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

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  • (a) section 228 of the Economic Action Plan 2015 Act, No. 1 is repealed; and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