Budget Implementation Act, 2016, No. 1 (S.C. 2016, c. 7)

Marginal note:Lump sum

106 An amount that is to be paid under any of sections 100 to 103 is to be paid as a lump sum.

Marginal note:Power to require information

107 The Minister may, for the purposes of establishing a person’s entitlement to an amount under any of sections 100 to 103, require a person who may be entitled to an amount to provide to the Minister the information or documents set out in the regulations made under the Act.

Marginal note:Information to be made available to Minister

108 Personal information, as defined in section 3 of the Privacy Act, held by a government institution, as defined in that section, is, if requested by the Minister, to be made available to the Minister for the purposes of sections 100 to 103.

Marginal note:Entitlement ceases on death

109 If a person to whom an amount is to be paid under any of sections 100 to 103 dies before the amount is paid, that person’s entitlement to the amount ceases on their death.

Amount deemed to be compensation

110 An amount paid or payable under any of sections 100 to 103 is deemed, for the purposes of sections 89 and 90 of the Act, to be compensation as defined in subsection 2(1) of the Act.

Marginal note:Income Tax Act

111 An amount paid or payable under any of sections 100 to 103 is deemed, for the purposes of paragraph 81(1)(d.1) of the Income Tax Act, to be a disability award or a death benefit, as the case may be, payable to the taxpayer under Part 3 of the Act.

Consequential Amendments

R.S., c. C-28; 1990, c. 43, s. 43Children of Deceased Veterans Education Assistance Act

Marginal note:2005, c. 21, s. 99(2)

112 Subparagraph (f)(iii) of the definition student in section 2 of the Children of Deceased Veterans Education Assistance Act is replaced by the following:

R.S., c. P-6Pension Act

Marginal note:2011, c. 12, s. 20

113 Subsection 72(1.1) of the Pension Act is replaced by the following:

R.S., c. 1 (5th Supp.)Income Tax Act

114 Paragraph 6(1)(f.1) of the Income Tax Act is replaced by the following:

Coordinating Amendments

Marginal note:2012, c. 19

• 115 (1) In this section, other Act means the Jobs, Growth and Long-term Prosperity Act.

• (2) If section 97 of this Act comes into force before subsection 683(2) of the other Act, then

  • (a) section 228 of the Economic Action Plan 2015 Act, No. 1 is repealed; and

  • (b) on the day on which that subsection 683(2) comes into force, paragraph 94(e) of the Canadian Forces Members and Veterans Re-establishment and Compensation Act is replaced by the following:

    • (e) respecting the provision of any information, declaration or document to the Minister by any person who applies for or is in receipt of rehabilitation services, vocational assistance, an earnings loss benefit, a Canadian Forces income support benefit, a career impact allowance, a retirement income security benefit, a clothing allowance, a family caregiver relief benefit, or a payment or reimbursement of fees in respect of career transition services under this Act, and authorizing the Minister to suspend the delivery of the services or assistance, the payment of the benefit or allowance or the payment or reimbursement of fees until the information, declaration or document is provided;

• (3) If section 97 of this Act and subsection 683(2) of the other Act come into force on the same day, then that section 97 is deemed to have come into force before that subsection 683(2) and subsection (2) applies as a consequence.

Coming into Force

Marginal note:April 1, 2017

• 116 (1) Sections 80, 81, 83, 85 to 97 and 99 to 114 come into force on April 1, 2017.

• Marginal note:October 1, 2016

  (2) Sections 82, 84 and 98 come into force on October 1, 2016.

DIVISION 3Financial Institutions (Sunset Provisions)

1991, c. 45Trust and Loan Companies Act

Marginal note:2012, c. 5, s. 163

• 117 (1) Subsection 20(1) of the Trust and Loan Companies Act is replaced by the following:

  Marginal note:Sunset provision

  • 20 (1) Subject to subsections (2) and (4), companies shall not carry on business after March 29, 2019.

• Marginal note:2012, c. 5, s. 163

  (2) Subsection 20(4) of the Act is replaced by the following:

  • Marginal note:Exception — dissolution

    (4) If Parliament dissolves on March 29, 2019 or on any day within the six-month period before that date or on any day within an extension ordered under subsection (2), companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.

1991, c. 46Bank Act

Marginal note:2012, c. 5, s. 3

• 118 (1) Subsection 21(1) of the Bank Act is replaced by the following:

  Marginal note:Sunset provision

  • 21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after March 29, 2019.

• Marginal note:2012, c. 5, s. 3

  (2) Subsection 21(4) of the Act is replaced by the following:

  • Marginal note:Exception — dissolution

    (4) If Parliament dissolves on March 29, 2019 or on any day within the six-month period before that date or on any day within an extension ordered under subsection (2), banks may continue to carry on business, and authorized foreign banks may continue to carry on business in Canada, until the end of the 180th day after the first day of the first session of the next Parliament.

Marginal note:2012, c. 5, s. 77

• 119 (1) Subsection 670(1) of the Act is replaced by the following:

  Marginal note:Sunset provision

  • 670 (1) Subject to subsections (2) and (4), bank holding companies shall not carry on business after March 29, 2019.

• Marginal note:2012, c. 5, s. 77

  (2) Subsection 670(4) of the Act is replaced by the following:

  • Marginal note:Exception — dissolution

    (4) If Parliament dissolves on March 29, 2019 or on any day within the six-month period before that date or on any day within an extension ordered under subsection (2), bank holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.

1991, c. 47Insurance Companies Act

Marginal note:2012, c. 5, s. 123

• 120 (1) Subsection 21(1) of the Insurance Companies Act is replaced by the following:

  Marginal note:Sunset provision

  • 21 (1) Subject to subsections (2) and (4), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after March 29, 2019.

• Marginal note:2012, c. 5, s. 123

  (2) Subsection 21(4) of the Act is replaced by the following:

  • Marginal note:Exception — dissolution

    (4) If Parliament dissolves on March 29, 2019 or on any day within the six-month period before that date or on any day within an extension ordered under subsection (2), companies and societies may continue to carry on business, and foreign companies may continue to carry on business in Canada, until the end of the 180th day after the first day of the first session of the next Parliament.

Marginal note:2012, c. 5, s. 154

• 121 (1) Subsection 707(1) of the Act is replaced by the following:

  Marginal note:Sunset provision

  • 707 (1) Subject to subsections (2) and (4), insurance holding companies shall not carry on business after March 29, 2019.

• Marginal note:2012, c. 5, s. 154

  (2) Subsection 707(4) of the Act is replaced by the following:

  • Marginal note:Exception — dissolution

    (4) If Parliament dissolves on March 29, 2019 or on any day within the six-month period before that date or on any day within an extension ordered under subsection (2), insurance holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.

1991, c. 48Cooperative Credit Associations Act

Marginal note:2012, c. 5, s. 105

• 122 (1) Subsection 22(1) of the Cooperative Credit Associations Act is replaced by the following:

  Marginal note:Sunset provision

  • 22 (1) Subject to subsections (2) and (4), associations shall not carry on business after March 29, 2019.

• Marginal note:2012, c. 5, s. 105

  (2) Subsection 22(4) of the Act is replaced by the following:

  • Marginal note:Exception — dissolution

    (4) If Parliament dissolves on March 29, 2019 or on any day within the six-month period before that date or on any day within an extension ordered under subsection (2), associations may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.

DIVISION 41991, c. 46Amendments to the Bank Act (Federal Credit Unions)

Marginal note:2010, c. 12, s. 1911

• 123 (1) Subsection 35.1(1) of the French version of the Bank Act is replaced by the following:

  Marginal note:Prorogation

  • 35.1 (1) Sous réserve des autres dispositions de la présente partie, le ministre ne peut délivrer des lettres patentes prorogeant comme coopérative de crédit fédérale la société coopérative de crédit locale qui en fait la demande aux termes du paragraphe 33(2) que s’il estime qu’elle s’est conformée aux règlements relatifs aux exigences de notification et de divulgation.

• Marginal note:2014, c. 39, s. 272

  (2) The portion of subsection 35.1(2) of the French version of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Prorogation en vue d’une fusion

    (2) Sous réserve des autres dispositions de la présente partie, le ministre ne peut délivrer des lettres patentes prorogeant comme coopérative de crédit fédérale la société coopérative de crédit locale qui en fait la demande aux termes des paragraphes 33(3) ou (4) que si :

• (3) Section 35.1 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Exemption

    (4) For the purpose of facilitating the continuance as a federal credit union of a local cooperative credit society, the Minister may, on application and by order, subject to any terms and conditions that he or she considers appropriate, exempt the local cooperative credit society from any requirement of this Part or of the regulations made under this Part, if he or she is of the opinion that it has acted in a manner that substantially complies with the requirement.

124 The Act is amended by adding the following after section 39:

Marginal note:2014, c. 39, s. 276

125 Subsection 229(1.1) of the Act is replaced by the following:

DIVISION 5Bank Recapitalization Regime (Bail-in)

R.S., c. C-3Canada Deposit Insurance Corporation Act

Marginal note:1996, c. 6, s. 21(2)

• 126 (1) The definition affaires internes in section 2 of the French version of the Canada Deposit Insurance Corporation Act is repealed.

• (2) Section 2 of the Act is amended by adding the following in alphabetical order:

  domestic systemically important bank

  domestic systemically important bank has the same meaning as in section 2 of the Bank Act; (banque d’importance systémique nationale)

• (3) Section 2 of the French version of the Act is amended by adding the following in alphabetical order:

  affairs

  affaires Les activités commerciales de l’institution membre ainsi que les relations entre celle-ci, les entités de son groupe et leurs associés, actionnaires, administrateurs et dirigeants. (affairs)