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 7Retail Payment Activities Act (continued)
Related Amendments
R.S., c. C-3Canada Deposit Insurance Corporation Act
178 Section 45.2 of the Canada Deposit Insurance Corporation Act is amended by adding the following after subsection (1):
Marginal note:Information to Governor of the Bank of Canada
(1.1) The Corporation may, if it is satisfied that the information will be treated as confidential by the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, disclose any information referred to in subsection (1) to the Governor or the designated officer for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to any provisions of that Act that are not in force, for the purpose of planning to carry out those objects.
179 Paragraph 45.3(3)(f) of the Act is replaced by the following:
(f) to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions, for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to any provisions of that Act that are not in force, for the purpose of planning to carry out those objects;
2000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act
180 The Proceeds of Crime (Money Laundering) and Terrorist Financing Act is amended by adding the following after section 53.5:
Marginal note:Retail Payment Activities Act
53.6 (1) The Centre shall, within 30 days after the day on which it receives the information referred to in section 31 of the Retail Payment Activities Act, notify the Bank of Canada if an applicant referred to in that section
(a) has, during the five-year period before the day on which the application was submitted, been found guilty of contravening a provision referred to in section 74, 75 or 76, subsection 77(1) or section 77.1 of this Act;
(b) has, during the five-year period before the day on which the application was submitted, been served under subsection 73.15(4) of this Act with a notice of a decision or of an imposed penalty in relation to a serious or very serious violation; or
(c) is not registered under this Act.
Marginal note:Information respecting payment service providers
(2) The Centre shall notify the Bank of Canada as soon as feasible if
(a) a payment service provider that is registered, as those expressions are defined in section 2 of the Retail Payment Activities Act, is found guilty of contravening a provision referred to in section 74, 75 or 76, subsection 77(1) or section 77.1 of this Act;
(b) under subsection 73.15(4) of this Act, the Director causes, in relation to a serious or very serious violation, a notice of a decision or of an imposed penalty to be issued and served on a payment service provider that is registered, as those expressions are defined in section 2 of the Retail Payment Activities Act; or
(c) the Centre revokes the registration under this Act of a payment service provider that is registered, as those expressions are defined in section 2 of the Retail Payment Activities Act.
Marginal note:Reviews and appeals
(3) The Centre shall notify the Bank of Canada as soon as feasible if a finding of guilt referred to in paragraph (2)(a) is appealed, if a notice referred to in paragraph (2)(b) is appealed or if a revocation of registration referred to in paragraph (2)(c) is reviewed or appealed and shall notify the Bank of Canada as soon as feasible of the outcome of the appeal or review.
Marginal note:Exception
(4) The Centre is not required to notify the Bank of Canada of a finding of guilt referred to in paragraph (1)(a) or (2)(a) or an appeal referred to in subsection (3) if that information is not readily accessible by the Centre.
181 The portion of subsection 55(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Disclosure by Centre prohibited
55 (1) Subject to subsections (3) and (6.1), sections 52, 53.4 to 53.6, 55.1, 56.1 and 56.2, subsection 58(1) and sections 65 to 65.1 and 68.1 of this Act and to subsection 12(1) of the Privacy Act, the Centre shall not disclose the following:
182 The Act is amended by adding the following after section 65.02:
Marginal note:Disclosure to Bank of Canada
65.03 (1) The Centre may disclose to the Bank of Canada any information relating to the compliance with Part 1 or 1.1 of persons or entities to whom Part 1 or 1.1 applies if the Centre is of the opinion that the information is relevant to the Bank of Canada’s objects under the Retail Payment Activities Act.
Marginal note:Limitation
(2) Any information disclosed by the Centre under subsection (1) may be used by the Bank of Canada only for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to a provision of that Act that is not in force, for the purpose of planning to carry out those objects.
Marginal note:Limitation
(3) The Centre shall not disclose any information under subsection (1) that would directly or indirectly identify a client of a person or entity referred to in section 5.
2001, c. 9Financial Consumer Agency of Canada Act
183 Subsection 17(4) of the Financial Consumer Agency of Canada Act is replaced by the following:
Marginal note:Disclosure permitted
(4) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to
(a) the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators; or
(b) the Governor of the Bank of Canada, or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to a provision of that Act that is not in force, for the purpose of planning to carry out those objects.
2010, c. 12, s. 1834Payment Card Networks Act
184 Subsection 5(7) of the Payment Card Networks Act is replaced by the following:
Marginal note:Disclosure permitted
(7) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to
(a) the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators; or
(b) the Governor of the Bank of Canada, or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to a provision of that Act that is not in force, for the purpose of planning to carry out those objects.
Coordinating Amendments
Marginal note:This Act
185 On the first day on which both subsection 167(1) and section 181 of this Act are in force, the portion of subsection 55(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act before paragraph (a) is replaced by the following:
Marginal note:Disclosure by Centre prohibited
55 (1) Subject to subsections (3) and (6.1), sections 52, 53.1, 53.4 to 53.6, 55.1, 56.1 and 56.2, subsection 58(1) and sections 58.1, 65 to 65.1 and 68.1 of this Act and to subsection 12(1) of the Privacy Act, the Centre shall not disclose the following:
Marginal note:2018, c. 12
186 On the first day on which both section 202 of the Budget Implementation Act, 2018, No. 1 and section 20 of the Retail Payment Activities Act, as enacted by section 177 of this Act, are in force, the definition professional trustee in section 2 of the Canada Deposit Insurance Corporation Act is amended by striking out “or” at the end of paragraph (e), by adding “or” at the end of paragraph (f) and by adding the following after paragraph (f):
(g) a payment service provider that is registered as those expressions are defined in section 2 of the Retail Payment Activities Act. (fiduciaire professionnel)
Coming into Force
Marginal note:Order in council
187 (1) The provisions of the Retail Payment Activities Act, as enacted by section 177 of this Act, other than sections 1 to 10, 12 to 16 and 61, subsections 62(1), (3) and (4) and section 63, come into force on a day or days to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Sections 180 and 181 come into force on a day or days to be fixed by order of the Governor in Council.
DIVISION 8R.S., c. 32 (2nd Supp.)Pension Benefits Standards Act, 1985
Amendments to the Act
188 Section 10 of the Pension Benefits Standards Act, 1985 is amended by adding the following after subsection (6):
Marginal note:Funding and governance policies
(7) The administrator of a negotiated contribution plan must, before the plan is filed for registration, establish a funding policy and a governance policy that contain the prescribed information.
Marginal note:Filing not required
(8) The administrator is not required, for the purposes of subsection (1), to file the funding policy and the governance policy established under subsection (7) or to file any amendment to those policies for the purposes of subsection 10.1(1).
Marginal note:Compliance of policies
(9) While the plan remains in force, the administrator must ensure that the funding policy and the governance policy established under subsection (7) comply with this Act and the regulations.
Marginal note:Transitional provision
(10) An administrator of a negotiated contribution plan that was registered or was filed for registration under this section before the day on which subsection (7) comes into force must, within one year after that day, establish the policies referred to in subsection (7).
189 (1) The portion of paragraph 10.1(2)(a) of the Act before subparagraph (i) is replaced by the following:
(a) with respect to a pension plan, it would have the effect of reducing
(2) Paragraphs 10.1(2)(b) to (d) of the Act are replaced by the following:
(b) with respect to a pension plan other than a negotiated contribution plan,
(i) the solvency ratio of the pension plan would fall below the prescribed solvency ratio level,
(ii) the amendment would reduce the solvency ratio of the pension plan and the solvency ratio would be below the prescribed solvency ratio level once the amendment is made, or
(iii) the solvency ratio of the pension plan is below the prescribed solvency ratio level and the amendment would increase pension benefits or pension benefit credits; or
(c) with respect to a negotiated contribution plan, the amendment does not meet the requirements of the regulations.
190 Subsection 39(1) of the Act is amended by adding the following after paragraph (h.2):
(h.3) respecting, for the purposes of paragraph 10.1(2)(c), amendments referred to in section 10.1 regarding negotiated contribution plans;
Coming into Force
Marginal note:Order in council
191 This Division comes into force on a day to be fixed by order of the Governor in Council.
DIVISION 92005, c. 9; 2012, c. 19, s. 658First Nations Fiscal Management Act
192 The First Nations Fiscal Management Act is amended by adding the following after section 88:
Marginal note:Assignment — revenues payable by Her Majesty
88.1 (1) Despite section 67 of the Financial Administration Act and anything else in federal or provincial law, a borrowing member may, for the purposes of paragraph 74(b), assign the rights to any of the other revenues referred to in that paragraph that are payable to the borrowing member by Her Majesty in right of Canada.
Marginal note:Assignment not binding
(2) An assignment referred to in subsection (1) is not binding on Her Majesty in right of Canada and, without limiting the generality of the foregoing,
(a) a minister of, or other person acting on behalf of, Her Majesty in right of Canada is not required to pay to the assignee the assigned revenues;
(b) the assignment does not create any liability of Her Majesty in right of Canada to the assignee; and
(c) the rights of the assignee are subject to all rights of set-off or compensation in favour of Her Majesty in right of Canada.
DIVISION 10R.S., c. F-8; 1995, c. 17, s. 45Federal-Provincial Fiscal Arrangements Act (Fiscal Stabilization Payments)
Amendments to the Act
193 (1) Paragraph (a) of the description of C in subsection 6(1) of the Federal-Provincial Fiscal Arrangements Act is replaced by the following:
(a) 95%, if the natural resource revenue of the province for the fiscal year is greater than 95% of the natural resource revenue of the province for the preceding fiscal year,
(2) Paragraph (a) of the description of E in subsection 6(1) of the Act is replaced by the following:
(a) one, if the natural resource revenue of the province for the fiscal year is either greater than 95% of the natural resource revenue of the province for the preceding fiscal year or less than one half of the natural resource revenue of the province for the preceding fiscal year, or
(3) Paragraph 6(4)(b) of the Act is replaced by the following:
(b) despite subsection (5), the value of the additional tax abatement units as determined in accordance with subsection 27(2).
(4) Paragraphs 6(5)(b) and (c) of the Act are replaced by the following:
(b) the province’s revenue for the fiscal year derived from personal income taxes, described in paragraph (a) of the definition revenue source in subsection 3.9(1), is deemed to be the total amount, determined in accordance with the regulations, of the provincial personal income taxes that are payable as the result of assessments or reassessments made in the calendar year that begins in the fiscal year; and
(c) the province’s revenue for the fiscal year derived from that part of the revenue source described in paragraph (b) of the definition revenue source in subsection 3.9(1) that consists of corporation income taxes is deemed to be the amount, determined in accordance with the regulations, of the provincial corporation income taxes that are payable as the result of assessments or reassessments made in the calendar year that begins in the fiscal year.
(5) Subsections 6(7) and (8) of the Act are replaced by the following:
Marginal note:Application by province for payment
(7) A fiscal stabilization payment may be paid to a province for a fiscal year only on receipt by the Minister, not later than the end of the next fiscal year, of an application by the province containing any information that may be prescribed.
Marginal note:Limit
(8) Subject to subsection (9), for each fiscal year that begins after March 31, 2019, the maximum amount of the fiscal stabilization payment that may be paid to a province is the amount obtained by multiplying the population of the province for the fiscal year by the amount determined by the formula
A × B ÷ C
where
- A
- is $166;
- B
- is the highest per capita nominal gross domestic product of Canada of any calendar year from 2018 to the calendar year that ends during the fiscal year, inclusive; and
- C
- is the per capita nominal gross domestic product of Canada for the calendar year 2018.
Marginal note:Population
(8.1) For the purposes of subsection (8),
(a) the population of a province for a fiscal year is its population as of July 1 of that year, based on the most recent information that has been prepared by Statistics Canada in accordance with the regulations; and
(b) the per capita nominal gross domestic product of Canada for a calendar year is to be determined by the Minister using the population of Canada as of July 1 of that year, based on the most recent information for the population that has been prepared by Statistics Canada in accordance with the regulations.
- Date modified: