Marginal note:Five-year reviews
42.1 (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 IVPublic Debt
Marginal note:Borrowing of money
43 (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
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.
43.1 [Repealed, 2016, c. 7, s. 182]
Marginal note:Raising of money
44 (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.
(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.
(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.
(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
- R.S., 1985, c. F-11, s. 45;
- 1999, c. 26, s. 22.
Marginal note:Contracts and agreements
45.1 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 such terms and conditions as the Minister considers necessary.
- 1991, c. 24, s. 18;
- 1999, c. 26, s. 22.
Marginal note:Powers — management of assets and liabilities
46 The Minister may, on any terms and conditions the Minister considers appropriate, do any of the following if the Minister considers it appropriate for the sound and efficient management of the assets and liabilities of Canada, including contingent liabilities:
(a) purchase or acquire securities of Canada or any other securities, including purchasing or acquiring them on their issuance, and hold, lend or sell securities of Canada or any other securities; and
(b) create a charge on, or right or interest in, securities of Canada or any other securities held by the Minister.
- R.S., 1985, c. F-11, s. 46;
- 1999, c. 26, s. 22.
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.
- 1999, c. 26, s. 22;
- 2007, c. 29, s. 86;
- 2016, c. 7, s. 183.
47 [Repealed, 2007, c. 29, s. 86]
Marginal note:Currency of borrowings
48 (1) Any amounts raised by way of loan under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be repaid in the currency or currencies of any country or countries and securities issued under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be made payable in the currency or currencies of any country or countries.
Marginal note:Calculation of amount in foreign currency
(2) Where an Act of Parliament, whether enacted before or after the coming into force of this subsection, authorizes
(a) the raising of a specific or maximum number of dollars by way of loan or the issue of securities, or
(b) the guarantee of the payment of a liability or obligation for a specific or maximum number of dollars,
the authorized transaction may be undertaken, in whole or in part, in the currency of a country other than Canada, and for that purpose the specific or maximum number of dollars shall be construed as an equivalent amount in the currency of the other country, calculated at the daily average rate of exchange between the Canadian dollar and the currency concerned quoted by the Bank of Canada on the day immediately preceding the day on which the money is borrowed, the proceeds from the issue of securities are received or the guarantee is given, as the case may be, or at any other rate of exchange in use between those currencies that the Minister considers appropriate.
Marginal note:Calculation where limitation
(3) For the purpose of any limitation in respect of an amount
(a) that may be borrowed,
(b) for which securities may be issued, or
(c) the payment of which may be guaranteed under this Act or any other Act of Parliament,
the principal amount borrowed or authorized to be borrowed, the principal amount of any securities previously issued or authorized to be issued or the amount guaranteed or authorized to be guaranteed, as the case may be, payable in a currency of any country other than Canada, shall be deemed to be the Canadian dollar equivalent of the value thereof, as calculated under subsection (2), regardless of any premium or discount at which the securities were sold and regardless of any premium that may be payable on early redemption.
- R.S., 1985, c. F-11, s. 48;
- 1991, c. 24, ss. 19, 50(F);
- 1999, c. 31, s. 110(F);
- 2017, c. 20, s. 104.
Marginal note:Report on debt management
49 (1) After the Public Accounts are tabled in the House of Commons, the Minister shall cause to be tabled in each House of Parliament, within the first 30 days on which that House is sitting after the Public Accounts are tabled in the House of Commons, a report on the activities of the Minister in relation to the following:
Marginal note:Report next fiscal year
(2) In every fiscal year, the Minister shall cause to be tabled in each House of Parliament a report on the Minister’s plans in relation to the following:
- R.S., 1985, c. F-11, s. 49;
- 1999, c. 26, s. 23;
- 2007, c. 29, s. 87;
- 2016, c. 7, s. 184.
- Date modified: