Budget Implementation Act, 2018, No. 2 (S.C. 2018, c. 27)
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Assented to 2018-12-13
PART 4Various Measures (continued)
DIVISION 1Customs Tariff Simplification (continued)
Coordinating Amendments (continued)
Marginal note:Bill C-85
125 If Bill C-85, introduced in the 1st session of the 42nd Parliament and entitled the An Act to amend the Canada-Israel Free Trade Agreement Implementation Act and to make related amendments to other Acts, receives royal assent, then on the day on which both subsection 10(3) of that Act and section 122 of this Act are in force, the List of Tariff Provisions set out in the schedule to the Customs Tariff is amended by replacing
(a) in the column “Preferential Tariff / Initial Rate” the reference to “N/A” after the abbreviation “CIAT:” with a reference to “Free” for tariff item Nos. 0204.22.00, 0511.99.00 and 0713.90.00; and
(b) in the column “Preferential Tariff / Final Rate” the reference to “N/A” after the abbreviation “CIAT:” with a reference to “Free (A)” for tariff item Nos. 0204.22.00, 0511.99.00 and 0713.90.00.
Coming into Force
Marginal note:January 1, 2019
126 Sections 69 to 123 come into force on January 1, 2019.
DIVISION 2R.S., c. C-8Canada Pension Plan
Amendments to the Act
127 Section 53.3 of the Canada Pension Plan is amended by adding the following after subsection (3):
Marginal note:Year in which first additional contributory period begins or ends
(4) For the purposes of subsection (1), for a year in which the contributor’s first additional contributory period begins or ends, the amount to be attributed to the contributor is equal to that proportion of the amount determined in accordance with subsection (1) that the number of months that are included in the contributor’s first additional contributory period in that year is of 12.
128 Section 53.4 of the Act is amended by adding the following after subsection (2):
Marginal note:Year in which second additional contributory period begins or ends
(3) For the purposes of subsection (1), for a year in which the contributor’s second additional contributory period begins or ends, the amount to be attributed to the contributor is equal to that proportion of the amount determined in accordance with subsection (1) that the number of months that are included in the contributor’s second additional contributory period in that year is of 12.
Coming into Force
Marginal note:Subsection 114(2) of Canada Pension Plan does not apply
129 (1) Subsection 114(2) of the Canada Pension Plan does not apply in respect of the amendments to that Act contained in this Division.
Marginal note:Order in council
(2) This Division comes into force in accordance with subsection 114(4) of the Canada Pension Plan, on a day to be fixed by order of the Governor in Council, but that day must not be before the day on which section 380 of the Budget Implementation Act, 2018, No. 1 comes into force.
DIVISION 3Financial Sector
SUBDIVISION AFinancial Institutions
Materiality Threshold
1991, c. 45Trust and Loan Companies Act
130 (1) Subsection 453(7) of the Trust and Loan Companies Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after paragraph (c):
(d) subject to subsection (7.1), the company is acquiring control of an entity (referred to in this paragraph as the “target entity”) referred to in paragraph (4)(b) or (c) and
A/B < C
where
- A
- is the aggregate of the values, as they would have been reported in the company’s annual financial statements if those statements were prepared on the day of the acquisition of control of the target entity, of
(i) the target entity’s consolidated assets,
(ii) the assets of the company and of any subsidiary of the company that were acquired, at any time within the 12 months preceding the acquisition of control of the target entity, from any entity that, at that time, held any of the assets referred to in subparagraph (i), and
(iii) the consolidated assets of any entity referred to in paragraph (4)(b) or (c) the control of which is acquired by the company at the same time as the acquisition of control of the target entity — or within the 12 months preceding the acquisition of control of the target entity if, at any time within those 12 months, that entity and the target entity were affiliates — excluding any assets referred to in subparagraph (i) or (ii) and the consolidated assets of an entity in respect of which no approval of the Superintendent is required under any of paragraphs (a) to (c),
- B
- is the value of the company’s consolidated assets, as shown in its last annual statement prepared before the acquisition of control of the target entity, and
- C
- is
(e) the company is acquiring or increasing a substantial investment in an entity (referred to in this paragraph as the “target entity”) without acquiring control of it, and
A/B < C
where
- A
- is the aggregate of the values, as they would have been reported in the company’s annual financial statements if those statements were prepared on the day of the acquisition or increase of the substantial investment in the target entity, of
(i) the shares of, or other ownership interests in, the target entity that the company or a subsidiary of the company is acquiring in the transaction that results in the acquisition or increase of a substantial investment in the target entity, and the shares of, or other ownership interests in, the target entity that are held by an entity the control of which the company is acquiring in the transaction that results in the acquisition or increase of a substantial investment in the target entity,
(ii) the shares of, or other ownership interests in, the target entity that are held by the company or a subsidiary of the company and that were acquired by the company or the subsidiary within the 12 months preceding the transaction referred to in subparagraph (i), and
(iii) the shares of, or other ownership interests in, the target entity that are held by a subsidiary of the company the control of which was acquired by the company within the 12 months preceding the transaction referred to in subparagraph (i), excluding any shares or other ownership interests referred to in subparagraph (ii),
- B
- is the value of the company’s consolidated assets, as shown in its last annual statement prepared before the transaction that results in the acquisition or increase of the substantial investment in the target entity, and
- C
- is
(2) Section 453 of the Act is amended by adding the following after subsection (7):
Marginal note:No exception for deemed acquisition
(7.1) The exception in paragraph (7)(d) does not apply with respect to a deemed acquisition of control under subsection 451(7).
1991, c. 46Bank Act
131 (1) Subsection 468(7) of the Bank Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after paragraph (c):
(d) subject to subsection (7.1), the bank is acquiring control of an entity (referred to in this paragraph as the “target entity”) referred to in paragraph (4)(c) or (d) and
A/B < C
where
- A
- is the aggregate of the values, as they would have been reported in the bank’s annual financial statements if those statements were prepared on the day of the acquisition of control of the target entity, of
(i) the target entity’s consolidated assets,
(ii) the assets of the bank and of any subsidiary of the bank that were acquired, at any time within the 12 months preceding the acquisition of control of the target entity, from any entity that, at that time, held any of the assets referred to in subparagraph (i), and
(iii) the consolidated assets of any entity referred to in paragraph (4)(c) or (d) the control of which is acquired by the bank at the same time as the acquisition of control of the target entity — or within the 12 months preceding the acquisition of control of the target entity if, at any time within those 12 months, that entity and the target entity were affiliates — excluding any assets referred to in subparagraph (i) or (ii) and the consolidated assets of an entity in respect of which no approval of the Superintendent is required under any of paragraphs (a) to (c),
- B
- is the value of the bank’s consolidated assets, as shown in its last annual statement prepared before the acquisition of control of the target entity, and
- C
- is
(e) the bank is acquiring or increasing a substantial investment in an entity (referred to in this paragraph as the “target entity”) without acquiring control of it, and
A/B < C
where
- A
- is the aggregate of the values, as they would have been reported in the bank’s annual financial statements if those statements were prepared on the day of the acquisition or increase of the substantial investment in the target entity, of
(i) the shares of, or other ownership interests in, the target entity that the bank or a subsidiary of the bank is acquiring in the transaction that results in the acquisition or increase of a substantial investment in the target entity, and the shares of, or other ownership interests in, the target entity that are held by an entity the control of which the bank is acquiring in the transaction that results in the acquisition or increase of a substantial investment in the target entity,
(ii) the shares of, or other ownership interests in, the target entity that are held by the bank or a subsidiary of the bank and that were acquired by the bank or the subsidiary within the 12 months preceding the transaction referred to in subparagraph (i), and
(iii) the shares of, or other ownership interests in, the target entity that are held by a subsidiary of the bank the control of which was acquired by the bank within the 12 months preceding the transaction referred to in subparagraph (i), excluding any shares or other ownership interests referred to in subparagraph (ii),
- B
- is the value of the bank’s consolidated assets, as shown in its last annual statement prepared before the transaction that results in the acquisition or increase of the substantial investment in the target entity, and
- C
- is
(2) Section 468 of the Act is amended by adding the following after subsection (7):
Marginal note:No exception for deemed acquisition
(7.1) The exception in paragraph (7)(d) does not apply with respect to a deemed acquisition of control under subsection 466(7).
- Date modified: