marginal note:Canada Disability Savings Bonds
  • 7. (1) Subject to this Act and the regulations, on application, the Minister may pay a Canada Disability Savings Bond into a registered disability savings plan of a beneficiary

    • (a) for each year after the year in which the plan is entered into; and

    • (b) for the year in which the plan is entered into and for each of the previous 10 years

      • (i) that is after 2007,

      • (ii) during which the beneficiary was resident in Canada, and

      • (iii) for which a Canada Disability Savings Bond has not previously been paid.

  • Marginal note:Terms and conditions

    (1.1) A Canada Disability Savings Bond is to be paid on any terms and conditions that the Minister may specify by agreement between the Minister and the issuer of the plan.

Transitional Provisions

Marginal note:Canada Disability Savings Grant for 2008

 For the purposes of calculating the amount of a Canada Disability Savings Grant that may be paid for 2008 under section 6 of the Canada Disability Savings Act, subparagraphs 6(2)(a)(i) and (ii) and subsection 6(6) of that Act are to be read as they did on December 31, 2008.

Marginal note:Canada Disability Savings Bond for 2008

 For the purposes of calculating the amount of a Canada Disability Savings Bond that may be paid for 2008 under section 7 of the Canada Disability Savings Act, subparagraphs 7(2)(a)(i) and (ii) and (b)(i) and (ii), the descriptions of B and C in subsection 7(4) and subsection 7(8) of that Act are to be read as they did on December 31, 2008.

Coming into Force

Marginal note:January 1, 2011

 This Part comes into force, or is deemed to have come into force, on January 1, 2011.

PART 6R.S. c. 1 (2nd Supp.)CUSTOMS ACT

 Section 11.1 of the Customs Act is amended by adding the following after subsection (3):

  • Marginal note:User Fees Act

    (4) The User Fees Act does not apply to a fee for an authorization issued under this section if it is a reciprocal fee under an international arrangement.

PART 7R.S., c. F-8; 1995, c.17, s. 45(1)FEDERAL-PROVINCIAL FISCAL ARRANGEMENTS ACT

Marginal note:R.S., c. 11 (3rd Supp.), ss. 5(1), (4) and (6)(F); 1995, c. 17, ss. 47(1) and (2); 1999, c. 11, s. 3(3), c. 31, s. 235; 2005, c. 7, ss. 2(1) to (6)
  •  (1) Subsections 6(1) to (6) of the Federal-Provincial Fiscal Arrangements Act are replaced by the following:

    Marginal note:Computation of payments
    • 6. (1) Subject to subsections (8) to (10), the fiscal stabilization payment that may be paid to a province for a fiscal year is the amount determined by the formula

      (0.95 × A) – B + (C × D) – (E × F)

      where

      A 
      is the non-natural resource revenue of the province for the preceding fiscal year;
      B 
      is the non-natural resource revenue of the province for the fiscal year;
      C 
      is equal to
      • (a) 95%, if the natural resource revenue of the province for the fiscal year is greater than the natural resource revenue of the province for the preceding fiscal year,

      • (b) 50%, if the natural resource revenue of the province for the fiscal year is less than one half of the natural resource revenue of the province for the preceding fiscal year, or

      • (c) zero, in any other case;

      D 
      is the natural resource revenue of the province for the preceding fiscal year;
      E 
      is equal to
      • (a) one, if the natural resource revenue of the province for the fiscal year is either greater than the natural resource revenue of the province for the preceding fiscal year or less than one half of the natural resource revenue of the province for the preceding fiscal year, or

      • (b) zero, in any other case; and

      F 
      is the natural resource revenue of the province for the fiscal year.
    • Marginal note:Adjustment

      (2) For the purposes of determining the amount under subsection (1), the Minister may adjust, in the prescribed manner, the natural resource revenue and the non-natural resource revenue of a province for the fiscal year to offset the amount, as determined by the Minister, of any change in either of those revenues for the fiscal year resulting from changes made by the province in the rates or structure of provincial taxes or of other means of raising the revenue of the province from the rates or structures in effect in the preceding fiscal year.

