Currency Act (R.S.C., 1985, c. C-52)

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Act current to 2019-07-01 and last amended on 2018-06-21. Previous Versions

PART ICurrency and Coinage (continued)

Accounts, Contracts and other Matters Relating to Money (continued)

Marginal note:Sums mentioned in Constitution and Acts

 Any sum mentioned in dollars and cents in the Constitution Acts, 1867 to 1982 and in any Act of Parliament shall, unless it is otherwise expressed, be construed as being a sum in the currency of Canada.

  • R.S., c. C-39, s. 13

Marginal note:Valuation of gold, etc.

 Notwithstanding any other law, where any law of Canada or any treaty, convention, contract or agreement to which Canada is a party makes reference to

  • (a) a currency of a country other than Canada,

  • (b) a unit of account that is defined in terms of currencies of two or more countries,

  • (c) gold, or

  • (d) a combination of any of the things mentioned in paragraphs (a) to (c),

the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of that currency, unit of account, gold or combination thereof.

  • 1976-77, c. 38, s. 2

Marginal note:Conversion of foreign currencies for purposes of customs laws

 For the purposes of the administration, application and operation of the laws relating to the customs, the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of currencies of countries other than Canada for a day or any other period or generally.

  • 1984, c. 25, s. 100

PART IIExchange Fund Account

Marginal note:Exchange Fund Account continued

  •  (1) The special account in the name of the Minister known as the Exchange Fund Account is continued, and all assets acquired and held by or on behalf of the Minister in the Exchange Fund Account continue to be so held.

  • Marginal note:Purposes of Account

    (2) The purposes of the Exchange Fund Account are

    • (a) to aid in the control and protection of the external value of the monetary unit of Canada; and

    • (b) to provide a source of liquidity for the Government of Canada.

  • R.S., 1985, c. C-52, s. 17
  • 1993, c. 33, s. 1
  • 2005, c. 30, s. 113
  • 2018, c. 12, s. 223

Marginal note:Policy

  •  (1) The Minister may establish a policy concerning the investment of the assets held in the Exchange Fund Account, including concerning the acquisition of assets to be held in the Exchange Fund Account, based on principles that a person of ordinary prudence would apply in dealing with the property of others.

  • Marginal note:Non-delegation of power

    (2) The Minister may not delegate the power to establish the policy.

  • Marginal note:Statutory Instruments Act

    (3) The Statutory Instruments Act does not apply to the policy.

  • 2005, c. 30, s. 113

Marginal note:Power to acquire, sell, etc.

  •  (1) The Minister may acquire or borrow assets to be held in the Exchange Fund Account, and sell or lend those assets, in order to carry out the policy.

  • Marginal note:Financial transactions

    (2) The Minister may carry out any transaction of a financial nature concerning assets held in the Exchange Fund Account that is in accordance with the policy.

  • Marginal note:Agents and mandataries

    (3) The Minister may appoint agents and mandataries to perform services concerning the Exchange Fund Account.

  • Marginal note:Delegation in writing

    (4) The Minister may delegate the powers set out in subsections (1) to (3) only in writing.

  • 2005, c. 30, s. 113

Marginal note:Crediting of Account

 All amounts received by the Minister from transactions carried out under subsections 17.2(1) and (2) shall be credited to the Exchange Fund Account.

  • 2005, c. 30, s. 113

Marginal note:Expenses

 Expenses determined by the Minister to have been incurred in respect of the operation of the Exchange Fund Account shall be paid out of the Account.

  • R.S., c. C-39, s. 20
  • 1984, c. 9, s. 6

Marginal note:Advances out of and payments into C.R.F.

 The Minister may, on any terms and conditions that he or she considers appropriate, authorize

  • (a) advances to the Exchange Fund Account out of the Consolidated Revenue Fund; and

  • (b) payments out of the Exchange Fund Account into the Consolidated Revenue Fund.

  • R.S., 1985, c. C-52, s. 19
  • 2005, c. 30, s. 114
  • 2018, c. 12, s. 224

Marginal note:Net income credited to C.R.F.

  •  (1) Within three months after the end of each fiscal year, the amount of the net income of the Exchange Fund Account for the fiscal year, expressed in dollars, shall be paid into the Consolidated Revenue Fund if the net income for the year is a positive amount, and shall be charged to that Fund if the net income for the year is a negative amount.

  • Marginal note:Consistency with Public Accounts

    (2) The net income of the Exchange Fund Account for a fiscal year shall be determined in accordance with accounting principles consistent with those applied in preparing the Public Accounts referred to in section 64 of the Financial Administration Act.

  • R.S., 1985, c. C-52, s. 20
  • R.S., 1985, c. 3 (4th Supp.), s. 1
  • 2005, c. 30, s. 114

Marginal note:Report to Parliament

  •  (1) The Minister shall cause to be tabled before each House of Parliament a report on the operation of the Exchange Fund Account for each fiscal year within the first 60 days on which that House is sitting after the end of that fiscal year.

  • Marginal note:Contents of report

    (2) The report referred to in subsection (1) shall include

    • (a) a summary of the policy established under subsection 17.1(1);

    • (b) the objectives of the Exchange Fund Account for that fiscal year, and a statement of whether those objectives have been met;

    • (c) the objectives of the Exchange Fund Account for the current fiscal year;

    • (d) the financial statements of the Exchange Fund Account; and

    • (e) a list of the agents and mandataries appointed by the Minister under subsection 17.2(3).

    • (f) [Repealed, 2012, c. 19, s. 172]

  • R.S., 1985, c. C-52, s. 21
  • 2005, c. 30, s. 114
  • 2012, c. 19, s. 172

Marginal note:Financial Administration Act

  •  (1) The Financial Administration Act does not apply to the Exchange Fund Account or operations or transactions in connection with the Account.

  • (2) [Repealed, 2012, c. 19, s. 173]

  • R.S., 1985, c. C-52, s. 22
  • 2005, c. 30, s. 115
  • 2012, c. 19, s. 173

 [Repealed, 2005, c. 30, s. 116]

 
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