COVID-19 Emergency Response Act (S.C. 2020, c. 5)
Full Document:
- HTMLFull Document: COVID-19 Emergency Response Act (Accessibility Buttons available) |
- PDFFull Document: COVID-19 Emergency Response Act [563 KB]
Assented to 2020-03-25
PART 6R.S., c. E-20; 2001, c. 33, s. 2(F)Export Development Act (continued)
Amendments to the Act (continued)
19 Subsection 23(1) of the Act is replaced by the following:
Marginal note:Authorization of the Minister
23 (1) If the Corporation advises the Minister that it will not, without an authorization made under this section, enter into any transaction or class of transactions that it has the power to enter into under subsection 10(1.1) and the Minister is of the opinion that it is in the national interest that the Corporation enter into any such transaction or class of transactions, the Minister, with the concurrence of the Minister of Finance, may authorize the Corporation to do so.
20 (1) The portion of subsection 24(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Limit of liability
24 (1) Subject to subsection (2), in respect of transactions entered into under section 23, the total of the following liabilities and obligations shall at no time exceed the amount referred to in paragraph (1.1)(a) or (b), as the case may be:
(2) Section 24 of the Act is amended by adding the following after subsection (1):
Marginal note:Determination of amount
(1.1) The amount which the total liabilities and obligations referred to in subsection (1) shall at no time exceed is
(a) for the period beginning on the day on which this subsection comes into force and ending on September 30, 2020, the amount that the Minister of Finance determines during that period, or, if that Minister redetermines the amount during that period, the most recently determined amount; and
(b) on and after October 1, 2020, an amount equal to the amount determined by the Minister of Finance under paragraph (a), or, if that Minister redetermined the amount under that paragraph, an amount equal to the last amount so determined.
Marginal note:Publication in Canada Gazette
(1.2) As soon as feasible after determining or redetermining an amount under paragraph (1.1)(a), the Minister of Finance shall publish a notice of that amount in the Canada Gazette.
Suspension of Certain Provisions of the Export Development Canada Exercise of Certain Powers Regulations
Marginal note:Suspension
21 (1) If the Minister, as defined in section 2 of the Export Development Act, and the Minister of Finance specify a period under paragraph 10(1)(a) of that Act, subsections 5(2) and 6(2) and (3) of the Export Development Canada Exercise of Certain Powers Regulations do not apply for that period.
Marginal note:Transactions entered into during specified period
(2) Subsections 5(2) and 6(2) and (3) of the Export Development Canada Exercise of Certain Powers Regulations do not apply to a new transaction that Export Development Canada enters into during a period referred to in subsection (1), even after the expiry of that period. Even after the expiry of that period, Export Development Canada may take any steps and do anything that it considers necessary or desirable to implement the transaction or that it considers related to the transaction.
Marginal note:Arrangement entered into before expiry of specified period
(3) The expiry of a period referred to in subsection (1) has no effect on any arrangement Export Development Canada entered into in order to carry out its purpose referred to in paragraph 10(1)(a) of the Export Development Act. Even after the expiry of that period, Export Development Canada may take any steps and do anything that it considers necessary or desirable to implement the arrangement or that it considers related to the arrangement.
PART 7R.S., c. F-8; 1995, c. 17, s. 45Federal-Provincial Fiscal Arrangements Act
22 The Federal-Provincial Fiscal Arrangements Act is amended by adding the following after section 24.703:
Additional Payments for Fiscal Year 2019–2020
Marginal note:Total payment of $500 million
24.71 The Minister may pay an additional cash payment for the fiscal year beginning on April 1, 2019 equal to
(a) for Ontario, $193,721,000;
(b) for Quebec, $112,871,000;
(c) for Nova Scotia, $12,922,000;
(d) for New Brunswick, $10,340,000;
(e) for Manitoba, $18,216,000;
(f) for British Columbia, $67,464,000;
(g) for Prince Edward Island, $2,089,000;
(h) for Saskatchewan, $15,627,000;
(i) for Alberta, $58,141,000;
(j) for Newfoundland and Labrador, $6,952,000;
(k) for Yukon, $543,000;
(l) for the Northwest Territories, $598,000; and
(m) for Nunavut, $516,000.
PART 8R.S., c. F-11Financial Administration Act
Amendments to the Act
23 Section 44 of the Financial Administration Act is amended by adding the following after subsection (2):
Marginal note:Maximum — exception
(2.1) Any money borrowed under section 47 is not to be taken into account for the purpose of calculating the aggregate principal amount of money borrowed by the Minister under this section in any fiscal year.
24 The Act is amended by adding the following after section 46.1:
Marginal note:Exception
47 During the period beginning on the day on which this section comes into force and ending on September 30, 2020, the Minister may borrow money for
(a) the payment of any amount that is required to be paid in that period in respect of any money borrowed under the authority of this Act or any other Act of Parliament; or
(b) the payment, by Her Majesty, of any amount in extraordinary circumstances, including in the event of a natural disaster or to promote the stability or maintain the efficiency of the financial system in Canada, if the Minister is of the opinion that the borrowing of money is necessary in those circumstances.
25 (1) Subsection 49(1) of the Act is amended by striking out “and” at the end of paragraph (a.1) and by adding the following after that paragraph:
(a.2) the money that is borrowed under paragraph 47(b) and that is due; and
(2) The portion of subsection 49(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Report on Minister’s plans
(2) The Minister shall cause to be tabled in each House of Parliament for every fiscal year, not later than the 30th day on which that House is sitting after the start of the fiscal year to which the report relates, a report on the Minister’s plans in relation to the following:
(3) Paragraphs 49(2)(a) and (b) of the English version of the Act are replaced by the following:
26 Section 49.1 of the Act is renumbered as subsection 49.1(1) and is amended by adding the following:
Marginal note:Report — borrowings in respect of extraordinary circumstances
(2) The Minister shall cause to be tabled in each House of Parliament a report on the money borrowed or to be borrowed under paragraph 47(b) within the first 30 days on which that House is sitting after the day on which the Minister first borrows money under that paragraph.
27 (1) The portion of subsection 60.2(1) of the Act before the first definition is replaced by the following:
Marginal note:Definitions
60.2 (1) The following definitions apply in this Part.
(2) The definition entity in subsection 60.2(1) of the Act is replaced by the following:
- entity
entity means an entity, including a trust, that, in the Minister’s opinion, is operating in Canada. (entité)
(3) Subsection 60.2(2) of the Act is replaced by the following:
Marginal note:Contracts and payments
(2) Subject to subsection (3), the Minister may, taking into account the interests of taxpayers,
(a) with the Governor in Council’s authorization, enter into, on behalf of Her Majesty in right of Canada, any contract that in the Minister’s opinion is necessary to promote the stability or maintain the efficiency of the financial system in Canada, including such a contract to
(i) purchase, acquire, hold, lend or sell or otherwise dispose of securities of an entity,
(ii) create a charge on, or right or interest in, securities of an entity held by the Minister,
(iii) make a loan to an entity,
(iv) provide a line of credit to an entity,
(v) guarantee any debt, obligation or financial asset of an entity, or
(vi) provide loan insurance or credit insurance for the benefit of an entity in respect of any debt, obligation or financial asset of the entity; and
(b) make payments to a province or territory — or, after consultation with a province or territory, to an entity — for the purposes of responding to a situation of significant and systemic economic and financial distress.
Marginal note:Contract with Her Majesty
(2.1) The Minister may enter into a contract under paragraph (2)(a) with Her Majesty in right of Canada.
Marginal note:Without Governor in Council’s authorization
(2.2) The Minister may enter into a contract under paragraph (2)(a) without the Governor in Council’s authorization until September 30, 2020.
Marginal note:Accountability to Parliament
(2.3) The Minister is to exercise his or her powers under subsection (2) within the framework of the Minister’s accountability to Parliament.
(4) The portion of subsection 60.2(3) of the Act before paragraph (a) is replaced by the following:
Marginal note:Non-application to certain entities
(3) Subparagraph (2)(a)(i) does not apply to
(5) Subsections 60.2(4) to (6) of the Act are replaced by the following:
Marginal note:Section 90 does not apply
(4) Section 90 does not apply if the Minister purchases, acquires or sells or otherwise disposes, under subparagraph (2)(a)(i), of shares within the meaning of that section.
Marginal note:Section 61 and Surplus Crown Assets Act do not apply
(5) Section 61 and the Surplus Crown Assets Act do not apply if the Minister holds, loans or sells or otherwise disposes of securities under subparagraph (2)(a)(i).
Marginal note:Payments out of C.R.F.
(6) Any amount payable under or in connection with a contract entered into under this section or any payment made under paragraph (2)(b) may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister, at the times and in the manner that the Minister considers appropriate.
- Date modified: