Budget Implementation Act, 2021, No. 1 (S.C. 2021, c. 23)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2021, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2021, No. 1 [3013 KB]
Assented to 2021-06-29
PART 4Various Measures (continued)
DIVISION 32018, c. 27Budget Implementation Act, 2018, No. 2
Amendments to the Act
151 (1) Section 329 of the Budget Implementation Act, 2018, No. 2 is amended by replacing the portion of subsection 627.1(1) before paragraph (a) that it enacts with the following:
Marginal note:Cancellation periods — products or services
627.1 (1) Subject to subsection (1.1), if an institution enters into an agreement with a person in respect of a product or service in Canada — other than a prescribed product or service or a product or service referred to in section 627.11 — to be provided on an ongoing basis, the institution shall allow the person to cancel the agreement,
(2) Section 329 of the Act is amended by adding, after the subsection 627.1(1) that it enacts, the following:
Marginal note:Exception
(1.1) Subsection (1) does not apply to a body corporate, trust or partnership if it is a business that is not an eligible enterprise.
Coordinating Amendments
Marginal note:2018, c. 27
152 (1) In this section, other Act means the Budget Implementation Act, 2018, No. 2.
(2) If section 329 of the other Act comes into force before section 151 of this Act, then
(a) that section 151 is deemed never to have come into force and is repealed;
(b) the portion of subsection 627.1(1) of the Bank Act before paragraph (a) is replaced by the following:
Marginal note:Cancellation periods — products or services
627.1 (1) Subject to subsection (1.1), if an institution enters into an agreement with a person in respect of a product or service in Canada — other than a prescribed product or service or a product or service referred to in section 627.11 — to be provided on an ongoing basis, the institution shall allow the person to cancel the agreement,
(c) section 627.1 of the Bank Act is amended by adding the following after subsection (1):
Marginal note:Exception
(1.1) Subsection (1) does not apply to a body corporate, trust or partnership if it is a business that is not an eligible enterprise.
(3) If section 151 of this Act comes into force on the same day as section 329 of the other Act, then that section 151 is deemed to have come into force before that section 329.
DIVISION 4Sunset Provisions
1991, c. 45Trust and Loan Companies Act
153 (1) Subsection 20(1) of the Trust and Loan Companies Act is replaced by the following:
Marginal note:Sunset provision
20 (1) Subject to subsections (2) and (4), companies shall not carry on business after June 30, 2025.
(2) Subsection 20(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the day set out in subsection (1) or on any day within the six-month period before that day or on any day within an extension ordered under subsection (2), companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
1991, c. 46Bank Act
154 (1) Subsection 21(1) of the Bank Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after June 30, 2025.
(2) Subsection 21(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the day set out in subsection (1) or on any day within the six-month period before that day or on any day within an extension ordered under subsection (2), banks may continue to carry on business, and authorized foreign banks may continue to carry on business in Canada, until the end of the 180th day after the first day of the first session of the next Parliament.
155 (1) Subsection 670(1) of the Act is replaced by the following:
Marginal note:Sunset provision
670 (1) Subject to subsections (2) and (4), bank holding companies shall not carry on business after June 30, 2025.
(2) Subsection 670(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the day set out in subsection (1) or on any day within the six-month period before that day or on any day within an extension ordered under subsection (2), bank holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
1991, c. 47Insurance Companies Act
156 (1) Subsection 21(1) of the Insurance Companies Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after June 30, 2025.
(2) Subsection 21(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the day set out in subsection (1) or on any day within the six-month period before that day or on any day within an extension ordered under subsection (2), companies and societies may continue to carry on business, and foreign companies may continue to carry on business in Canada, until the end of the 180th day after the first day of the first session of the next Parliament.
157 (1) Subsection 707(1) of the Act is replaced by the following:
Marginal note:Sunset provision
707 (1) Subject to subsections (2) and (4), insurance holding companies shall not carry on business after June 30, 2025.
(2) Subsection 707(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the day set out in subsection (1) or on any day within the six-month period before that day or on any day within an extension ordered under subsection (2), insurance holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
DIVISION 52017, c. 21Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)
158 Subsection 7(1) of the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) is replaced by the following:
Marginal note:Duty to disclose — supervising and regulating agencies
7 (1) If it determines that it is in possession or control of any property referred to in section 6, an entity referred to in that section must disclose without delay, and once every three months after that, to the principal agency or body that supervises or regulates it under federal or provincial law the fact that it is in possession or control of the property, the number of persons or dealings involved and the total value of the property.
DIVISION 62000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act
Amendments to the Act
159 (1) Paragraph 5(h) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is amended by adding the following after subparagraph (ii):
(ii.1) transporting currency or money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named person or entity,
(2) Paragraph 5(h.1) of the Act is amended by adding the following after subparagraph (ii):
(ii.1) transporting currency or money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named person or entity,
160 (1) The definition head of an international organization in subsection 9.3(3) of the Act is replaced by the following:
- head of an international organization
head of an international organization means a person who, at a given time, holds — or has held within a prescribed period before that time — the office or position of head of
(a) an international organization that is established by the governments of states;
(b) an institution of an organization referred to in paragraph (a); or
(c) an international sports organization. (dirigeant d’une organisation internationale)
(2) The portion of the definition politically exposed domestic person in subsection 9.3(3) of the Act before paragraph (a) is replaced by the following:
- politically exposed domestic person
politically exposed domestic person means a person who, at a given time, holds — or has held within a prescribed period before that time — one of the offices or positions referred to in any of paragraphs (a) and (c) to (j) in or on behalf of the federal government or a provincial government or any of the offices or positions referred to in paragraphs (b) and (k):
(3) Paragraph (b) of the definition politically exposed domestic person in subsection 9.3(3) of the Act is replaced by the following:
(b) member of the Senate or House of Commons or member of the legislature of a province;
(4) Paragraph (k) of the definition politically exposed domestic person in subsection 9.3(3) of the Act is replaced by the following:
(k) mayor, reeve or other similar chief officer of a municipal or local government. (national politiquement vulnérable)
161 Subsection 9.6(3) of the French version of the Act is replaced by the following:
Marginal note:Mesures spéciales
(3) La personne ou entité prend les mesures spéciales prévues par règlement dans les circonstances réglementaires ou si, à tout moment, elle estime que les risques visés au paragraphe (2) sont élevés.
162 (1) Subsection 11.11(1) of the Act is amended by adding the following after paragraph (b.1):
(b.2) a foreign national, as defined in section 2 of the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law), who is the subject of an order or regulation made under paragraph 4(1)(a) of that Act or whose property is the subject of an order made under paragraph 4(1)(b) of that Act;
(b.3) a politically exposed foreign person, as defined in subsection 2(1) of the Freezing Assets of Corrupt Foreign Officials Act, whose property is the subject of an order or regulation under paragraph 4(1)(a) or an order under paragraph 4(1)(b) of that Act;
(2) Subparagraph 11.11(1)(c)(iv) of the Act is replaced by the following:
(iv) an offence under any of sections 83.18 to 83.231, 99 and 100, subsection 163.1(3) and sections 279.01 to 279.02, 286.2, 346, 354 and 467.11 to 467.13 of the Criminal Code, or an offence under the laws of a foreign state that is substantially similar to such an offence,
(iv.1) an offence under section 117 or 118 of the Immigration and Refugee Protection Act, an offence under section 131 of that Act in relation to an offence under section 117 or 118 of that Act, or an offence under the laws of a foreign state that is substantially similar to such an offence, or
(3) Paragraph 11.11(1)(d) of the Act is amended by striking out “or” at the end of subparagraph (iii) and by adding the following after subparagraph (iv):
(v) section 159 of the Customs Act, or
(vi) subsection 239(1) or (1.1) of the Income Tax Act;
163 Paragraph 11.42(2)(b) of the Act is replaced by the following:
(b) the exercise of customer due diligence, including ascertaining the source of funds or of virtual currency in any financial transaction, the purpose of any financial transaction or the beneficial ownership or control of any entity;
164 The Act is amended by adding the following after section 50:
Appropriation
Marginal note:Advance amounts out of C.R.F.
50.1 (1) Subject to subsection (2), the Minister may, in any fiscal year on terms and conditions — including the rate of interest, if any — that are determined by the Minister, advance amounts out of the Consolidated Revenue Fund to the Centre to permit it to defray its costs of operation.
Marginal note:Spending authority
(2) In carrying out its responsibilities, the Centre may spend assessments and other revenues received through the conduct of its operations in the fiscal year in which they are received or, unless an appropriation Act provides otherwise, in the next fiscal year. The amount of those assessments or other revenues shall be paid out of the Consolidated Revenue Fund.
Marginal note:Payment for activity
(3) If the Centre carries on any activity under paragraph 58(1)(b) or (c) on the Minister’s recommendation, the Minister may on terms and conditions approved by the Treasury Board, in any fiscal year, make a payment out of the Consolidated Revenue Fund to the Centre for the purposes of the activity.
165 The Act is amended by adding the following after section 51:
Assessments
Marginal note:Centre to ascertain expenses
51.1 (1) The Centre shall, before December 31 in each year, ascertain the total amount of prescribed expenses — excluding the expenses incurred for the disclosure of designated information under subsection 55(3), 55.1(1) or 56.1(1), (2) or (3) and for the analysis and assessment of reports and information made for the purposes of that disclosure — incurred during the immediately preceding fiscal year for or in connection with the administration of this Act.
Marginal note:Amount conclusive
(2) The amount ascertained under subsection (1) is final and conclusive for the purposes of this section.
Marginal note:Assessment
(3) As soon as feasible after ascertaining the amount under subsection (1), the Centre shall assess a portion of the total amount of expenses against every prescribed person or entity referred to in section 5 to the prescribed extent and in the prescribed manner.
Marginal note:Interim assessment
(4) The Centre may, during each fiscal year, make an interim assessment against any person or entity referred to in section 5.
Marginal note:Assessment of particular expenses
51.2 (1) The Centre may assess against a person or entity referred to in section 5 a prescribed charge and applicable disbursements for any prescribed service provided to them by or on behalf of the Centre.
Marginal note:Interim assessment
(2) The Centre may, during each fiscal year, make an interim assessment against the person or entity towards the amount to be assessed against them under subsection (1).
Marginal note:Prescribed information
51.3 (1) For the purposes of making an assessment or interim assessment under section 51.1 or 51.2, the Centre may collect prescribed information that is
(a) publicly available;
(b) provided to the Centre under an agreement entered into under subsection 66(1); or
(c) provided to the Centre under subsection (2).
Marginal note:Request by Centre
(2) For the purposes of paragraph (1)(c), the Centre may request that a person or entity referred to in section 5 provide the Centre with the prescribed information. The person or entity shall comply with the Centre’s request in the prescribed time and manner.
Marginal note:Assessment binding
51.4 (1) Every assessment and interim assessment made under section 51.1 or 51.2 is final and conclusive and binding on the person or entity against which it is made.
Marginal note:Recovery
(2) Every assessment and interim assessment constitutes a debt due to Her Majesty in right of Canada, is immediately payable and may be recovered as a debt in any court of competent jurisdiction.
Marginal note:Interest
(3) Interest may be charged on the unpaid amount of an assessment or interim assessment at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus 2%.
- Date modified: