Budget Implementation Act, 2022, No. 1 (S.C. 2022, c. 10)
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Assented to 2022-06-23
PART 5Various Measures
DIVISION 1Provisions Relating to Canadian Pacific Railway Company Tax Exemption
Marginal note:Clause 16 — no force or effect
174 (1) Clause 16 of the contract that is set out in the schedule to An Act respecting the Canadian Pacific Railway, chapter 1 of the Statutes of Canada, 1881, is deemed to be of no force or effect as of August 29, 1966.
Marginal note:Obligations, rights, etc. extinguished
(2) All obligations and liabilities of Her Majesty in right of Canada and all rights and privileges of the Canadian Pacific Railway Company under that clause 16 arising out of or acquired under the contract referred to in subsection (1), any Act of Parliament or any instrument made in the exercise of a power conferred under an Act of Parliament are deemed to have been extinguished on August 29, 1966.
Marginal note:No liability
175 No action or other proceeding that is based on or is in respect of clause 16 of the contract referred to in subsection 174(1) lies or may be instituted or continued by anyone against Her Majesty in right of Canada.
Marginal note:No compensation
176 No one is entitled to any compensation from Her Majesty in right of Canada in connection with the coming into force of section 174.
DIVISION 22000, c. 7Nisga’a Final Agreement Act
177 (1) Subsections 14(1) and (2) of the Nisga’a Final Agreement Act are replaced by the following:
Marginal note:Taxation Agreement
14 (1) The Taxation Agreement is approved, given effect and declared valid and, during the period that the Taxation Agreement is, by its terms, in force, it has the force of law.
(2) Subsection 14(5) of the Act is repealed.
DIVISION 3Safe Drinking Water for First Nations
2013, c. 21Safe Drinking Water for First Nations Act
Marginal note:Repeal
178 The Safe Drinking Water for First Nations Act, chapter 21 of the Statutes of Canada, 2013, is repealed.
R.S., c. 1 (5th Supp.)Income Tax Act
179 (1) Subparagraph 81(1)(g.3)(i) of the Income Tax Act is amended by striking out “or” at the end of clause (B), by striking out “and” at the end of that subparagraph, by adding “or” at the end of clause (C) and by adding the following after clause (C):
(D) the Settlement Agreement entered into by Her Majesty in Right of Canada on September 15, 2021 in respect of the class action relating to long-term drinking water quality for impacted First Nations, and
(2) Subsection (1) applies to the 2022 and subsequent taxation years.
DIVISION 4Payments in Relation to Transit and Housing
Marginal note:Maximum payment of $750 million
180 (1) The Minister of Finance may make payments to the provinces, the total of which may not exceed $750 million, for the purpose of addressing municipal and other transit shortfalls and needs and improving housing supply and affordability. The amount of each payment is to be determined by the Minister of Finance.
Marginal note:Payments out of C.R.F.
(2) Any amount payable under subsection (1) may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner, and on any terms and conditions, that the Minister of Finance considers appropriate.
Marginal note:Report
(3) If the Minister of Finance makes a payment to a province under subsection (1), the Minister must, within three months after the day on which the payment is made, prepare a report indicating the amount of the payment and describing any terms or conditions established under subsection (2) in relation to the payment and must cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the report is completed.
DIVISION 5R.S., c. C-3Canada Deposit Insurance Corporation Act
181 (1) Paragraph 5(1)(a) of the Canada Deposit Insurance Corporation Act is replaced by the following:
(a) the person appointed as the Chairperson under subsection 6(1);
(a.1) the person appointed as the President and Chief Executive Officer of the Corporation under subsection 105(5) of the Financial Administration Act;
(2) Paragraph 5(1)(c) of the Act is replaced by the following:
(c) not more than six other members appointed by the Minister with the approval of the Governor in Council.
DIVISION 6R.S., c. F-8; 1995, c. 17, s. 45Federal-Provincial Fiscal Arrangements Act
182 The Federal-Provincial Fiscal Arrangements Act is amended by adding the following after section 24.72:
Marginal note:Total payment of $2 billion
24.73 The Minister may pay an additional cash payment equal to
(a) for Ontario, $775,500,000;
(b) for Quebec, $450,006,000;
(c) for Nova Scotia, $51,800,000;
(d) for New Brunswick, $41,238,000;
(e) for Manitoba, $72,437,000;
(f) for British Columbia, $272,434,000;
(g) for Prince Edward Island, $8,574,000;
(h) for Saskatchewan, $61,759,000;
(i) for Alberta, $232,332,000;
(j) for Newfoundland and Labrador, $27,227,000;
(k) for Yukon, $2,244,000;
(l) for the Northwest Territories, $2,387,000; and
(m) for Nunavut, $2,062,000.
DIVISION 7Borrowings
2017, c. 20, s. 103Borrowing Authority Act
183 Paragraphs 5(a) and (b) of the Borrowing Authority Act are replaced by the following:
(a) amounts borrowed by the Minister under an order made under paragraph 46.1(c) of the Financial Administration Act, other than those borrowed under such an order made during the period beginning on March 23, 2021 and ending on May 6, 2021; and
(b) amounts borrowed by the Minister under an order made under paragraph 46.1(a) of that Act for the payment of any amount in respect of a debt that was originally incurred under an order made under paragraph 46.1(c) of that Act, other than in respect of a debt that was originally incurred under such an order made during the period beginning on March 23, 2021 and ending on May 6, 2021.
184 Section 8 of the Act is amended by adding the following after subsection (2):
Marginal note:Amounts not included
(3) For the purposes of subsection (2), any amounts borrowed by the Minister during the period beginning on March 23, 2021 and ending on May 6, 2021 under an order made under paragraph 46.1(c) of the Financial Administration Act do not count in the calculation of the amounts referred to in paragraph (1)(b).
R.S., c. F-11Financial Administration Act
185 Paragraph 49(1)(a.1) of the Financial Administration Act is replaced by the following:
(a.1) the money that is borrowed under an order made under paragraph 46.1(c) of the Financial Administration Act, other than that borrowed under such an order made during the period beginning on March 23, 2021 and ending on May 6, 2021, and that is due at the end of the fiscal year to which the Public Accounts relate; and
DIVISION 8R.S., c. 32 (2nd Supp.)Pension Benefits Standards Act, 1985
Amendments to the Act
186 The Pension Benefits Standards Act, 1985 is amended by adding the following after section 9.16:
Solvency Reserve Accounts
Marginal note:Establishment
9.17 (1) Subject to the regulations, a defined benefit plan, other than a negotiated contribution plan, may provide for the establishment of a solvency reserve account in the plan’s pension fund.
Marginal note:Payments into account
(2) Subject to the regulations, an employer may make payments into the solvency reserve account.
Marginal note:Restriction on transfers
(3) The administrator shall not transfer into the solvency reserve account, nor permit to be transferred into that account, any moneys that are held in the pension fund outside of that account.
Marginal note:Withdrawals
(4) Despite any terms of the pension plan or any document that creates or supports the plan or the pension fund, amounts may be withdrawn from the solvency reserve account in accordance with the regulations.
Marginal note:Non-application
(5) Section 9.2 does not apply with respect to a withdrawal from the solvency reserve account.
187 Section 10 of the Act is amended by adding the following after subsection (6):
Marginal note:Governance policy
(7) The administrator of a pension plan shall
(a) establish, before the plan is filed for registration, a governance policy that contains the prescribed information; and
(b) ensure that the policy complies with this Act and the regulations.
Marginal note:Filing not required
(8) The administrator is not required to file the governance policy for the purposes of subsection (1) or to file any amendment to the policy for the purposes of subsection 10.1(1).
Marginal note:Transitional provision
(9) An administrator of a pension plan that was registered or was filed for registration under this section before the day on which subsection (7) comes into force shall, within one year after that day, establish the governance policy for the plan.
188 (1) Subsection 39(1) of the Act is amended by adding the following after paragraph (h):
(h.01) respecting solvency reserve accounts;
(2) Subsection 39(1) of the Act is amended by adding the following after paragraph (n.1):
(n.11) respecting the investment of the assets of a pension fund;
Coordinating Amendments
Marginal note:2021, c. 23
189 (1) In this section, other Act means the Budget Implementation Act, 2021, No. 1.
(2) If section 188 of the other Act comes into force before section 187 of this Act, then
(a) that section 187 is replaced by the following:
187 Section 10 of the Act is amended by adding the following after subsection (10):
Marginal note:Governance policy
(11) The administrator of a pension plan shall
(a) establish, before the plan is filed for registration, a governance policy that contains the prescribed information; and
(b) ensure that the policy complies with this Act and the regulations.
Marginal note:Filing not required
(12) The administrator is not required to file the governance policy for the purposes of subsection (1) or to file any amendment to the policy for the purposes of subsection 10.1(1).
Marginal note:Transitional provision — governance policy
(13) An administrator of a pension plan, other than a negotiated contribution plan, that was registered or was filed for registration under this section before the day on which subsection (11) comes into force shall, within one year after that day, establish the governance policy for the plan.
(b) on the day on which that section 187 comes into force, subsections 10(7) to (10) of the Pension Benefits Standards Act, 1985 are replaced by the following:
Marginal note:Funding policy
(7) The administrator of a negotiated contribution plan shall, before the plan is filed for registration, establish a funding policy that contains the prescribed information.
Marginal note:Filing not required
(8) The administrator is not required to file the funding policy for the purposes of subsection (1) or to file any amendment to the policy for the purposes of subsection 10.1(1).
Marginal note:Compliance — funding policy
(9) The administrator shall ensure that the funding policy complies with this Act and the regulations.
Marginal note:Transitional provision — negotiated contribution plans
(10) An administrator of a negotiated contribution plan that was registered or was filed for registration under this section before the day on which subsection (7), as enacted by section 188 of the Budget Implementation Act, 2021, No. 1, comes into force shall, within one year after that day, establish the funding policy referred to in subsection (7) and the governance policy referred to in subsection (11).
(3) If section 187 of this Act comes into force before section 188 of the other Act, then that section 188 is replaced by the following:
188 Section 10 of the Pension Benefits Standards Act, 1985 is amended by adding the following after subsection (9):
Marginal note:Funding policy
(10) The administrator of a negotiated contribution plan shall
(a) establish, before the plan is filed for registration, a funding policy that contains the prescribed information; and
(b) ensure that the policy complies with this Act and the regulations.
Marginal note:Filing not required
(11) The administrator is not required to file the funding policy for the purposes of subsection (1) or to file any amendment to the policy for the purposes of subsection 10.1(1).
Marginal note:Transitional provision — funding policy
(12) An administrator of a negotiated contribution plan that was registered or was filed for registration under this section before the day on which subsection (10) comes into force shall establish the funding policy within one year after that day.
(4) If section 188 of the other Act comes into force on the same day as section 187 of this Act, then that section 187 is deemed to have come into force before that section 188 and subsection (3) applies as a consequence.
Coming into Force
Marginal note:Order in council
190 (1) Section 186 and subsection 188(1) come into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Section 187 comes into force on a day to be fixed by order of the Governor in Council.
DIVISION 9Trade Remedies
R.S., c. S-15Special Import Measures Act
Amendments to the Act
191 Section 2 of the Special Import Measures Act is amended by adding the following after subsection (10):
Marginal note:Assessment of injury — impacts on workers
(11) In any assessment of injury under this Act, any impacts on workers employed in the domestic industry shall be taken into account.
Marginal note:Assessment of retardation — impacts on jobs
(12) In any assessment of retardation under this Act, any impacts on jobs shall be taken into account.
192 The Act is amended by adding the following before section 3:
Marginal note:Definition of massive importation
2.1 In this Part, massive importation includes a series of importations into Canada that in the aggregate are massive and have occurred within a relatively short period of time.
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