Marginal note:2008, c. 28, s. 129

• 439. (1) Subsection 77(1) of the Act is amended by adding “and” at the end of paragraph (d) and by repealing paragraphs (e) and (f).

• (2) Subsection 77(1) of the Act is amended by adding the following after paragraph (d.1):

  • (e) the costs to the Board of administering the Canada Employment Insurance Financing Board Act;

• (3) Subsection 77(1) of the Act is amended by striking out “and” at the end of paragraph (d.1) and by adding the following in alphabetical order:

  • (f) the costs to Her Majesty in right of Canada of administering the Canada Employment Insurance Financing Board Act; and

Marginal note:2012, c. 19, s. 614(1)

• 440. (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 On or before June 22 in a year,

• (2) The portion of section 77.1 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; 2012, c. 19, ss. 614(2) to (4)

  (3) Subsections 77.1(2) to (6) of the Act are repealed.

• (4) Section 77.1 of the Act is amended by adding the following after subsection (1):

  • 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

    (A + C) > (B + D)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • Marginal note:Amount of payment to Board

    (3) For the purpose of subsection (2), the amount of the payment is an amount equal to the amount calculated in accordance with the following formula:

    (A + C) – (B + D)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • 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

    (A + C) < (B + D)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • 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:

    (B + D) – (A + C)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • Marginal note:Terms and conditions

    (6) Payments under this section must be made in the manner and on the terms and conditions that the Minister of Finance may establish after consulting with the Minister and the Board.

2005, c. 34Department of Human Resources and Skills Development Act

Marginal note:2008, c. 28, s. 132(2)

• 441. (1) Subsection 28(4) of the Department of Human Resources and Skills Development Act is replaced by the following:

  • Marginal note:Actuary — Employment Insurance Act

    (4) The Commission shall engage the services of a Fellow of the Canadian Institute of Actuaries who is an employee of the Office of the Superintendent of Financial Institutions to perform the duties under section 66.3 of the Employment Insurance Act.

• (2) Subsection 28(4) of the Act is replaced by the following:

  • Marginal note:Calculations

    (4) The Commission may request the Canada Employment Insurance Financing Board established under subsection 3(1) of the Canada Employment Insurance Financing Board Act to perform calculations for the purposes of sections 4 and 69 of the Employment Insurance Act in accordance with an agreement between the Commission and that Board.

2008, c. 28, s. 121Canada Employment Insurance Financing Board Act

Amendments to the Act

• 442. (1) The definition “Board” in section 2 of the Canada Employment Insurance Financing Board Act is replaced by the following:

  “Board”

  « Office »

  “Board” means the Canada Employment Insurance Financing Board established by subsection 3(1) as that subsection read immediately before it was repealed.

• (2) The definition “Board” in section 2 of the Act is replaced by the following:

  “Board”

  « Office »

  “Board” means the Canada Employment Insurance Financing Board established by subsection 3(1).

• 443. (1) Subsection 3(1) of the Act is repealed.

• (2) Section 3 of the Act is amended by adding the following before subsection (2):

  Marginal note:Board established

  • 3. (1) There is established a corporation to be known as the Canada Employment Insurance Financing Board.

444. Subsection 10(5) of the Act is replaced by the following:

• 445. (1) The Act is amended by adding the following after section 36:

  CLOSING OUT OF AFFAIRS

  Marginal note:Disposal of assets

  • 37. (1) The Board is authorized to sell or otherwise dispose of all or substantially all of its assets and do everything necessary for or incidental to closing out its affairs.

  • Marginal note:Minister’s power

    (2) The Minister may require the Board to do anything that in his or her opinion is necessary to sell or otherwise dispose of all or substantially all of its assets, satisfy its debts and liabilities, manage its expenses or otherwise close out its affairs.

  • Marginal note:Compliance

    (3) The Board must do what the Minister requires under subsection (2).

  Marginal note:Transfer of records

  38. The Board must transfer to the Department of Human Resources and Skills Development the following items, including any electronic versions of them:

  • (a) the Board’s books of account and other financial records, as well as any information that the Board collected in order to produce them;

  • (b) copies of the Board’s by-laws and its investment policies, standards and procedures;

  • (c) the spreadsheets and formulas of the forecasting models for the premium rate referred to in section 66 of the Employment Insurance Act; and

  • (d) anything else that the Minister requires.

  Marginal note:Final reports

  39. The Board must submit to the Minister any final reports required by him or her in the form and at the times that he or she specifies.

• (2) The heading before section 37 and sections 37 to 39 of the Act are repealed.

Suspension

Marginal note:Suspension — sections 27, 28 and 30 to 34

446. The operation of sections 27, 28 and 30 to 34 of the Canada Employment Insurance Financing Board Act is suspended.

Marginal note:Suspension — sections 1 and 2, subsections 3(2) to (7) and sections 4 to 26, 29, 35 and 36

447. The operation of sections 1 and 2, subsections 3(2) to (7) and sections 4 to 26, 29, 35 and 36 of the Canada Employment Insurance Financing Board Act is suspended.

Marginal note:End of suspension

448. The suspension of the provisions of the Canada Employment Insurance Financing Board Act ends on a day or days to be fixed by order of the Governor in Council.

Transitional Provision

Marginal note:Subsection 10(6)

449. When the Governor in Council makes an order under section 448 that ends the suspension of the operation of subsection 10(6) of the Canada Employment Insurance Financing Board Act, the nominating committee does not, for the purposes of that subsection, have to consult the board of directors until the first seven directors have been appointed by the Governor in Council.

2012, c. 19Jobs, Growth and Long-term Prosperity Act

450. Subsection 610(2) of the Jobs, Growth and Long-term Prosperity Act is amended by replacing the paragraph (b) that it enacts with the following:

451. Subsection 619(3) of the Act is replaced by the following:

Transitional Provisions

Marginal note:Definitions

452. The following definitions apply in sections 453 to 460.

“Board”

« Office »

“Board” has the same meaning as in section 2 of the Canada Employment Insurance Financing Board Act.

“Minister”

« ministre »

“Minister” has the same meaning as in section 2 of the Canada Employment Insurance Financing Board Act.

Marginal note:Appointments terminated

• 453. (1) Members of the Board’s board of directors appointed under subsection 9(1) or (5) of the Canada Employment Insurance Financing Board Act cease to hold office on the coming into force of this subsection.

• Marginal note:No compensation

  (2) Despite the provisions of any contract, agreement or order, no person appointed to hold office as a member of the Board’s board of directors has any right to claim or receive any compensation, damages, indemnity or other form of relief from Her Majesty in right of Canada or from any employee or agent of Her Majesty for ceasing to hold that office or for the abolition of that office by the operation of this Division.

Marginal note:Dissolution

454. The Board is dissolved.

Marginal note:References

455. Every reference to the Board in a deed, contract, agreement or other document executed by the Board in its own name before the day on which section 454 comes into force is to be read as a reference to Her Majesty in right of Canada as represented by the Minister, unless the context requires otherwise.

Marginal note:Surplus

456. Any surplus of financial assets that remains after the satisfaction of the debts and liabilities of the Board on the day on which section 454 comes into force is to be paid into the Consolidated Revenue Fund and credited to the Employment Insurance Operating Account established under section 70.2 of the Employment Insurance Act.

Marginal note:Unsatisfied debts and liabilities

457. Any debts and liabilities of the Board that remain unsatisfied on the day on which section 454 comes into force become the debts and liabilities of Her Majesty in right of Canada.

Marginal note:Commencement of legal proceedings

458. Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Board before the day on which section 454 comes into force may be brought against Her Majesty in right of Canada in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Board.

Marginal note:Continuation of legal proceedings

459. Any action, suit or other legal proceeding to which the Board is a party that is pending in any court immediately before the day on which section 454 comes into force may be continued by or against Her Majesty in right of Canada in like manner and to the same extent as it could have been continued by or against the Board.

Marginal note:Auditor

460. After the closing out of the Board’s affairs, its accounts and financial transactions are to be audited by the Auditor General of Canada, and a report of the audit is to be made to the Minister.

R.S., c. F-11Consequential Amendments to the Financial Administration Act

Marginal note:2008, c. 28, s. 134

• 461. (1) Part I of Schedule III to the Financial Administration Act is amended by striking out the following:

  • Canada Employment Insurance Financing Board

    Office de financement de l’assurance-emploi du Canada

• (2) Part I of Schedule III to the Act is amended by adding the following in alphabetical order:

  • Canada Employment Insurance Financing Board

    Office de financement de l’assurance-emploi du Canada

Coordinating Amendments

Marginal note:2012, c. 19

• 462. (1) In this section, “other Act” means the Jobs, Growth and Long-term Prosperity Act.

• (2) If section 307 of the other Act comes into force before subsection 436(4) of this Act, then, on the first day on which both that section 307 and subsection 436(3) of this Act are in force, paragraph 66.1(1)(b) of the Employment Insurance Act is replaced by the following:

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

• (3) On the first day on which both section 307 of the other Act and subsection 436(4) of this Act are in force, paragraph 66.1(1)(b) of the Employment Insurance Act is replaced by the following:

  • (b) the forecast costs to be paid under paragraphs 77(1)(d), (d.1) and (g) during the following year, including any forecast change in those costs resulting from any change to the payments referred to in paragraph (a); and

• (4) If section 307 of the other Act comes into force before subsection 439(1) of this Act, then subsection 439(1) of the English version of this Act is replaced by the following:

  Marginal note:2008, c. 28, s. 129

  • 439. (1) Subsection 77(1) of the Act is amended by adding “and” at the end of paragraph (d.1) and by repealing paragraphs (e) and (f).

• (5) If subsection 439(1) of this Act comes into force before section 307 of the other Act, then, on the day on which that section 307 comes into force, subsection 77(1) of the English version of the Employment Insurance Act is amended by striking out “and” at the end of paragraph (d) and by adding “and” at the end of paragraph (d.1).

• (6) If section 307 of the other Act comes into force on the same day as subsection 439(1) of this Act, then that subsection 439(1) is deemed to have come into force before that section 307 and subsection (5) applies as a consequence.