Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(1)

• 609. (1) Subsection 66(1) of the Act is replaced by the following:

  Marginal note:Annual premium rate setting

  • 66. (1) Subject to subsection (7) and section 66.3, the Board shall set the premium rate for each year in order to generate just enough premium revenue during that year to ensure that at the end of that year the total of the amounts credited to the Employment Insurance Operating Account after December 31, 2008 is equal to the total of the amounts charged to that Account after that date.

• (2) Subsection 66(1) of the Act, as enacted by subsection (1), is replaced by the following:

  Marginal note:Annual premium rate setting

  • 66. (1) Subject to subsection (7) and section 66.3, the Board shall set the premium rate for each year in order to generate just enough premium revenue to ensure that, at the end of the seven-year period that begins at the beginning of that year, the total of the amounts credited to the Employment Insurance Operating Account after December 31, 2008 is equal to the total of the amounts charged to that Account after that date.

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(1)

  (3) Paragraphs 66(2)(b) and (c) of the Act are replaced by the following:

  • (b) the amount by which the Board’s financial assets exceed its financial liabilities;

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(1)

  (4) Paragraph 66(2)(e) of the Act is replaced by the following:

  • (e) any changes, announced by the Minister on or before July 31 in a year, to payments to be made under paragraph 77(1)(a), (b) or (c) during the following year; and

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(2)

  (5) Subsections 66(4) to (7) of the Act are replaced by the following:

  • Marginal note:Difference year to year

    (7) The premium rate may not be increased or decreased by more than five one-hundredths of one per cent (0.05%) from one year to the next.

• (6) Section 66 of the Act is amended by adding the following after subsection (7):

  • Marginal note:Non-application

    (7.1) Despite subsection (7), the premium rate may be decreased by more than five one-hundredths of one per cent (0.05%) from the year in which this subsection comes into force to the next year.

• Marginal note:2008, c. 28, s. 127

  (7) Subsection 66(9) of the Act is replaced by the following:

  • Marginal note:Time limit

    (9) On or before September 14 in a year, the Board shall set the premium rate for the following year.

Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(3)

• 610. (1) The portion of subsection 66.1(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Information provided

  • 66.1 (1) The Minister shall, on or before July 31 in a year, provide the Board with the following information:

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(3)

  (2) Paragraphs 66.1(1)(a) and (b) of the Act are replaced by the following:

  • (a) if the Minister has made an announcement referred to in paragraph 66(2)(e), the forecast change in the amount of the payments to be made during each of the following seven years under paragraph 77(1)(a), (b) or (c), as the case may be;

  • (b) the forecast costs to be paid under paragraphs 77(1)(d) and (f) during each of the following seven years, including any forecast change in those costs resulting from any change to the payments referred to in paragraph (a);

Marginal note:2008, c. 28, s. 127

• 611. (1) The portion of subsection 66.2(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Information provided

  • 66.2 (1) The Minister of Finance shall, on or before July 31 in a year, provide the Board with the following information:

• Marginal note:2008, c. 28, s. 127

  (2) Paragraph 66.2(1)(a) of the Act is replaced by the following:

  • (a) the most current available forecast values of the economic variables that are relevant to the determination under section 66 of a premium rate for the following year;

Marginal note:2008, c. 28, s. 127

• 612. (1) The portion of subsection 66.3(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Governor in Council

  • 66.3 (1) On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may, on or before September 30 in a year,

• Marginal note:2008, c. 28, s. 127

  (2) Paragraph 66.3(1)(b) of the Act is replaced by the following:

  • (b) if the Board has not set a premium rate under that section by September 14 in the year, set one for the following year.

Marginal note:2008, c. 28, s. 128

613. Section 70.1 of the Act is repealed.

Marginal note:2008, c. 28, s. 130; 2010, c. 12, s. 2205

• 614. (1) The portion of subsection 77.1(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Forecasts and estimates

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

• Marginal note:2008, c. 28, s. 130; 2010, c. 12, s. 2205

  (2) The portion of subsection 77.1(2) of the Act before the formula is replaced by the following:

  • 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

• Marginal note:2008, c. 28, s. 130; 2010, c. 12, s. 2205

  (3) The portion of subsection 77.1(4) of the Act before the formula is replaced by the following:

  • 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

• Marginal note:2008, c. 28, s. 130; 2010, c. 12, s. 2205

  (4) The portion of subsection 77.1(5) of the Act before the formula is replaced by the following:

  • 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:

• 615. (1) Section 96 of the Act is amended by adding the following after subsection (4):

  • Marginal note:No refund

    (4.1) No refund shall be made to a person under subsection (4) if the person is also a self-employed person to whom Part VII.1 applies and the person’s total earnings from insurable employment and from self-employment calculated in accordance with that Part are more than $2,000 in a year.

• (2) Subsection 96(5) of the Act is replaced by the following:

  • Marginal note:Refund — insurable earnings over $2,000

    (5) If a person who is not a self-employed person to whom Part VII.1 applies has insurable earnings of more than $2,000 in a year, but the insurable earnings minus the aggregate of all deducted amounts mentioned in subsection (4) are less than $2,000, the Minister shall refund to the person an amount calculated in accordance with the following formula if that amount is more than $1:

    $2,000 – (IE – P)

    where

    IE

    is the person’s insurable earnings in the year; and

    P

    is the aggregate of all deducted amounts mentioned in subsection (4).

  • Marginal note:Refund — combined earnings over $2,000

    (5.1) If a person has insurable earnings and is also a self-employed person to whom Part VII.1 applies and the person’s total earnings from insurable employment and from self-employment calculated under that Part are more than $2,000 in a year, but the total earnings minus the aggregate of all deducted amounts mentioned in subsection (4) and the premiums payable under section 152.21 are less than $2,000, the Minister shall refund to the person the lesser of the following amounts if that amount is more than $1:

    • (a) the aggregate of all deducted amounts mentioned in subsection (4), and

    • (b) the amount calculated in accordance with the following formula

      $2,000 – (TE –TP)

      where

      TE

      is the person’s total earnings from insurable employment and from self-employment calculated under Part VII.1; and

      TP

      is the aggregate of all deducted amounts mentioned in subsection (4) and the premiums payable under section 152.21.