Budget Implementation Act, 2016, No. 1 (S.C. 2016, c. 7)
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Assented to 2016-06-22
PART 4Various Measures (continued)
DIVISION 5Bank Recapitalization Regime (Bail-in) (continued)
Consequential Amendments (continued)
Marginal note:2012, c. 31, s. 171(2)
167 Subsection 13.1(1.1) of the Act is replaced by the following:
Marginal note:Sections 39.15 and 39.152 of Canada Deposit Insurance Corporation Act
(1.1) Despite subsection (1), no action may be taken in respect of an eligible financial contract, as defined in subsection 39.15(9) of the Canada Deposit Insurance Corporation Act, if it is prevented by subsection 39.15(7.01), (7.1), (7.11), (7.12) or (7.2) or section 39.152 of that Act.
Coming into Force
Marginal note:Order in council
168 (1) Sections 128, 158, 160 and 162 come into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Subsections 131(6), 133(3) and 139(5) and (6), sections 140, 142 and 147 and subsection 148(2) come into force on a day to be fixed by order of the Governor in Council.
DIVISION 6Chief Executive Officer of the Canada Deposit Insurance Corporation
R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act
Marginal note:1996, c. 6, s. 108 (E)
169 Paragraph 18(1)(c) of the Office of the Superintendent of Financial Institutions Act is replaced by the following:
(c) the Chief Executive Officer of the Canada Deposit Insurance Corporation; and
R.S., c. C-21; 2001, c. 9, s. 218Canadian Payments Act
Marginal note:2001, c. 9, s. 244
170 Paragraph 43(2)(c) of the Canadian Payments Act is replaced by the following:
(c) the Chief Executive Officer of the Canada Deposit Insurance Corporation or any other officer of that Corporation authorized in writing by the Chief Executive Officer,
R.S., c. N-11National Housing Act
Marginal note:2012, c. 19, s. 351
171 The definition Chairperson of the Canada Deposit Insurance Corporation in section 7 of the National Housing Act is repealed.
Marginal note:2011, c. 15, s. 24; 2012, c. 19, s. 358
172 Subsection 21.1(3) of the Act is replaced by the following:
Marginal note:Power to disclose
(3) The Minister of Finance may disclose to the Superintendent, the Governor of the Bank of Canada, the Chief Executive Officer of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada any information or copies of any books or records received under subsection (2).
Marginal note:2011, c. 15, s. 24; 2012, c. 19, s. 358
173 Paragraph 21.2(7)(c) of the Act is replaced by the following:
(c) the Chief Executive Officer of the Canada Deposit Insurance Corporation; and
1991, c. 45Trust and Loan Companies Act
Marginal note:2009, c. 2, s. 292
174 Paragraph 527.9(2)(b) of the Trust and Loan Companies Act is replaced by the following:
(b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.
1991, c. 46Bank Act
Marginal note:2009, c. 2, s. 275
175 Paragraph 973.2(2)(b) of the Bank Act is replaced by the following:
(b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.
1991, c. 47Insurance Companies Act
Marginal note:2009, c. 2, s. 287
176 Paragraph 1016.7(2)(b) of the Insurance Companies Act is replaced by the following:
(b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.
1991, c. 48Cooperative Credit Associations Act
Marginal note:2009, c. 2, s. 279
177 Paragraph 459.9(2)(b) of the Cooperative Credit Associations Act is replaced by the following:
(b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.
1996, c. 6, sch.Payment Clearing and Settlement Act
Marginal note:2014, c. 39, s. 372(2)
178 Paragraph 18(2)(b) of the Payment Clearing and Settlement Act is replaced by the following:
(b) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Chief Executive Officer of the Canada Deposit Insurance Corporation or any other officer of that Corporation authorized in writing by the Chief Executive Officer.
2011, c. 15, s. 20Protection of Residential Mortgage or Hypothecary Insurance Act
179 Subsection 15(3) of the Protection of Residential Mortgage or Hypothecary Insurance Act is replaced by the following:
Marginal note:Disclosure of information
(3) The Minister and the Superintendent may disclose to each other any information or copies of any books or records received under subsection (2) and may also disclose them to the Governor of the Bank of Canada, the Chief Executive Officer of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada.
DIVISION 7R.S., c. F-8Federal-Provincial Fiscal Arrangements Act
Marginal note:2013, c. 33, s. 122(5)
180 (1) Paragraph (a) of the definition gross expenditure base in subsection 4(1) of the Federal-Provincial Fiscal Arrangements Act is replaced by the following:
(a) for the fiscal year beginning on April 1, 2015, an amount equal to
(i) $1,065,524,388 in respect of Yukon,
(ii) $1,551,787,629 in respect of the Northwest Territories, and
(iii) $1,579,969,113 in respect of Nunavut; and
Marginal note:2007, c. 29, s. 62
(2) Subsection 4(2) of the Act is replaced by the following:
Marginal note:Redetermination — gross expenditure base for 2016-2017
(2) For the purposes of the definition gross expenditure base in subsection (1), the Minister may, at any time during the fiscal year beginning on April 1, 2016, recalculate the amount determined to be the gross expenditure base in respect of a territory for that fiscal year using the following population adjusted gross expenditure escalator:
(a) 1.02497 in respect of Yukon;
(b) 1.01377 in respect of the Northwest Territories; and
(c) 1.02833 in respect of Nunavut.
181 The Act is amended by adding the following after section 4.1:
Marginal note:Additional payment for 2016-2017
4.11 An amount may be paid to a territory equal to the difference between the amount determined by the Minister under paragraph (a) and the amount set out under paragraph (b) for that territory:
(a) the amount of the territorial formula financing payment that would have been paid to a territory for the fiscal year beginning on April 1, 2016, if that amount had been determined using the amount determined to be the gross expenditure base under subsection 4(2); and
(b) as the case may be,
(i) $878,040,329 in respect of Yukon,
(ii) $1,195,799,238 in respect of the Northwest Territories, and
(iii) $1,462,488,258 in respect of Nunavut.
DIVISION 8R.S., c. F-11Financial Administration Act
Amendments to the Act
Marginal note:2007, c. 29, s. 85
182 Section 43.1 of the Financial Administration Act is repealed.
183 The Act is amended by adding the following after section 46:
Marginal note:Authority to borrow money
46.1 In any fiscal year, the Governor in Council may by order authorize the Minister to borrow money for
(a) the payment of any amount that is required to be paid in that fiscal year in respect of any money borrowed under the authority of this Act or any other Act of Parliament;
(b) the extinguishment or reduction of any liability of Canada, if the Minister is of the opinion that the liability should be extinguished or reduced; or
(c) the payment, by Her Majesty, of any amount in extraordinary circumstances, including in the event of a natural disaster or to promote the stability or maintain the efficiency of the financial system in Canada, if the Minister is of the opinion that the borrowing of money is necessary in those circumstances.
Marginal note:2007, c. 29, s. 87
184 (1) The portion of subsection 49(1) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Rapport : gestion de la dette publique
49 (1) Après le dépôt des Comptes publics devant la Chambre des communes, le ministre fait déposer devant chaque chambre du Parlement, dans les trente premiers jours de séance de celle-ci qui suivent ce dépôt, un rapport faisant état :
Marginal note:2007, c. 29, s. 87
(2) Paragraph 49(1)(a) of the Act is replaced by the following:
(a) the money borrowed in the fiscal year to which the Public Accounts relate;
(a.1) the money that is borrowed under an order made under paragraph 46.1(c) and that is due; and
Marginal note:2007, c. 29, s. 87
(3) Paragraph 49(1)(b) of the French version of the Act is replaced by the following:
b) des mesures qu’il a prises pendant l’exercice en cause à l’égard de la gestion de la dette publique.
Marginal note:2007, c. 29, s. 87
(4) Paragraph 49(2)(a) of the Act is replaced by the following:
(a) the money to be borrowed in the next fiscal year and the purposes for which the moneys will be borrowed; and
185 The Act is amended by adding the following after section 49:
Marginal note:Report — borrowings in respect of extraordinary circumstances
49.1 The Minister shall cause to be tabled in each House of Parliament a report on the money borrowed or to be borrowed under an order made under paragraph 46.1(c) within the first 30 days on which that House is sitting after the day on which the Governor in Council’s authorization is given under that paragraph.
186 The Act is amended by adding the following after section 101:
Marginal note:Minister’s responsibility
101.1 In the exercise of the Minister’s powers and duties under subsections 127(2) and (3) in respect of an agent corporation, the Minister shall ensure that the total of the amounts borrowed by it, other than from the Crown, is not in excess of any limit established by any other Act of Parliament.
Coming into Force
Marginal note:Order in council
187 The provisions of this Division come into force on a day or days to be fixed by order of the Governor in Council.
DIVISION 9R.S., c. O-9Old Age Security Act
Amendments to the Act
Marginal note:2012, c. 19, s. 447
188 Section 2.2 of the Old Age Security Act is repealed.
189 (1) Section 12.1 of the Act is amended by adding the following after subsection (2):
Marginal note:Increase on July 1, 2016
(2.1) For any month in the payment quarter beginning on July 1, 2016,
(a) the amount determined for A in subsection (1) is the amount that would otherwise have been determined for A in that subsection for any month in that payment quarter plus $78.92; and
(b) the amount determined for A in subsection (2) in the case set out in paragraph (a) of A in that subsection is the amount that would otherwise have been determined in that case for A in that subsection for any month in that payment quarter plus $78.92.
Marginal note:2011, c. 15, s. 13
(2) The portion of subsection 12.1(3) of the Act before paragraph (a) is replaced by the following:
Marginal note:Indexation
(3) Subject to subsection (2.1), for the purpose of calculating the amount payable under subsection (1) or (2) for any month in a payment quarter beginning after September 30, 2011, the amount to be determined for A in that subsection is the amount obtained by multiplying
190 (1) Section 22.1 of the Act is amended by adding the following after subsection (3):
Marginal note:Increase on July 1, 2016
(3.1) The amount determined for A in subsection (3) for any month in the payment quarter beginning on July 1, 2016 is the amount that would otherwise have been determined for A in that subsection for any month in that payment quarter plus $78.92.
Marginal note:2011, c. 15, s. 14
(2) The portion of subsection 22.1(4) of the Act before paragraph (a) is replaced by the following:
Marginal note:Indexation
(4) Subject to subsection (3.1), for the purpose of calculating the amount payable under any of subsections (1) to (3) for any month in a payment quarter beginning after September 30, 2011, the amount to be determined for A in that subsection is the amount obtained by multiplying
Coming into Force
Marginal note:July 1, 2016
191 Sections 189 and 190 come into force, or are deemed to have come into force, on July 1, 2016.
DIVISION 10R.S., c. S-15Special Import Measures Act
Marginal note:1994, c. 47, s. 144(3)
192 The definition negligible in subsection 2(1) of the Special Import Measures Act is replaced by the following:
- negligible
negligible means, in respect of the volume of goods of a country, less than 3% of the total volume of goods that are released into Canada from all countries and that are of the same description as the goods. However, if the total volume of goods of three or more countries — each of whose exports of goods into Canada is less than 3% of the total volume of goods that are released into Canada from all countries and that are of the same description — is more than 7% of the total volume of goods that are released into Canada from all countries and that are of the same description, the volume of goods of any of those countries is not negligible; (négligeable)
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