    • Marginal note:Interpretation

      (2.1) If a province has entered into a tax collection agreement respecting personal income tax or corporation income tax, a change to the Income Tax Act affecting the province’s Common Tax Base as defined in Chapter 2 or 3, as the case may be, of the tax collection agreement is deemed to be a change in the rates or in the structures of provincial taxes for the purposes of subsection (2).

    • Marginal note:Natural resource revenue

      (3) For the purposes of determining the amount under subsection (1), the natural resource revenue of a province for a fiscal year is the aggregate of the total revenue, as determined by the Minister, derived by the province for the fiscal year from the revenue sources described in paragraphs (l) to (w) of the definition “revenue source” in subsection 3.9(1) and from the revenue sources described in paragraph (z.5) of that definition that relate to natural resources.

    • Marginal note:Non-natural resource revenue

      (4) For the purposes of determining the amount under subsection (1), the non-natural resource revenue of a province for a fiscal year is equal to

      • (a) the aggregate of

        • (i) the total revenue, as determined by the Minister, derived by the province for the fiscal year from the revenue sources described in paragraphs (a) to (k), (x), (y) and (z.1) to (z.3) of the definition “revenue source” in subsection 3.9(1),

        • (ii) the total revenue, as determined by the Minister, derived by the province for the fiscal year from the revenue sources described in paragraph (z.5) of that definition that do not relate to natural resources,

        • (iii) the fiscal equalization payment made to the province for the fiscal year under Part I, and

        • (iv) the additional cash payment made to the province for the fiscal year under section 24.703,

        minus

      • (b) despite subsection (5), the aggregate of

        • (i) the total equalized tax transfer applicable to the province as if, for that fiscal year, the transfer were determined in the manner described in subsection 24.7(1.22), and

        • (ii) the value of the additional tax abatement units as determined in accordance with subsection 27(2).

    • Marginal note:Non-natural resource revenue

      (5) For the purposes of determining the non-natural resource revenue of a province for a fiscal year,

      • (a) subsection 3.9(2) applies, with any modifications that the circumstances require, in determining the revenue derived by the province for the fiscal year from personal income taxes, described in paragraph (a) of the definition “revenue source” in subsection 3.9(1), except that no deduction may be made in respect of the tax abatement units referred to in subsection 27(2);

      • (b) the province’s revenue for the fiscal year derived from personal income taxes, described in paragraph (a) of the definition “revenue source” in subsection 3.9(1), is deemed to be

        • (i) the total amount, determined in the prescribed manner, of the provincial personal income taxes assessed or reassessed, not later than 24 months after the end of the fiscal year, in respect of the taxation year ending in the fiscal year,

        minus

        • (ii) the total amount, determined in the prescribed manner, of the tax credits and rebates claimed by taxpayers in the province against provincial personal income taxes for that taxation year that have been deducted from those assessed or reassessed provincial personal income taxes; and

      • (c) the province’s revenue for the fiscal year derived from that part of the revenue source described in paragraph (b) of the definition “revenue source” in subsection 3.9(1) that consists of corporation income taxes is deemed to be

        • (i) the total amount, determined in the prescribed manner, of the provincial corporation income taxes assessed or reassessed, not later than 24 months after the end of the fiscal year, in respect of the taxation year of corporations ending in the calendar year that ends in the fiscal year,

        minus

        • (ii) the total amount, determined in the prescribed manner, of the tax credits and rebates claimed by taxpayers in the province against provincial corporation income taxes for that taxation year that have been deducted from those assessed or reassessed provincial corporation income taxes.

    • Marginal note:Fiscal year 2011–2012

      (6) Despite subsection (4), for the purposes of determining the amount under subsection (1) for the fiscal year that begins on April 1, 2011, the payment under section 3.12 and the additional cash payment under section 24.703 are not included in the province’s non-natural resource revenue.

  • Marginal note:2005, c. 7, s. 2(7)

    (2) Subsection 6(11) of the Act is repealed.

 
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