Financial Administration Act (R.S.C., 1985, c. F-11)

Act current to 2018-07-05 and last amended on 2018-06-22. Previous Versions

Marginal note:Five-year reviews
  •  (1) Subject to and except as otherwise provided in any directives issued by the Treasury Board, every department shall conduct a review every five years of the relevance and effectiveness of each ongoing program for which it is responsible.

  • Marginal note:Definition of program

    (2) In this section, program means a program of grants or contributions made to one or more recipients that are administered so as to achieve a common objective and for which spending authority is provided in an appropriation Act.

  • 2006, c. 9, s. 260.

PART III.2Financial Transactions Related to Asset Management

Marginal note:Definitions

 The following definitions apply in this Part.

fiscal agent

fiscal agent means a fiscal agent appointed under this Part and includes the Bank of Canada. (agent financier)

registrar

registrar means a registrar appointed under this Part and includes the Bank of Canada. (agent comptable)

  • 2016, c. 12, s. 121.
Marginal note:Lending of funds
  •  (1) The Minister may, for the sound and efficient management of the Consolidated Revenue Fund, lend money by way of an auction on any terms and conditions that the Minister considers appropriate.

  • Marginal note:Limit

    (2) However, the Minister is not to make a loan that exceeds the surplus of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada at the time of the making of the loan.

  • Marginal note:Determination

    (3) For the purposes of subsection (2), the amount of the surplus is determined by the Bank of Canada.

  • Marginal note:Part of Consolidated Revenue Fund

    (4) Any loans made under subsection (1) may only be paid out of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada.

  • Marginal note:Powers related to loans

    (5) Despite section 42.5, the Minister may enter into any contract or agreement related to the loans and do any other thing relating to the loans that the Minister considers appropriate.

  • 2016, c. 12, s. 121.
Marginal note:Auctions
  •  (1) If the Minister lends money by way of an auction, the Minister may establish rules governing the conduct of the auction, including rules relating to any of the following:

    • (a) the eligibility of persons to participate in the auction;

    • (b) the provision to the Minister by participants of any information that the Minister considers relevant;

    • (c) the form of bids;

    • (d) the maximum amount that a participant may bid.

  • Marginal note:Rules not statutory instruments

    (2) Rules governing the conduct of an auction are not statutory instruments as defined in the Statutory Instruments Act.

  • 2016, c. 12, s. 121.
Marginal note:Management of risks

 The Governor in Council may authorize the Minister, subject to any terms and conditions that the Governor in Council may specify, to enter into any contract or agreement of a financial nature, including options, derivatives, swaps and forwards, on any terms and conditions that the Minister considers necessary for the management of risks related to the financial position of the Government of Canada.

  • 2016, c. 12, s. 121.
Marginal note:Registrars and fiscal agents

 The Minister may

  • (a) appoint one or more registrars or fiscal agents to perform any services that the Minister may specify in respect of financial transactions entered into under this Part; and

  • (b) fix the remuneration or compensation of any registrar or fiscal agent appointed under this section.

  • 2016, c. 12, s. 121.
Marginal note:Payment of related expenses

 With the authorization of the Governor in Council, there may be paid out of the Consolidated Revenue Fund

  • (a) the remuneration and compensation of registrars and fiscal agents appointed under section 42.6;

  • (b) all costs, expenses and charges incurred in the management of financial transactions referred to in this Part, including the negotiation, entering into and execution of those transactions;

  • (c) all money required to be paid under contracts and agreements entered into under subsection 42.3(5) or section 42.5;

  • (d) all money required to be paid under contracts and agreements entered into under this Act before the coming into force of this Part that could also have been entered into under this Part if this Part had been in force when these contracts and agreements were entered into; and

  • (e) all money that the Minister considers appropriate to pay in the exercise of his or her power to do any other thing relating to the lending of money under subsection 42.3(5).

  • 2016, c. 12, s. 121.
Marginal note:Delegation

 The Minister may delegate to any officer of the Department of Finance any of the Minister’s powers, duties or functions under this Part, except the power to delegate under this section.

  • 2016, c. 12, s. 121.

PART IVPublic Debt

Marginal note:Borrowing of money
  •  (1) Notwithstanding any statement in any other Act of Parliament to the effect that this Act or any portion or provision of it does not apply, no money shall be borrowed by or on behalf of Her Majesty in right of Canada except as provided by or under

    • (a) this Act;

    • (b) any other Act of Parliament that expressly authorizes the borrowing of money; or

    • (c) any other Act of Parliament that provides for the borrowing of money from Her Majesty in right of Canada or of a province.

  • Marginal note:Issuing of securities

    (2) No securities shall be issued by or on behalf of Her Majesty in right of Canada without the authority of Parliament.

  • R.S., 1985, c. F-11, s. 43;
  • 1999, c. 26, s. 21(E);
  • 2001, c. 11, s. 4.

 [Repealed, 2016, c. 7, s. 182]

Marginal note:Raising of money
  •  (1) When by this Act or any other Act of Parliament authority is given to raise money by Her Majesty, the Governor in Council may, subject to the Act authorizing the raising of the money, authorize the Minister to borrow the money by any means that the Minister considers appropriate.

  • Marginal note:Maximum

    (2) The aggregate principal amount of money borrowed by the Minister under this section in any fiscal year may not exceed the amount that is specified by order of the Governor in Council for that fiscal year.

  • Marginal note:Powers of Minister

    (3) Subject to any terms and conditions that the Governor in Council may specify, the Minister may enter into any contract or agreement, issue securities and do any other thing relating to the borrowing of money that the Minister considers appropriate.

  • Marginal note:Transitional

    (4) Subsection (3) applies with respect to anything done in relation to borrowings under this section, as it read immediately before the coming into force of this subsection, as though the borrowing were done under subsection (1).

  • R.S., 1985, c. F-11, s. 44;
  • 1999, c. 26, s. 22.
Marginal note:Auctions
  •  (1) If the Minister borrows money by way of an auction, the Minister may establish rules governing the conduct of the auction, including rules relating to

    • (a) the eligibility of persons to participate in the auction;

    • (b) the provision to the Minister by participants of any information that the Minister considers relevant, including information respecting holdings of securities and transactions in securities;

    • (c) the form of bids;

    • (d) the maximum amount that may be bid for by a participant; and

    • (e) the certification and verification of bids.

  • Marginal note:Rules not statutory instruments

    (2) Rules governing the conduct of an auction are not statutory instruments as defined in the Statutory Instruments Act.

  • R.S., 1985, c. F-11, s. 45;
  • 1999, c. 26, s. 22.
 
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