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 13Private Sector Pension Plans
R.S., c. 32 (2nd Supp.)Pension Benefits Standards Act, 1985
184 The Pension Benefits Standards Act, 1985 is amended by adding the following after section 40:
Publication of Information
Marginal note:Investment information
40.1 Within a reasonable time after the end of each calendar year, the Superintendent shall, in the form and manner that may be prescribed, publish the prescribed information that relates to the investments of prescribed pension plans.
2012, c. 16Pooled Registered Pension Plans Act
185 The Pooled Registered Pension Plans Act is amended by adding the following after section 43:
Marginal note:Notice to certain members
43.1 (1) An administrator of a pooled registered pension plan must provide each person who becomes a member of the plan, other than under section 39 or 40, with a written notice that
(a) informs the member of their right to terminate their membership in the plan by notifying the administrator; and
(b) includes the prescribed information.
Marginal note:Period for providing notice
(2) The administrator must provide the notice
(a) in the case of a survivor of a deceased member, as soon as feasible after the day on which the survivor becomes a member; and
(b) in any other case, no later than the day on which the person becomes a member.
Coming into Force
Marginal note:Order in council
186 Sections 184 and 185 come into force on a day or days to be fixed by order of the Governor in Council.
DIVISION 14R.S., c. C-8Canada Pension Plan
Amendments to the Act
187 (1) Paragraph (b) of the definition child in subsection 42(1) of the Canada Pension Plan is replaced by the following:
(b) an individual in respect of whom, either legally or in fact, the contributor had, or immediately before the individual reached 21 years of age did have, parenting time or decision-making responsibility,
(2) Paragraph (b) of the definition dependent child in subsection 42(1) of the Act is replaced by the following:
(b) is 18 or more years of age but less than 25 years of age and
(i) is in full-time attendance at a school or university as defined by regulation, or
(ii) is in part-time attendance at a school or university as defined by regulation, or
(3) Subsection 42(1) of the Act is amended by adding the following in alphabetical order:
- decision-making responsibility
decision-making responsibility has the same meaning as in subsection 2(1) of the Divorce Act; (responsabilités décisionnelles)
- parenting time
parenting time means the time that a child spends in the care of a person who is a parent of the child, who stands in the place of a parent or who intends to stand in the place of a parent, whether or not the child is physically with that person during that entire time; (temps parental)
188 The Act is amended by adding the following after section 44.1:
Marginal note:Survivor’s pension not payable
44.2 Despite paragraph 44(1)(d), a survivor’s pension is not payable to an individual as a result of a contributor’s death if, on or after January 1, 2025, a division of unadjusted pensionable earnings has taken place under paragraph 55.1(1)(b) between the contributor and that individual unless, at the time of the contributor’s death, that individual had been cohabiting with the contributor in a new conjugal relationship for a continuous period of at least one year.
189 Section 57 of the Act is amended by adding the following after subsection (1.1):
Marginal note:Additional amount
(1.2) Despite subsection (1), a death benefit payable to the estate or succession of a contributor is a lump sum amount equal to $5,000 if
(a) the contributor’s death occurs after December 31, 2024;
(b) a death benefit is payable to the contributor’s estate or succession under paragraph 44(1)(c);
(c) the contributor has not received a retirement pension or a disability pension under this Act or under a provincial pension plan; and
(d) no survivor’s pension is payable under paragraph 44(1)(d) as a result of the contributor’s death.
190 (1) The portion of section 59 of the Act before paragraph (a) is replaced by the following:
Marginal note:Amount of benefit
59 (1) Except in the case of a dependent child described in subparagraph (b)(ii) of the definition dependent child in subsection 42(1), a disabled contributor’s child’s benefit payable to the child of a disabled contributor and an orphan’s benefit payable to the orphan of a contributor, is a basic monthly amount consisting of
(2) Section 59 of the Act is amended by adding the following after subsection (1):
Marginal note:Benefit — part-time student
(2) In the case of a dependent child described in subparagraph (b)(ii) of the definition dependent child in subsection 42(1), a disabled contributor’s child’s benefit payable to the child of a disabled contributor and an orphan’s benefit payable to the orphan of a contributor, is a basic monthly amount equal to 50% of the amount that would otherwise be calculated under paragraph (1)(c).
