Budget Implementation Act, 2021, No. 1 (S.C. 2021, c. 23)

• 194 (1) Paragraph 40(a.1) of the Act is replaced by the following:

  • (a.1) respecting the information that must be prepared and submitted by the Chief Statistician of Canada for the purposes of Parts I, I.1, II and V.1;

• (2) Section 40 of the Act is amended by adding the following after paragraph (a.3):

  • (a.4) respecting the determination of the amounts for the purposes of paragraphs 6(5)(b) and (c);

Transitional Provision

Marginal note:Continuation

195 The following continue to apply with respect to fiscal stabilization payments for the fiscal years beginning on April 1, 2019 and April 1, 2020:

• (a) subsection 6(1), paragraphs 6(4)(b) and (5)(b) and (c) and subsection 6(7) of the Federal-Provincial Fiscal Arrangements Act, as they read immediately before the day on which this Act receives royal assent; and

• (b) any regulations made under that Act that apply in respect of any of those subsections and paragraphs, as the regulations read immediately before that day.

DIVISION 11R.S., c. F-8; 1995, c. 17, s. 45Federal-Provincial Fiscal Arrangements Act (Additional Health Payments)

196 The Federal-Provincial Fiscal Arrangements Act is amended by adding the following after section 24.71:

DIVISION 12Canada’s COVID-19 Immunization Plan

Marginal note:Total payment of $1 billion

• 197 (1) The Minister of Finance may make the following payments to the provinces and territories in respect of Canada’s COVID-19 immunization plan:

  • (a) to Ontario, $387,712,000;

  • (b) to Quebec, $225,603,000;

  • (c) to Nova Scotia, $25,755,000;

  • (d) to New Brunswick, $20,549,000;

  • (e) to Manitoba, $36,302,000;

  • (f) to British Columbia, $135,447,000;

  • (g) to Prince Edward Island, $4,198,000;

  • (h) to Saskatchewan, $31,022,000;

  • (i) to Alberta, $116,333,000;

  • (j) to Newfoundland and Labrador, $13,752,000;

  • (k) to Yukon, $1,107,000;

  • (l) to the Northwest Territories, $1,189,000; and

  • (m) to Nunavut, $1,031,000.

• Marginal note:Payments out of C.R.F.

  (2) Any amount payable under subsection (1) may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner that the Minister of Finance considers appropriate.

DIVISION 13Canada Community-Building Fund

Additional Payments

Marginal note:Maximum payment of $2.2 billion

198 Despite section 161 of the Keeping Canada’s Economy and Jobs Growing Act, as amended by section 233 of the Economic Action Plan 2013 Act, No. 1 and paragraph 375(1)(i) of the Budget Implementation Act, 2019, No. 1, there may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Infrastructure and Communities or the Minister of Indigenous Services, in accordance with terms and conditions approved by the Treasury Board, in addition to the sum referred to in that section 161, a sum not exceeding $2,200,000,000 to provinces, territories, municipalities, municipal associations, provincial, territorial and municipal entities and First Nations for the purpose of municipal, regional and First Nations infrastructure.

2011, c. 24Keeping Canada’s Economy and Jobs Growing Act

199 The heading of Part 9 of the Keeping Canada’s Economy and Jobs Growing Act is replaced by the following:

DIVISION 14Hibernia Dividend Backed Annuity Agreement

Marginal note:Maximum amount of $3,056,491,000

• 200 (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance and in accordance with the terms and conditions provided for in the agreement, the annual payments to be made to Newfoundland and Labrador, to a maximum amount of $3,056,491,000.

• Marginal note:Sunset provision

  (2) A payment out of the Consolidated Revenue Fund must not be made under this section after March 31, 2057.

• Marginal note:Definition of agreement

  (3) In this section, agreement means the Hibernia Dividend Backed Annuity Agreement entered into between Her Majesty in right of Canada and Her Majesty in right of Newfoundland and Labrador and dated April 1, 2019.

DIVISION 152005, c. 30, s. 85Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act

201 Section 12 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act is amended by adding the following after subsection (2):

DIVISION 161993, c. 38Telecommunications Act

202 The Telecommunications Act is amended by adding the following after section 46.5:

203 Section 62 of the French version of the Act is replaced by the following:

DIVISION 171998, c. 36Canada Small Business Financing Act

Amendments to the Act

• 204 (1) The definition loan in section 2 of the Canada Small Business Financing Act is replaced by the following:

  loan

  loan means a loan, including a line of credit, that meets the conditions set out in subsection 4(1) and is made to a borrower that meets the criteria set out in subsection 4(2). (prêt)

• (2) The portion of the definition small business in section 2 of the Act before paragraph (a) is replaced by the following:

  small business

  small business means a business carried on or about to be carried on in Canada with an estimated gross annual revenue

• (3) The portion of the definition small business in section 2 of the Act after paragraph (b) is replaced by the following:

  It does not include the business of farming. (petite entreprise)

• 205 (1) Subsection 4(2) of the Act is amended by striking out “and” at the end of paragraph (c) and by replacing paragraph (d) with the following:

  • (d) in the case of a loan made after June 22, 2015 but before the day on which paragraph (e) comes into force, the outstanding loan amount in relation to the borrower does not exceed $1,000,000 or any prescribed lesser amount, of which a maximum of $350,000 or any prescribed lesser amount is for a purpose other than the purchase or improvement of real property or immovables of which the borrower is or will become the owner; and

  • (e) in the case of a loan made on or after the day on which this paragraph comes into force, the outstanding loan amount in relation to the borrower does not exceed $1,150,000 or any prescribed lesser amount, of which maximum amounts may be prescribed for a loan other than a line of credit, a line of credit and prescribed classes of loans.

• (2) Subsection 4(3) of the Act is replaced by the following:

  • Marginal note:Meaning of outstanding loan amount

    (3) The outstanding loan amount referred to in any of paragraphs (2)(b) to (e) is the aggregate of the amount of the proposed loan and the principal amount outstanding, in respect of the borrower and all borrowers that are related to that borrower within the meaning of the regulations, of all loans made under this Act and guaranteed business improvement loans made under the Small Business Loans Act.

• 206 (1) Subsection 6(1) of the Act is replaced by the following:

  Marginal note:Program liability ceiling

  • 6 (1) The Minister is not liable to make any payment to a lender in respect of a loss sustained by it as a result of a loan made and registered after the Minister’s aggregate contingent liability in respect of the aggregate amount of the loans made by all lenders and registered by the Minister during each consecutive five-year period, starting with the period beginning on April 1, 1999, has exceeded $1.5 billion or any other amount that is provided by an appropriation Act or another Act of Parliament.

• (2) Subsection 6(2) of the Act is replaced by the following:

  • Marginal note:Limitation of liability in respect of each lender — loans other than lines of credit

    (2) The liability of the Minister to make any payment to a lender in respect of losses sustained by it as a result of loans, other than lines of credit, made by it and registered by the Minister during each consecutive five-year period, starting with the period beginning on April 1, 1999, is limited to the total of

    • (a) 90%, or any prescribed lesser percentage, of that part of the aggregate principal amount of the loans — other than lines of credit — made by it during that period that does not exceed $250,000,

    • (b) 50%, or any prescribed lesser percentage, of that part of the aggregate principal amount of the loans — other than lines of credit — made by it during that period that exceeds $250,000 but does not exceed $500,000,

    • (c) 10%, or any prescribed lesser percentage, of that part of the aggregate principal amount of the loans — other than lines of credit — made by it before April 1, 2009 that exceeds $500,000, and

    • (d) 12%, or any prescribed lesser percentage, of that part of the aggregate principal amount of the loans — other than lines of credit — made by it after March 31, 2009 that exceeds $500,000.

  • Marginal note:Limitation of liability in respect of each lender — lines of credit

    (3) The liability of the Minister to make any payment to a lender in respect of losses sustained by it as a result of lines of credit authorized by it and registered by the Minister during each consecutive five-year period, starting with the period beginning on April 1, 2019, is limited to the total of 15%, or any prescribed lesser percentage, of the aggregate amount of the lines of credit authorized by it.