Budget Implementation Act, 2021, No. 1 (S.C. 2021, c. 23)
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Assented to 2021-06-29
PART 4Various Measures (continued)
DIVISION 2Unclaimed Amounts
R.S., c. B-2Bank of Canada Act
140 Subsection 22(1.4) of the Bank of Canada Act is replaced by the following:
Marginal note:Publication
(1.31) The Bank may publish on its website information about a debt, instrument, claim or returned payment referred to in subsections (1) to (1.21), respectively, in order to facilitate research into them, but the information published must not include any date of birth or Social Insurance Number.
Marginal note:Application
(1.4) Subsections (1) to (1.31) also apply in respect of amounts paid to the Bank before the coming into force of this subsection.
R.S., c. 32 (2nd Supp.)Pension Benefits Standards Act, 1985
141 (1) Subsections 10.3(1) to (3) of the Pension Benefits Standards Act, 1985 are replaced by the following:
Marginal note:Designated entity
10.3 (1) The Minister may, with the approval of the Governor in Council, designate an entity, as defined in section 2 of the Bank Act, for the purposes, among others, of receiving and holding the assets of a pension plan relating to the pension benefit credit of any person who cannot be located, and of disbursing those assets in a lump sum.
Marginal note:Transfer
(2) In the case of the termination of the whole of a pension plan or in the prescribed circumstances, the administrator of the pension plan or — with the approval of the Superintendent — the trustee or custodian of the pension fund may, subject to subsection (3) and the regulations, transfer to the designated entity the assets of the plan relating to the pension benefit credit of any person who cannot be located.
Marginal note:Conditions
(3) The transfer of assets to the designated entity may be made only if
(a) in the case of the termination of the whole of a pension plan, the prior consent of the Superintendent has been obtained; or
(b) in the case of a pension plan other than one that is terminated in whole, the conditions specified by the Superintendent have been met or, if they have not been met or none have been specified, the prior consent of the Superintendent has been obtained.
Marginal note:Obligation satisfied
(3.1) A transfer of the assets of a pension plan relating to the pension benefit credit of a person who cannot be located satisfies the obligation under the plan to provide
(a) a pension benefit in respect of that person;
(b) any other benefit or option described in paragraph 17(b) that relates to that pension benefit; and
(c) the portion of any surplus that is allocated to that person.
Marginal note:Claims
(3.2) A claim is not to be made for a benefit, an option or a portion of any surplus referred to in subsection (3.1) from the designated entity. However, prescribed persons may make a claim for payment of a lump sum from the designated entity in respect of the assets that were transferred to it, but the designated entity is not liable to pay more than the amount of the total value of those assets.
Marginal note:Information
(3.3) On the transfer of assets under subsection (2), the administrator of the pension plan or the trustee or custodian of the pension fund, as the case may be, must provide the designated entity with the prescribed information, to the extent that they have the information, relating to the pension benefit credit and the person who cannot be located.
Marginal note:Publication of information
(3.4) The designated entity may publish prescribed information relating to the assets that are transferred to it under subsection (2).
(2) Subsection 10.3(5) of the Act is replaced by the following:
Marginal note:Limitation period or prescription
(5) On the transfer of assets to Her Majesty in right of Canada, a claim to those assets may no longer be made.
Marginal note:Surplus
(6) For the purposes of this section, the assets of a pension plan relating to the pension benefit credit of a person who cannot be located include the portion of any surplus that is allocated to that person.
142 Paragraphs 39(1)(c.1) to (c.4) of the Act are replaced by the following:
(c.1) respecting the transfer of assets under subsection 10.3(2), including the determination of the amount of assets to be transferred and the conditions under which those assets may be transferred;
(c.2) respecting the entity designated under subsection 10.3(1);
(c.3) respecting the holding by the entity designated under subsection 10.3(1) of assets relating to the pension benefit credit of any person who cannot be located, the making of claims for those assets and their disbursement;
(c.4) respecting the transfer of assets to Her Majesty in right of Canada under subsection 10.3(4);
1991, c. 45Trust and Loan Companies Act
143 (1) The portion of paragraph 424(1)(a) of the Trust and Loan Companies Act before subparagraph (i) is replaced by the following:
(a) a deposit has been made in Canada that is payable in Canada and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of 10 years
(2) Paragraph 424(1)(b) of the Act is replaced by the following:
(b) a cheque, draft or bill of exchange (including any of those instruments drawn by one branch of a company on another of its branches but not including an instrument issued in payment of a dividend on the capital of a company) payable in Canada has been issued, certified or accepted by a company in Canada and no payment has been made in respect of it for a period of 10 years after the date of issue, certification, acceptance or maturity, whichever is later,
(3) Section 424 of the Act is amended by adding the following after subsection (1):
Marginal note:Exchange rate
(1.1) If a deposit referred to in paragraph (1)(a) or an instrument referred to in paragraph (1)(b) is not in Canadian currency, then, before paying to the Bank of Canada the amount required by subsection (1), the company shall convert the amount of the deposit or instrument to Canadian currency at a rate of exchange determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act.
(4) Subparagraph 424(2)(a)(i) of the Act is replaced by the following:
(i) the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person,
(5) Subparagraph 424(2)(b)(i) of the Act is replaced by the following:
(i) the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person,
(6) Subsection 424(2.1) of the Act is replaced by the following:
Marginal note:Copies of signature cards and signing authorities
(2.1) A company shall provide the Bank of Canada with copies of signature cards and signing authorities relating to any deposit or instrument in respect of which it has made a payment under subsection (1). If it does not have any with respect to a deposit or instrument to which the request relates, it shall so inform the Bank of Canada.
144 Subsection 425(1) of the Act is replaced by the following:
Marginal note:Notice of unpaid amount
425 (1) A company shall send, by mail and by electronic means, to each person to whom a deposit referred to in paragraph 424(1)(a) is payable, or to each person to whom or at whose request an instrument referred to in paragraph 424(1)(b) was issued, certified or accepted, at their recorded address and electronic address in so far as they are known to the company, a notice stating that the deposit or instrument remains unpaid.
1991, c. 46Bank Act
145 (1) The portion of paragraph 438(1)(a) of the Bank Act before subparagraph (i) is replaced by the following:
(a) a deposit has been made in Canada that is payable in Canada and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of 10 years
(2) Paragraph 438(1)(b) of the Act is replaced by the following:
(b) a cheque, draft or bill of exchange (including any of those instruments drawn by one branch of a bank on another of its branches but not including an instrument issued in payment of a dividend on the capital of a bank) payable in Canada has been issued, certified or accepted by a bank in Canada and no payment has been made in respect of it for a period of 10 years after the date of issue, certification, acceptance or maturity, whichever is later,
(3) Section 438 of the Act is amended by adding the following after subsection (1):
Marginal note:Exchange rate
(1.1) If a deposit referred to in paragraph (1)(a) or an instrument referred to in paragraph (1)(b) is not in Canadian currency, then, before paying to the Bank of Canada the amount required by subsection (1), the bank shall convert the amount of the deposit or instrument to Canadian currency at a rate of exchange determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act.
(4) Subparagraph 438(2)(a)(i) of the Act is replaced by the following:
(i) the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person,
(5) Subparagraph 438(2)(b)(i) of the Act is replaced by the following:
(i) the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person,
(6) Subsection 438(2.1) of the Act is replaced by the following:
Marginal note:Copies of signature cards and signing authorities
(2.1) A bank shall provide the Bank of Canada with copies of signature cards and signing authorities relating to any deposit or instrument in respect of which it has made a payment under subsection (1). If it does not have any with respect to a deposit or instrument to which the request relates, it shall so inform the Bank of Canada.
146 Subsection 439(1) of the Act is replaced by the following:
Marginal note:Notice of unpaid amount
439 (1) A bank shall send, by mail and by electronic means, to each person to whom a deposit referred to in paragraph 438(1)(a) is payable, or to each person to whom or at whose request an instrument referred to in paragraph 438(1)(b) was issued, certified or accepted, at their recorded address and electronic address in so far as they are known to the bank, a notice stating that the deposit or instrument remains unpaid.
147 (1) The portion of paragraph 557(1)(a) of the Act before subparagraph (i) is replaced by the following:
(a) a deposit has been made in Canada that is payable in Canada and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of 10 years
(2) Paragraph 557(1)(b) of the Act is replaced by the following:
(b) a cheque, draft or bill of exchange (including any of those instruments drawn by one branch of an authorized foreign bank on another of its branches but not including an instrument issued in payment of a dividend on the capital of an authorized foreign bank) payable in Canada has been issued, certified or accepted by an authorized foreign bank in Canada and no payment has been made in respect of it for a period of 10 years after the date of issue, certification, acceptance or maturity, whichever is later,
(3) Section 557 of the Act is amended by adding the following after subsection (1):
Marginal note:Exchange rate
(1.1) If a deposit referred to in paragraph (1)(a) or an instrument referred to in paragraph (1)(b) is not in Canadian currency, then, before paying to the Bank of Canada the amount required by subsection (1), the authorized foreign bank shall convert the amount of the deposit or instrument to Canadian currency at a rate of exchange determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act.
(4) Subparagraph 557(2)(a)(i) of the Act is replaced by the following:
(i) the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person,
(5) Subparagraph 557(2)(b)(i) of the Act is replaced by the following:
(i) the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person,
(6) Subsection 557(2.1) of the Act is replaced by the following:
Marginal note:Copies of signature cards and signing authorities
(2.1) An authorized foreign bank shall provide the Bank of Canada with copies of signature cards and signing authorities relating to any deposit or instrument in respect of which it has made a payment under subsection (1). If it does not have any with respect to a deposit or instrument to which the request relates, it shall so inform the Bank of Canada.
148 Subsection 558(1) of the Act is replaced by the following:
Marginal note:Notice of unpaid amount
558 (1) An authorized foreign bank shall send, by mail and by electronic means, to each person to whom a deposit referred to in paragraph 557(1)(a) is payable, or to each person to whom or at whose request an instrument referred to in paragraph 557(1)(b) was issued, certified or accepted, at their recorded address and electronic address in so far as they are known to the authorized foreign bank, a notice stating that the deposit or instrument remains unpaid.
Coordinating Amendments
Marginal note:2007, c. 6
149 (1) In this section, other Act means An Act to amend the law governing financial institutions and to provide for related and consequential matters.
(2) If section 362 of the other Act comes into force before section 144 of this Act, then that section 144 is repealed.
(3) If section 362 of the other Act comes into force on the same day as section 144 of this Act, then that section 144 is deemed to have come into force before that section 362.
(4) If subsection 30(1) of the other Act comes into force before section 146 of this Act, then that section 146 is repealed.
(5) If subsection 30(1) of the other Act comes into force on the same day as section 146 of this Act, then that section 146 is deemed to have come into force before that subsection 30(1).
(6) If subsection 88(1) of the other Act comes into force before section 148 of this Act, then that section 148 is repealed.
(7) If subsection 88(1) of the other Act comes into force on the same day as section 148 of this Act, then that section 148 is deemed to have come into force before that subsection 88(1).
Coming into Force
Marginal note:Order in council
150 (1) Sections 140 and 143 to 148 come into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Sections 141 and 142 come into force on a day to be fixed by order of the Governor in Council.
- Date modified: