Budget Implementation Act, 2024, No. 1 (S.C. 2024, c. 17)
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Assented to 2024-06-20
PART 4Various Measures (continued)
DIVISION 52004, c. 26 Canada Education Savings Act (continued)
Amendments to the Act (continued)
164 The portion of section 7 of the Act before paragraph (a) is replaced by the following:
Marginal note:Conditions
7 Neither a CES grant nor a Canada Learning Bond payable under subsection 6(1) may be paid in respect of a beneficiary under a registered education savings plan unless
165 The Act is amended by adding the following after section 7:
Marginal note:Conditions — automatic enrolment
7.01 A Canada Learning Bond payable under subsection 6(1.5) must not be paid in respect of a beneficiary under a registered education savings plan unless the beneficiary is resident in Canada immediately before the payment is made.
166 The Act is amended by adding the following after section 7:
Marginal note:Administration of registered education savings plans
7.1 The Minister may enter into an agreement with a person respecting the administration of a registered education savings plan opened under subsection 6(1.2) or any other registered education savings plan identified by the Minister. The agreement may provide for the payment of remuneration by the Minister to the person for the administration of the plan.
167 Section 9 of the Act is replaced by the following:
Marginal note:Payments out of C.R.F.
9 All amounts payable by the Minister under this Act, the regulations or an agreement entered into under section 7.1 or 12 must be paid out of the Consolidated Revenue Fund.
168 The Act is amended by adding the following after section 12.1:
Marginal note:Collection of Social Insurance Number
12.2 The Minister may collect the Social Insurance Number of any person who, as determined by the Minister, would be eligible to have a Canada Learning Bond paid in their respect if they were a beneficiary and, if the person is a child, the Social Insurance Number of the child’s primary caregiver and the primary caregiver’s cohabiting spouse or common-law partner.
169 (1) Section 13 of the Act is amended by adding the following after paragraph (c):
(c.1) respecting the notice referred to in subsection 6(1.1), including providing for the maximum age of a child in respect of whom a notice is to be provided under that subsection;
(c.2) respecting the opening of registered education savings plans by the Minister under subsection 6(1.2), including providing for the maximum age of a child in respect of whom such a plan may be opened under that subsection;
(c.3) respecting the refusal referred to in subsection 6(1.3);
(c.4) respecting the administration of the registered education savings plans referred to in section 7.1;
(c.5) respecting agreements made under section 7.1, including specifying terms and conditions to be included in such agreements;
(2) Section 13 of the Act is amended by adding the following after paragraph (c.3):
(c.31) respecting payments under subsection 6(1.5);
R.S., c. 1 (5th Supp.)Consequential Amendments to the Income Tax Act
170 (1) Paragraph (a) of the definition education savings plan in subsection 146.1(1) of the Income Tax Act is amended by striking out “and” at the end of subparagraph (iii) and by adding the following after subparagraph (iv):
(v) the Minister designated for the purposes of the Canada Education Savings Act, and
(2) The definition subscriber in subsection 146.1(1) of the Act is amended by striking out “or” at the end of paragraph (b), by adding “or” at the end of paragraph (c) and by adding the following after paragraph (c):
(d) the Minister designated for the purposes of the Canada Education Savings Act, if that Minister entered into the plan with a promoter
Coming into Force
Marginal note:Order in council
171 (1) Section 162, subsection 163(2), sections 166 to 168, subsection 169(1) and section 170 come into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Subsections 163(1), (3) and (4), sections 164 and 165 and subsection 169(2) come into force on a day to be fixed by order of the Governor in Council, but that day must be later than the day fixed under subsection (1) and after March 31, 2028.
DIVISION 6R.S., c. B-7; R.S., c. 24 (1st Supp.), s. 3Bretton Woods and Related Agreements Act
172 Paragraphs 8.3(5)(a) and (b) of the Bretton Woods and Related Agreements Act are replaced by the following:
(a) fifteen billion dollars in respect of any particular foreign state; and
(b) twenty-two billion dollars in respect of all foreign states.
DIVISION 7Measures Relating to Modernizing International Financial Institutions
R.S., c. B-7; R.S., c. 24 (1st Supp.), s. 3Bretton Woods and Related Agreements Act
173 Section 7 of the Bretton Woods and Related Agreements Act is replaced by the following:
Marginal note:Payment to International Monetary Fund
7 The Minister of Finance may provide for payment out of the Consolidated Revenue Fund to the International Monetary Fund in the manner and at the times provided for by the Agreement set out in Schedule I of a sum or sums of money, not exceeding in the whole an amount equivalent to the subscriptions required from or permitted to be made by Canada, namely, sixteen billion, five hundred thirty-five million, nine hundred thousand Special Drawing Rights.
R.S., c. I-18International Development (Financial Institutions) Assistance Act
174 (1) Paragraph 3(c) of the English version of the International Development (Financial Institutions) Assistance Act is replaced by the following:
(c) the purchase on behalf of His Majesty in right of Canada of shares of the institution;
(2) Section 3 of the Act is amended by striking out “and” at the end of paragraph (b) and by adding the following after paragraph (c):
(d) with the written concurrence of the Minister of Finance, the issuance of guarantees; and
(e) with the written concurrence of the Minister of Finance, any other manner that the Minister of Foreign Affairs considers appropriate.
1991, c. 12European Bank for Reconstruction and Development Agreement Act
175 (1) The portion of subsection 6(2) of the European Bank for Reconstruction and Development Agreement Act before paragraph (a) is replaced by the following:
Marginal note:Financial assistance
(2) The Minister may provide financial assistance to the Bank by way of
(2) Subsection 6(2) of the Act is amended by striking out “or” at the end of paragraph (a) and by adding the following after paragraph (b):
(c) the purchase of shares on behalf of His Majesty in right of Canada;
(d) the issuance of guarantees; or
(e) any other manner that the Minister considers appropriate.
(3) Subsection 6(3) of the Act is replaced by the following:
Marginal note:Limit
(3) The Minister may make payments out of the Consolidated Revenue Fund for the purposes of subsection (2) in an aggregate amount not exceeding, in any given period, the amount specified for that purpose in respect of that period in an appropriation by Parliament.
DIVISION 82018, c. 27, s. 659International Financial Assistance Act
176 The International Financial Assistance Act is amended by adding the following after section 7:
Marginal note:Foreign exchange loss
7.1 Any foreign exchange loss in respect of any transaction entered into in relation to a program referred to in section 3, 4 or 5 must be charged to the Consolidated Revenue Fund.
Marginal note:Maximum payment
7.2 (1) The competent minister may, in relation to a program referred to in section 4 or 5, make payments not exceeding $720,000,000 in the aggregate, or any greater amount that is specified in an appropriation Act, to Development Finance Institute Canada.
Marginal note:Payments out of Consolidated Revenue Fund
(2) Any amount payable under subsection (1) may be paid by the competent minister out of the Consolidated Revenue Fund, at the times and in the manner that the minister considers appropriate.
Marginal note:Separate account
(3) Development Finance Institute Canada must maintain a separate account of
(a) all amounts received under subsection (1); and
(b) all amounts received by way of receipts and recoveries, and all disbursements made, in connection with all transactions involving the amounts received under subsection (1).
Marginal note:Repayments
(4) The competent minister may require Development Finance Institute Canada to pay to the Receiver General for credit to the Consolidated Revenue Fund any amount referred to in subsection (3) at the times and in the manner that the minister considers appropriate.
Marginal note:Definition of Development Finance Institute Canada
(5) In this section, Development Finance Institute Canada means Development Finance Institute Canada (DFIC) Inc., a corporation incorporated under the Canada Business Corporation Act, or any successor to that corporation.
177 The Act is amended by adding the following after section 8:
Marginal note:Regulations
9 The Governor in Council may, on the recommendation of the Minister of Foreign Affairs and the Minister for International Development and with the concurrence of the Minister of Finance, make regulations for the purposes of section 7.2.
DIVISION 9R.S., c. E-20; 2001, c. 33, s. 2(F)Export Development Act
178 (1) The portion of subsection 24(1) of the Export Development 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 must not at any time exceed $100,000,000,000:
(2) Subsections 24(1.1) and (1.2) of the Act are repealed.
DIVISION 10R.S., c. F-11Financial Administration Act (Exemption Related to Certain Crown Corporations)
179 Subsection 85(2) of the Financial Administration Act is amended by striking out “or” at the end of paragraph (a) and by adding the following after that paragraph:
(a.1) by or on behalf of the Communications Security Establishment for the purpose of performing its functions under the Communications Security Establishment Act; or
DIVISION 11R.S., c. F-11Financial Administration Act (Information Disclosure Requirements)
180 Section 159 of the Financial Administration Act is amended by adding the following after subsection (3):
Marginal note:Disclosure of information
(4) Any bank or other financial institution of a class prescribed by regulations that accepts for deposit an instrument or instruction for payment described in subsection (2) must disclose any information prescribed by regulations made under subsection 160(2) in any statement of account or other transaction record that is provided to the holder of the account receiving the deposit.
181 Section 160 of the Act is renumbered as subsection 160(1) and is amended by adding the following:
Marginal note:Classes of financial institutions and disclosure of information
(2) The Governor in Council may make regulations prescribing classes of financial institutions and any information disclosure requirements referred to in subsection 159(4).
DIVISION 12R.S., c. F-8; 1995, c. 17, s. 45Federal-Provincial Fiscal Arrangements Act
182 (1) Paragraph 24.1(1)(a) of the Federal-Provincial Fiscal Arrangements Act is amended by striking out “and” at the end of subparagraph (iv) and by replacing the portion of subparagraph (v) before the formula with the following:
(v) for each fiscal year beginning after March 31, 2017, the product, rounded to the nearest thousand, obtained by multiplying the cash contribution determined under this subparagraph for the immediately preceding fiscal year by the greater of 1.03 and the amount determined by the formula
(2) Paragraph 24.1(1)(a) of the Act is amended by striking out “and” at the end of subparagraph (v) and by adding the following after subparagraph (v):
(vi) for each fiscal year in the period beginning on April 1, 2024, and ending on March 31, 2028, in respect of a qualifying province, the product, rounded to the nearest thousand, that is greater than zero, or zero in any other case, determined by the formula
(1.05 × (A + B)) − C
where
- A
- is the cash contribution determined under subparagraph (v) for the immediately preceding fiscal year,
- B
- is the cash contribution determined under this subparagraph, if any, for the immediately preceding fiscal year, and
- C
- is the cash contribution determined under subparagraph (v) for the current fiscal year,
(vii) for the fiscal year beginning on April 1, 2028, in respect of a qualifying province, the product, rounded to the nearest thousand, determined by multiplying the cash contribution most recently determined under subparagraph (vi) that is greater than zero, or zero in any other case, by the greater of 1.03 and the amount determined by the formula
1 + A
where
- A
- is the average of the annual rates of growth of the nominal gross domestic product of Canada for the calendar year that ends during the fiscal year in question and for the two previous calendar years, as determined by the Minister not later than three months before the beginning of that fiscal year, and
(viii) for each fiscal year that begins after March 31, 2029, in respect of a qualifying province, the product, rounded to the nearest thousand, determined by the formula
(A + B) × C
where
- A
- is the cash contribution determined under subparagraph (vii) for the immediately preceding fiscal year that is greater than zero, or zero in any other case,
- B
- is the cash contribution determined under this subparagraph for the immediately preceding fiscal year that is greater than zero, or zero in any other case, and
- C
- is the greater of 1.03 and the amount determined by the formula
1 + D
where
- D
- is the average of the annual rates of growth of the nominal gross domestic product of Canada for the calendar year that ends during the fiscal year in question and for the two previous calendar years, as determined by the Minister not later than three months before the beginning of that fiscal year; and
(3) Section 24.1 of the Act is amended by adding the following after subsection (1):
Marginal note:Meaning of qualifying province
(1.1) For the purpose of this Part, a province is a qualifying province if the federal Minister of Health has confirmed in writing to the Minister before December 1, 2024 that the province has taken steps to implement certain measures respecting the collection, sharing and use of certain health information in accordance with the plan entitled Working together to improve health care for Canadians, announced on February 7, 2023.
183 Section 24.21 of the Act is replaced by the following:
Marginal note:Provincial share — fiscal years 2014–2015 and later
24.21 (1) The cash contribution determined under subparagraphs 24.1(1)(a)(iv) or (v), as the case may be, that may be provided to a province for each fiscal year beginning after March 31, 2014 is the amount determined by the formula
A × B ÷ C
where
- A
- is the cash contribution determined under the applicable subparagraph for that fiscal year;
- B
- is the population of that province for that fiscal year; and
- C
- is the total of the population of all provinces for that fiscal year.
Marginal note:Provincial share (qualifying province) — fiscal years 2024–2025 and later
(2) The cash contribution determined under subparagraph 24.1(1)(a)(vi), (vii) or (viii), as the case may be, that may be provided to a qualifying province for each fiscal year beginning after March 31, 2024 is the amount determined by the formula
A × B ÷ C
where
- A
- is the cash contribution determined under the applicable subparagraph for that fiscal year;
- B
- is the population of that province for that fiscal year; and
- C
- is the total of the population of all provinces for that fiscal year.
- Date modified: