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Budget Implementation Act, 2018, No. 1 (S.C. 2018, c. 12)

Assented to 2018-06-21

PART 6Various Measures (continued)

DIVISION 2R.S., c. C-3Canada Deposit Insurance Corporation Act (continued)

Coming into Force

Marginal note:Order in council

  •  (1) Subject to subsection (2), this Division comes into force on a day to be fixed by order of the Governor in Council.

  • Marginal note:Order in council

    (2) Section 203, subsection 204(2), section 206 and subsections 211(1) and (3) to (5) come into force on a day to be fixed by order of the Governor in Council.

DIVISION 3R.S., c. F-8; 1995, c. 17, s. 45(1)Federal-Provincial Fiscal Arrangements Act

 The definition Minister in subsection 2(1) of the Federal-Provincial Fiscal Arrangements Act is replaced by the following:

Minister

Minister, other than in sections 25 to 25.5, means the Minister of Finance; (ministre)

 Section 3 of the Act is replaced by the following:

Marginal note:Fiscal equalization payment

3 Subject to the other provisions of this Act, there may be paid to a province a fiscal equalization payment not exceeding the amounts determined under this Part for each fiscal year in the period beginning on April 1, 2007 and ending on March 31, 2024.

 Subsection 4.1(1) of the Act is replaced by the following:

Marginal note:Territorial formula financing payments

  • 4.1 (1) Subject to the other provisions of this Act, there may be paid to a territory a territorial formula financing payment not exceeding the amounts determined under this Part for each fiscal year in the period beginning on April 1, 2014 and ending on March 31, 2024.

 The Act is amended by adding the following after section 4.11:

Other Payments

Marginal note:Payments — Yukon and Northwest Territories

4.12 The following amounts may be paid for each fiscal year in the period beginning on April 1, 2019 and ending on March 31, 2024:

  • (a) to Yukon, $1,270,000; and

  • (b) to the Northwest Territories, $1,744,000.

 The portion of section 25 of the Act before paragraph (a) is replaced by the following:

Marginal note:Reduction or withholding — Canada Health Transfer and Canada Social Transfer

25 Subject to section 25.01, the cash contribution that may be provided to a province under section 24.2, 24.21, 24.5 or 24.51 is to be reduced or withheld for the purposes of giving effect to

 The Act is amended by adding the following after section 25:

Marginal note:Reimbursement — Canada Health Transfer

  • 25.01 (1) A cash contribution provided to a province under section 24.21 may be increased by reimbursing, in whole or in part, a deduction referred to in paragraph 25(b).

  • Marginal note:Certificate for reimbursement of deduction

    (2) If the Minister of Health is of the opinion that the circumstances giving rise to a deduction made under section 20 of the Canada Health Act no longer exist, he or she may issue a reimbursement certificate that sets out

    • (a) the details of the deduction, including the amount of extra-billing or user charges, the province to which it applies and the fiscal year in which the deduction was made; and

    • (b) the amount to be reimbursed.

  • Marginal note:Time period

    (3) The Minister of Health may issue a reimbursement certificate under subsection (2) in the fiscal year in which the deduction was made or in the following two fiscal years and he or she must provide it to the Minister of Finance no later than March 6 of the final fiscal year in which the reimbursement may be made.

  • Marginal note:Reimbursement

    (4) A reimbursement under this section must be made by the Minister of Finance upon receipt of a reimbursement certificate within the time period set out in subsection (3).

  • Marginal note:Application

    (5) This section only applies to deductions made after March 31, 2017.

DIVISION 4Securities Issued or Guaranteed by Foreign Governments

R.S., c. B-2Bank of Canada Act

 Paragraph 18(d) of the Bank of Canada Act is replaced by the following:

  • (d) buy and sell securities issued or guaranteed by the government of the United States, of Japan, of the United Kingdom or of a member state of the European Union;

Coming into Force

Marginal note:Order in council

 Section 220 comes into force on a day to be fixed by order of the Governor in Council, which may not be earlier than the day — if ever — on which the United Kingdom ceases to be a member state of the European Union.

DIVISION 5Exchange Fund Account

R.S., c. C-52Currency Act

 The long title of the Currency Act is replaced by the following:

An Act respecting currency and the Exchange Fund Account

 Section 17 of the Act is replaced by the following:

Marginal note:Exchange Fund Account continued

  • 17 (1) The special account in the name of the Minister known as the Exchange Fund Account is continued, and all assets acquired and held by or on behalf of the Minister in the Exchange Fund Account continue to be so held.

  • Marginal note:Purposes of Account

    (2) The purposes of the Exchange Fund Account are

    • (a) to aid in the control and protection of the external value of the monetary unit of Canada; and

    • (b) to provide a source of liquidity for the Government of Canada.

 Section 19 of the Act is replaced by the following:

Marginal note:Advances out of and payments into C.R.F.

19 The Minister may, on any terms and conditions that he or she considers appropriate, authorize

  • (a) advances to the Exchange Fund Account out of the Consolidated Revenue Fund; and

  • (b) payments out of the Exchange Fund Account into the Consolidated Revenue Fund.

DIVISION 6Bank Notes

R.S., c. B-2Bank of Canada Act

 The heading before section 25 of the Bank of Canada Act is replaced by the following:

Note Issue and Removal

 Subsection 25(2) of the Act is replaced by the following:

  • Marginal note:Arrangements for issue and removal

    (2) It is the duty of the Bank to make adequate arrangements for

    • (a) the issue of its notes in Canada and the supply of those notes as required for circulation in Canada; and

    • (b) the removal from circulation in Canada of

      • (i) its notes that are worn or mutilated, and

      • (ii) its notes that are the subject of an order made under paragraph 9(1)(b) of the Currency Act, regardless of whether the order has come into force.

R.S., c. C-52Currency Act

 The heading before section 7 of the Currency Act is replaced by the following:

Current Coins and Notes

 The Act is amended by adding the following after section 7:

Marginal note:Current notes

7.1 A note is current for the amount of its denomination in the currency of Canada if it was issued under the authority of the Bank of Canada Act.

  •  (1) The portion of subsection 8(1) of the French version of the Act before paragraph (a) is replaced by the following:

    Marginal note:Pouvoir libératoire

    • 8 (1) Sous réserve des autres dispositions du présent article, les offres de paiement ont pouvoir libératoire si elles sont effectuées avec :

  • (2) Paragraph 8(1)(b) of the Act is replaced by the following:

    • (b) in notes that are current under section 7.1.

  • (3) The portion of subsection 8(2) of the English version of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Limitation

      (2) A tender of payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

  • (4) Subsection 8(2.1) of the English version of the Act is replaced by the following:

    • Marginal note:Coins of denominations greater than ten dollars

      (2.1) In the case of coins of a denomination greater than ten dollars, a tender of payment referred to in subsection (1) may consist of not more than one coin, and the tender of payment is a legal tender for no more than the value of a single coin of that denomination.

 

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