191 (1) Subsection 60(3) of the Act is replaced by the following:
Marginal note:Exception
(3) If a disabled contributor’s child’s benefit would, if the application had been approved, have been payable to a child of a disabled contributor on application made prior to the death of the child or an orphan’s benefit would, if the application had been approved, have been payable to an orphan of a contributor on application made prior to the death of the orphan and the child or orphan dies after December 31, 1977, not having reached 18 years of age, and no application has been made at the time of the death of the child or orphan, an application may be made within one year after the death by the person or agency having decision-making responsibility in respect of the child or orphan at the time of the death or, if there is at that time no such person or agency, by any person or agency that the Minister may direct.
(2) Paragraph 60(5)(b) of the Act is replaced by the following:
(b) on the date of the death of a child or an orphan referred to in subsection (3) if the person or agency having decision-making responsibility in respect of the child or orphan did not make an application prior to the death of the child or orphan.
(3) Section 60 of the Act is amended by adding the following after subsection (11):
Marginal note:Disabled contributor’s child’s benefit application
(11.1) If an application for a disability pension or a post-retirement disability benefit is deemed, under subsection (8) or (9), to have been made in a month that precedes the month in which it was actually made, the Minister may also deem the application for a disabled contributor’s child’s benefit to have been made on behalf of the contributor’s child in that same month.
192 Section 73 of the Act is amended by adding the following after subsection (2):
Marginal note:Cessation of payment
(3) Despite subsection (1), a survivor’s pension shall cease with the payment for the month of the effective date of the approval of a division of unadjusted pensionable earnings between the survivor and the contributor under paragraph 55.1(1)(b) unless, at the time of the contributor’s death, the survivor had been cohabiting with the contributor in a new conjugal relationship for a continuous period of at least one year.
193 Section 75 of the Act is replaced by the following:
Marginal note:Payment of benefit
75 (1) If a disabled contributor’s child’s benefit is payable to a child of a disabled contributor or an orphan’s benefit is payable to an orphan of a contributor and the child or orphan has not reached 18 years of age, payment of the benefit must be made to the person or agency having decision-making responsibility for the child or orphan, or, if there is no person or agency having decision-making responsibility for the child or orphan, to any person or agency that the Minister may direct.
Marginal note:Presumption — decision-making responsibility
(2) For the purposes of this Part, in the absence of any evidence to the contrary, the following person is presumed to have decision-making responsibility for the child or orphan, as the case may be:
(a) the contributor, in relation to a disabled contributor’s child, except if the contributor has less than 20% of the parenting time in respect of the child; and
(b) the survivor, if any, of the contributor, in relation to an orphan, except if the survivor has less than 20% of the parenting time in respect of the orphan.
194 (1) Paragraph 76(1)(c) of the Act is replaced by the following:
(c) the contributor’s disability pension or post-retirement disability benefit ceases to be payable for any reason other than that the contributor has reached 65 years of age;
(2) Paragraph 76(1)(e) of the Act is replaced by the following:
(e) the disabled contributor ceases to have parenting time or decision-making responsibility in respect of the child, if the child is a child as defined in subsection 42(1) by reason of the disabled contributor having had that parenting time or decision-making responsibility.
C.R.C., c. 385Consequential Amendment to the Canada Pension Plan Regulations
195 Subparagraphs 52(i)(iii) and (iv) of the Canada Pension Plan Regulations are replaced by the following:
(iii) was a child, in respect of whom, either legally or in fact, the contributor had parenting time or decision-making responsibility,
(iv) is a child, in respect of whom, the disabled contributor, the survivor of the contributor or another person or agency had decision-making responsibility,
Coming into Force
Marginal note:Non-application — subsection 114(2) of Canada Pension Plan
196 (1) Subsection 114(2) of the Canada Pension Plan does not apply in respect of the amendments to that Act contained in this Division.
Marginal note:Order in council
(2) This Division, other than subsections 187(1) and (3), sections 191 and 193, subsection 194(2) and section 195, comes into force, in accordance with subsection 114(4) of the Canada Pension Plan, on a day to be fixed by order of the Governor in Council.
DIVISION 151999, c. 34Public Sector Pension Investment Board Act
197 The Public Sector Pension Investment Board Act is amended by adding the following after section 5.1:
Payment into Consolidated Revenue Fund
Marginal note:Duty of Board
5.2 (1) The Board shall, at the request of the Minister, pay into the Consolidated Revenue Fund
(a) any amount that is required for the payment of benefits under subsection 44.2(6) of the Public Service Superannuation Act, subsection 55.2(6) of the Canadian Forces Superannuation Act or regulations made under section 59.1 of that Act, or subsection 29.2(6) of the Royal Canadian Mounted Police Superannuation Act;
(b) any amount that is determined under paragraph 44.4(2)(b) of the Public Service Superannuation Act, paragraph 55.4(2)(b) of the Canadian Forces Superannuation Act or paragraph 29.4(2)(b) of the Royal Canadian Mounted Police Superannuation Act; and
(c) any amount that is required for the payment of the costs determined under section 44.5 of the Public Service Superannuation Act, section 55.5 of the Canadian Forces Superannuation Act or section 29.5 of the Royal Canadian Mounted Police Superannuation Act or the costs for the administration of a fund established by regulations made under section 59.1 of the Canadian Forces Superannuation Act.
Marginal note:Consultation
(2) Before requesting the payment of an amount referred to in paragraph (1)(a) or (c), the Minister shall consult
(a) the Minister of National Defence if the amount is in relation to the Canadian Forces Superannuation Act; and
(b) the Minister of Public Safety and Emergency Preparedness if the amount is in relation to the Royal Canadian Mounted Police Superannuation Act.
DIVISION 16Consumer-Driven Banking Framework
Consumer-Driven Banking Act
Marginal note:Enactment of Act
198 The Consumer-Driven Banking Act is enacted as follows:
An Act to establish a consumer-driven banking framework
Short Title
Marginal note:Short title
1 This Act may be cited as the Consumer-Driven Banking Act.
Interpretation
Marginal note:Definitions
2 The following definitions apply in this Act.
- Agency
Agency means the Financial Consumer Agency of Canada established under section 3 of the Financial Consumer Agency of Canada Act. (Agence)
- derived data
derived data means data about a consumer, product or service that has been enhanced by a participating entity to significantly increase its usefulness or commercial value. (données dérivées)
- entity
entity means a corporation, trust, partnership, fund or an unincorporated association or organization. (entité)
- Minister
Minister means the Minister of Finance. (ministre)
- Senior Deputy Commissioner
Senior Deputy Commissioner means the Senior Deputy Commissioner for Consumer-Driven Banking appointed under subsection 7.2(1) of the Financial Consumer Agency of Canada Act. (commissaire adjoint principal)
Purpose
Marginal note:Purpose
3 The purpose of this Act is to establish a framework within which consumers, including small businesses, can direct that their data be shared among participating entities of their choice and to ensure that the sharing of data among participating entities is safe and secure.
Application
Marginal note:Data
4 (1) This Act applies in respect of data that relates to the following products and services, including data that is provided by a consumer and data that is provided for in the regulations:
(a) deposit accounts;
(b) registered and non-registered investment accounts;
(c) payment products, including credit cards and prepaid payment products;
(d) lines of credit, mortgages or hypothecs and other kinds of loans; and
(e) other products or services provided for in the regulations.
Marginal note:Exclusion
(2) This Act does not apply in respect of derived data.
Marginal note:Limit — editing data
5 Data that is shared between participating entities in accordance with this Act is to be shared in a manner that does not enable the participating entity that receives the data to edit the data on servers that are used by the participating entity that provides the data.
Marginal note:Restriction
6 Nothing in this Act affects any restriction imposed under the Bank Act on banks with respect to the sharing of information about a consumer with an insurance company, agent or broker for the business of insurance.
Registry
Marginal note:Participating entities
7 The Agency must maintain a public registry of participating entities that contains information respecting each participating entity.
Technical Standards
Marginal note:Designation of body
8 (1) The Minister may, by order, designate a body to be the technical standards body that is responsible for establishing the technical standards that are to be used for the sharing of data by participating entities in accordance with this Act.
Marginal note:Principles
(2) In designating the technical standards body, the Minister must take into account the following principles:
(a) the need to ensure the safe, secure and efficient sharing of data among participating entities;
(b) fairness, accessibility, transparency and good governance;
(c) any other principle that the Minister considers relevant; and
(d) any other principle provided for in the regulations.
Marginal note:Publication in Canada Gazette
(3) The Minister must publish the order in the Canada Gazette.
Marginal note:Review
9 The Minister must review the designation every three years.
Marginal note:Revocation
10 (1) The Minister may, by order, revoke the designation, including in the following circumstances:
(a) the Senior Deputy Commissioner advises the Minister to do so;
(b) the Minister is of the opinion that the designation is no longer consistent with the principles referred to in subsection 8(2);
(c) the Minister is of the opinion that the designation poses a risk to national security; or
(d) the Minister is of the opinion that the designation poses a risk to the integrity or security of the financial system in Canada.
Marginal note:Publication in Canada Gazette
(2) The Minister must publish the order in the Canada Gazette.
Marginal note:Statutory Instruments Act
11 The Statutory Instruments Act does not apply to an order made under subsection 8(1) or 10(1).
Marginal note:Annual report
12 The technical standards body that is designated must submit an annual report to the Senior Deputy Commissioner in accordance with the regulations.
Marginal note:Change that has significant impact
13 The technical standards body that is designated must notify the Senior Deputy Commissioner of any change that has a significant impact on the technical standards body or the technical standards, including any change to the operation of the technical standards or the governance, composition or decision-making of the technical standards body, as soon as feasible but no later than the seventh day after the day on which the change takes effect.
Prohibitions
Marginal note:Claiming to be participating entity
14 An individual or entity, other than a participating entity, must not
(a) use the term “participating entity” or a variation, abbreviation or equivalent of that term, or any words, name or designation — in any language — in a manner that leads to a reasonable belief that the individual or entity is a participating entity for the purposes of this Act; or
(b) represent themselves, in any way or by any means, to be a participating entity for the purposes of this Act.
Marginal note:False or misleading information
15 An individual or entity must not knowingly provide false or misleading information in relation to their participation under this Act.
Offences and Punishment
Marginal note:Offence and punishment
16 Every individual or entity who contravenes section 14 or 15 is guilty of an offence and is liable
(a) on conviction on indictment,
(i) in the case of an individual, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than five years, or to both, or
(ii) in the case of an entity, to a fine of not more than $5,000,000; or
(b) on summary conviction,
(i) in the case of an individual, to a fine of not more than $100,000 or to imprisonment for a term of not more than one year, or to both, or
(ii) in the case of an entity, to a fine of not more than $500,000.
Marginal note:Order to comply
17 (1) If an individual or entity is convicted of an offence under this Act, the court may, in addition to any punishment that it may otherwise impose, order the individual or entity to comply with the provisions of this Act or the regulations in respect of which the individual or entity was convicted.
Marginal note:Additional fine
(2) If an individual or entity is convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted individual or entity acquired any monetary benefits or that monetary benefits accrued to the convicted individual or entity or the individual’s spouse, common-law partner or other dependant, order the convicted individual or entity to pay, despite the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to three times the court’s estimation of the amount of those monetary benefits.
Marginal note:Party to offence
18 If an entity commits an offence under this Act, any director, any officer, any agent or mandatary or any principal officer of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and is liable on summary conviction or on conviction on indictment to the punishment provided for an individual in respect of the offence, whether or not the entity has been prosecuted or convicted.
Marginal note:Limitation period
19 (1) Proceedings by way of summary conviction in respect of an offence under this Act may be commenced at any time within, but not later than, two years after the day on which the subject matter of the proceedings became known to the Senior Deputy Commissioner.
Marginal note:Certificate of Senior Deputy Commissioner
(2) A document appearing to have been issued by the Senior Deputy Commissioner, certifying the day on which the subject matter of any proceedings became known to the Senior Deputy Commissioner, is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it.
Regulations
Marginal note:Regulations
20 The Governor in Council may, on the recommendation of the Minister, make regulations
(a) providing for data for the purposes of subsection 4(1);
(b) providing for products and services for the purposes of paragraph 4(1)(e);
(c) providing for principles for the purposes of paragraph 8(2)(d); and
(d) respecting the annual report referred to in section 12, including the information that is to be included in the report and the form and manner in which, and the time within which, it is to be submitted.
Coming into Force
Marginal note:Order in council
21 Sections 4 to 7, 12 and 13 come into force on a day or days to be fixed by order of the Governor in Council.
- Date modified: