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Budget Implementation Act, 2005 (S.C. 2005, c. 30)

Assented to 2005-06-29

Coming into Force

Marginal note:Order in council

97. This Part comes into force on a day to be fixed by order of the Governor in Council.

PART 15AMENDMENTS TO THE CANADA DEPOSIT INSURANCE CORPORATION ACT

R.S., c. C-3Canada Deposit Insurance Corporation Act

Marginal note:1996, c. 6, s. 22

98. Paragraph 7(b) of the Canada Deposit Insurance Corporation Act is replaced by the following:

  • (b) to promote and otherwise contribute to the stability of the financial system in Canada; and

Marginal note:2001, c. 9, s. 205

99. Paragraph 8(c) of the Act is replaced by the following:

Marginal note:1992, c. 26, s. 4

100. Paragraph 11(2)(e) of the Act is repealed.

101. Paragraph 12(c) of the Act is replaced by the following:

  • (c) so much of any one deposit as exceeds one hundred thousand dollars.

102. Subsection 13(2) of the Act is replaced by the following:

  • Marginal note:Deposits with amalgamated institution

    (2) A deposit made by a person referred to in subsection (1) with an amalgamated institution after the day on which the amalgamated institution is formed shall be insured by the Corporation only to the extent that the aggregate of that person’s deposits with the amalgamated institution, exclusive of the deposit in respect of which the calculation is made, is less than one hundred thousand dollars.

Marginal note:1996, c. 6, s. 26(3)

103. Subsection 14(2.4) of the Act is replaced by the following:

  • Marginal note:Corporation may pay interest

    (2.4) Where the Corporation makes a payment pursuant to subsection (2), the Corporation may pay, in addition to the amount the Corporation is obliged to pay, interest on that amount at a rate determined in accordance with rules prescribed by the by-laws for the period commencing on the date of the commencement of the winding-up in respect of the member institution that holds the deposit and ending on the date of the making of the payment in respect of the deposit, but the aggregate of the payments made under this subsection and subsection (2) in relation to the deposit shall in no case exceed one hundred thousand dollars.

Marginal note:R.S., c. 18 (3rd Supp.), s. 54; 1991, c. 45, s. 543

  • 104. (1) Subsection 17(1) of the Act is replaced by the following:

    Marginal note:Insurance of federal institutions

    • 17. (1) The Corporation shall insure the deposits held by a federal institution in the manner and to the extent provided in this Act and the by-laws.

    • Marginal note:Insurance of provincial institutions

      (1.1) On the application of a provincial institution, the Corporation may insure the deposits held by the institution in the manner and to the extent provided in this Act and the by-laws, if

      • (a) the Corporation approves the institution for deposit insurance;

      • (b) the institution is authorized by the province of its incorporation to apply for deposit insurance;

      • (c) the institution agrees, in carrying on its business, not to exercise powers substantially different from the powers exercisable by a company to which the Trust and Loan Companies Act applies; and

      • (d) the Corporation is satisfied that at all times the Corporation will have adequate access to information regarding the institution.

  • Marginal note:R.S., c. 18 (3rd Supp.), s. 54

    (2) Subsection 17(3) of the Act is repealed.

Marginal note:2001, c. 9, s. 210

105. Paragraph 29(1)(b) of the Act is replaced by the following:

  • (b) comment on the operations of the member institution; and

Marginal note:1992, c. 26, s. 9(E)

106. Paragraph 30(1)(a) of the Act is repealed.

Marginal note:1992, c. 26, s. 10(E)

  • 107. (1) The portion of subsection 31(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Notice of termination

    • 31. (1) Where a report has been sent or delivered under subsection 30(1) and the progress made by the member institution in remedying the breach is not satisfactory to the Corporation, the Corporation shall, by notice,

  • Marginal note:R.S., c. 18 (3rd Supp.), s. 62

    (2) Paragraph 31(3)(a) of the Act is replaced by the following:

    • (a) the Corporation is satisfied that the member institution is taking the necessary action to remedy the breach to which the notice relates; or

  • Marginal note:1996, c. 6, s. 36

    (3) Subsections 31(4) and (5) of the Act are replaced by the following:

    • Marginal note:Where report on federal member institution

      (4) Where a report has been sent or delivered under subsection 30(1) in respect of a federal member institution and the member institution and the Minister have been informed in accordance with subsection (1) by the Corporation that the Corporation is not satisfied with the member institution’s progress in remedying the breach to which the report relates, the Corporation may, unless the Minister advises the Corporation that the Minister is of the opinion that it is not in the public interest to do so, give the member institution not less than thirty days notice of the termination of its policy of deposit insurance.

    • Marginal note:Termination of policy

      (5) The policy of deposit insurance of a federal member institution shall terminate on the expiration of the period specified in the notice given under subsection (4) or such later period not exceeding sixty days as the Corporation may determine unless, before the expiration of that period, the Corporation is satisfied that the member institution is taking the necessary action to remedy the breach to which the notice relates.

Marginal note:R.S., c. 18 (3rd Supp.), s. 73(1)

108. Subsection 3(1.1) of the schedule to the Act is replaced by the following:

  • Marginal note:Joint owners

    (1.1) For greater certainty, where two or more persons are joint owners of two or more deposits, the aggregate of those deposits shall be insured to a maximum of one hundred thousand dollars.

Coming into Force

Marginal note:Order in council

  • 109. (1) Subject to subsection (2), the provisions of this Part come into force on a day or days to be fixed by order of the Governor in Council.

  • Marginal note:Exception

    (2) Sections 101 to 103 and 108 are deemed to have come into force on February 23, 2005.

PART 161994, c. 28AMENDMENTS TO THE CANADA STUDENT FINANCIAL ASSISTANCE ACT

110. The Canada Student Financial Assist­ance Act is amended by adding the following after section 10:

Marginal note:Death of borrower — section 6.1 loan

  • 10.1 (1) All obligations of a borrower in respect of a loan made under an agreement entered into under section 6.1 terminate if the borrower dies.

  • Marginal note:Death of borrower before this section in force

    (2) If a borrower dies before this section comes into force, then all obligations of that borrower in respect of such a loan terminate on the day on which this section comes into force.

111. The Act is amended by adding the following after section 11:

Marginal note:Permanent disability of borrower — section 6.1 loan

11.1 All obligations of a borrower in respect of a loan made under an agreement entered into under section 6.1 terminate if the Minister is satisfied, on the basis of information specified by the Minister and provided to the Minister by or on behalf of the borrower, that the borrower, by reason of the borrower’s permanent disability, is or will be unable to repay the loan without exceptional hardship, taking into account the borrower’s family income.

Marginal note:2003, c. 15, s. 10(1)

  • 112. (1) Paragraph (c) of the description of B in the definition “net costs” in subsection 14(6) of the Act is replaced by the following:

    • (c) the amount of the outstanding principal and interest in respect of all loans referred to in paragraph (a) for which the borrower’s obligations have terminated in that loan year as a result of the death or disability of the borrower, and

  • Marginal note:2003, c. 15, s. 10(1)

    (2) Paragraph (c) of the description of B in the definition “total program net costs” in subsection 14(6) of the Act is replaced by the following:

    • (c) the amount of the outstanding principal and interest in respect of all loans referred to in paragraph (a) for which the borrower’s obligations have terminated in that loan year as a result of the death or disability of the borrower, and

  • Marginal note:2003, c. 15, s. 10(2)

    (3) Paragraph 14(7)(c) of the Act is replaced by the following:

    • (c) in respect of loans made under an agreement entered into under section 6.1, amounts in relation to a termination of a borrower’s obligations under section 10.1 or 11.1 or to a reduction in the outstanding principal resulting from the operation of regulations made under paragraph 15(o), other than regulations that provide for the repayment of student loans by borrowers on an income-contingent basis; and

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