Marginal note:2008, c. 28, s. 129

• 439. (1) Subsection 77(1) of the Act is amended by adding “and” at the end of paragraph (d) and by repealing paragraphs (e) and (f).

• (2) Subsection 77(1) of the Act is amended by adding the following after paragraph (d.1):

  • (e) the costs to the Board of administering the Canada Employment Insurance Financing Board Act;

• (3) Subsection 77(1) of the Act is amended by striking out “and” at the end of paragraph (d.1) and by adding the following in alphabetical order:

  • (f) the costs to Her Majesty in right of Canada of administering the Canada Employment Insurance Financing Board Act; and

Marginal note:2012, c. 19, s. 614(1)

• 440. (1) The portion of subsection 77.1(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Forecasts and estimates

  77.1 On or before June 22 in a year,

• (2) The portion of section 77.1 of the Act before paragraph (a) is replaced by the following:

  Marginal note:Forecasts and estimates

  • 77.1 (1) On or before July 31 in a year,

• Marginal note:2008, c. 28, s. 130; 2010, c. 12, s. 2205; 2012, c. 19, ss. 614(2) to (4)

  (3) Subsections 77.1(2) to (6) of the Act are repealed.

• (4) Section 77.1 of the Act is amended by adding the following after subsection (1):

  • Marginal note:Payment to Board

    (2) A payment in the amount determined under subsection (3) is to be made on or before August 31 in a year to the Board out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, and charged to the Employment Insurance Operating Account if

    (A + C) > (B + D)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • Marginal note:Amount of payment to Board

    (3) For the purpose of subsection (2), the amount of the payment is an amount equal to the amount calculated in accordance with the following formula:

    (A + C) – (B + D)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • Marginal note:Payment by Board

    (4) A payment in the amount determined under subsection (5) is to be made on or before August 31 in a year, or at any later date that the Minister of Finance may specify, by the Board to the Consolidated Revenue Fund and credited to the Employment Insurance Operating Account if

    (A + C) < (B + D)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • Marginal note:Amount of payment by Board

    (5) For the purpose of subsection (4), the amount of the payment is an amount equal to the lesser of the amount of the Board’s financial assets less its financial liabilities and the amount calculated in accordance with the following formula:

    (B + D) – (A + C)

    where

    A

    is the amount forecast under subparagraph (1)(a)(i);

    B

    is the amount forecast under subparagraph (1)(a)(ii);

    C

    is the total estimated under subparagraph (1)(a)(iii); and

    D

    is the total estimated under paragraph (1)(b).

  • Marginal note:Terms and conditions

    (6) Payments under this section must be made in the manner and on the terms and conditions that the Minister of Finance may establish after consulting with the Minister and the Board.

2005, c. 34Department of Human Resources and Skills Development Act

Marginal note:2008, c. 28, s. 132(2)

• 441. (1) Subsection 28(4) of the Department of Human Resources and Skills Development Act is replaced by the following:

  • Marginal note:Actuary — Employment Insurance Act

    (4) The Commission shall engage the services of a Fellow of the Canadian Institute of Actuaries who is an employee of the Office of the Superintendent of Financial Institutions to perform the duties under section 66.3 of the Employment Insurance Act.

• (2) Subsection 28(4) of the Act is replaced by the following:

  • Marginal note:Calculations

    (4) The Commission may request the Canada Employment Insurance Financing Board established under subsection 3(1) of the Canada Employment Insurance Financing Board Act to perform calculations for the purposes of sections 4 and 69 of the Employment Insurance Act in accordance with an agreement between the Commission and that Board.

2008, c. 28, s. 121Canada Employment Insurance Financing Board Act

Amendments to the Act

• 442. (1) The definition “Board” in section 2 of the Canada Employment Insurance Financing Board Act is replaced by the following:

  “Board”

  « Office »

  “Board” means the Canada Employment Insurance Financing Board established by subsection 3(1) as that subsection read immediately before it was repealed.

• (2) The definition “Board” in section 2 of the Act is replaced by the following:

  “Board”

  « Office »

  “Board” means the Canada Employment Insurance Financing Board established by subsection 3(1).

• 443. (1) Subsection 3(1) of the Act is repealed.

• (2) Section 3 of the Act is amended by adding the following before subsection (2):

  Marginal note:Board established

  • 3. (1) There is established a corporation to be known as the Canada Employment Insurance Financing Board.

444. Subsection 10(5) of the Act is replaced by the following:

• 445. (1) The Act is amended by adding the following after section 36:

  CLOSING OUT OF AFFAIRS

  Marginal note:Disposal of assets

  • 37. (1) The Board is authorized to sell or otherwise dispose of all or substantially all of its assets and do everything necessary for or incidental to closing out its affairs.

  • Marginal note:Minister’s power

    (2) The Minister may require the Board to do anything that in his or her opinion is necessary to sell or otherwise dispose of all or substantially all of its assets, satisfy its debts and liabilities, manage its expenses or otherwise close out its affairs.

  • Marginal note:Compliance

    (3) The Board must do what the Minister requires under subsection (2).

  Marginal note:Transfer of records

  38. The Board must transfer to the Department of Human Resources and Skills Development the following items, including any electronic versions of them:

  • (a) the Board’s books of account and other financial records, as well as any information that the Board collected in order to produce them;

  • (b) copies of the Board’s by-laws and its investment policies, standards and procedures;

  • (c) the spreadsheets and formulas of the forecasting models for the premium rate referred to in section 66 of the Employment Insurance Act; and

  • (d) anything else that the Minister requires.

  Marginal note:Final reports

  39. The Board must submit to the Minister any final reports required by him or her in the form and at the times that he or she specifies.

• (2) The heading before section 37 and sections 37 to 39 of the Act are repealed.

Suspension

Marginal note:Suspension — sections 27, 28 and 30 to 34

446. The operation of sections 27, 28 and 30 to 34 of the Canada Employment Insurance Financing Board Act is suspended.

Marginal note:Suspension — sections 1 and 2, subsections 3(2) to (7) and sections 4 to 26, 29, 35 and 36

447. The operation of sections 1 and 2, subsections 3(2) to (7) and sections 4 to 26, 29, 35 and 36 of the Canada Employment Insurance Financing Board Act is suspended.