Budget Implementation Act, 2008 (S.C. 2008, c. 28)
Full Document:
Assented to 2008-06-18
131. Subsections 80(1) and (2) of the Act are replaced by the following:
Marginal note:Advances
80. (1) If amounts credited to the Employment Insurance Account after December 31, 2008, and the amount of the Board’s reserve referred to in subsection 66(4), are not sufficient for the payment of amounts authorized to be charged to that Account after that day, the Minister of Finance, when requested by the Minister, may authorize the advance to the Account from the Consolidated Revenue Fund of an amount sufficient to make the payment.
Marginal note:Advances repayable
(2) The advance shall be credited to the Employment Insurance Account and shall be repaid in the time and manner and on the terms and conditions that the Minister of Finance may establish.
Consequential Amendments
2005, c. 34Department of Human Resources and Skills Development Act
Marginal note:2005, c. 30, par. 129(2)(a)
132. (1) Subsection 28(1.1) of the Department of Human Resources and Skills Development Act is repealed.
(2) Section 28 of the Act is amended by adding the following after subsection (3):
Marginal note:Calculations
(4) The Commission may request the Canada Employment Insurance Financing Board established under subsection 3(1) of the Canada Employment Insurance Financing Board Act to perform calculations for the purposes of sections 4 and 69 of the Employment Insurance Act in accordance with an agreement between the Commission and that Board.
Marginal note:2005, c. 30, par. 129(2)(b)
133. Section 28.1 of the Act is repealed.
R.S., c. F-11Financial Administration Act
134. Part I of Schedule III to the Financial Administration Act is amended by adding the following in alphabetical order:
Canada Employment Insurance Financing Board
Office de financement de l’assurance-emploi du Canada
Coming into Force
Marginal note:Order in council
135. The provisions of this Part or those of the Canada Employment Insurance Financing Board Act, as enacted by section 121, come into force on a day or days to be fixed by order of the Governor in Council.
PART 8PAYMENTS TO PROVINCES AND TERRITORIES
Police Officers Recruitment Fund
Marginal note:Maximum payment of $400,000,000
136. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding four hundred million dollars, to a trust established to provide provinces and territories with funding to support the recruitment of 2,500 new front-line police officers over the next five years.
Marginal note:Provincial or territorial share
(2) The amount that may be provided to a province or territory under this section is to be determined in accordance with the terms of the trust indenture establishing the trust.
Marginal note:Payments out of C.R.F.
(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.
Public Transit Capital Trust 2008
Marginal note:Maximum payment of $500,000,000
137. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding five hundred million dollars, to a trust established to support capital investment in public transit infrastructure in the provinces and territories.
Marginal note:Beneficiaries’ share
(2) The beneficiaries of the trust and the amount that may be provided to each beneficiary under this section are to be determined in accordance with the terms of the trust indenture establishing the trust.
Marginal note:Payments out of C.R.F.
(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.
Payment to Saskatchewan for Carbon Capture and Storage
Marginal note:Maximum payment of $240,000,000
138. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding two hundred and forty million dollars, to a trust established to provide Saskatchewan with funding to support a full scale commercial demonstration of carbon capture and storage in the coal-fired electricity sector.
Marginal note:Determination of amount
(2) The amount that may be provided to Saskatchewan under this section is to be determined in accordance with the terms of the trust indenture establishing the trust.
Marginal note:Payments out of C.R.F.
(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.
Payment to Nova Scotia for Carbon Storage
Marginal note:Maximum payment of $5,000,000
139. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, a sum not exceeding five million dollars to Nova Scotia to support geological research examining the potential for carbon storage in the province.
Canada Social Transfer Transition Protection Payment to Saskatchewan
Marginal note:Payment of $31,204,000
140. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of thirty-one million, two hundred and four thousand dollars to Saskatchewan.
Canada Social Transfer Transition Protection Payment to Nunavut
Marginal note:Payment of $705,000
141. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of seven hundred and five thousand dollars to Nunavut.
PART 9PAYMENTS TO CERTAIN ENTITIES
Genome Canada
Marginal note:Maximum payment of $140,000,000
142. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding one hundred and forty million dollars to Genome Canada for its use.
Mental Health Commission of Canada
Marginal note:Maximum payment of $110,000,000
143. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding one hundred and ten million dollars to the Mental Health Commission of Canada for its use.
Marginal note:Terms and conditions
(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with the Mental Health Commission of Canada respecting the terms and conditions applicable to the making of the payment and its use.
The Gairdner Foundation
Marginal note:Maximum payment of $20,000,000
144. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding twenty million dollars to The Gairdner Foundation for its use.
Marginal note:Terms and conditions
(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with The Gairdner Foundation respecting the terms and conditions applicable to the making of the payment and its use.
University of Calgary
Marginal note:Maximum payment of $5,000,000
145. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Natural Resources, a sum not exceeding five million dollars to the University of Calgary for the purpose of examining regulatory, economic and technological barriers in order to accelerate the deployment of carbon capture and storage technologies.
Marginal note:Terms and conditions
(2) The Minister of Natural Resources may, before or after this section comes into force, enter into an agreement with the University of Calgary respecting the terms and conditions applicable to the making of the payment and its use.
PART 10VARIOUS AMENDMENTS
R.S., c. B-2Bank of Canada Act
Marginal note:1999, c. 28, s. 95(1); 2001, c. 9, s. 194(2)
146. (1) Paragraphs 18(g) and (g.1) of the Bank of Canada Act are replaced by the following:
(g) for the purposes of conducting monetary policy or promoting the stability of the Canadian financial system,
(i) buy and sell from or to any person securities and any other financial instruments — other than instruments that evidence an ownership interest or right in or to an entity — that comply with the policy established by the Governor under subsection 18.1(1), and
(ii) if the Governor is of the opinion that there is a severe and unusual stress on a financial market or the financial system, buy and sell from or to any person any securities and any other financial instruments, to the extent determined necessary by the Governor;
(2) Paragraph 18(k) of the Act is repealed.
Marginal note:2001, c. 9, s. 195
147. Section 19 of the Act is replaced by the following:
Marginal note:Policy established by Governor
18.1 (1) The Governor shall establish a policy for the purposes of subparagraph 18(g)(i).
Marginal note:Publication
(2) The Bank shall publish the policy and any amendment to it in the Canada Gazette and the policy or the amendment comes into force seven days after the day on which the Bank publishes it or on any later day specified by the Governor.
Marginal note:Publication
19. If the Bank takes any action under subparagraph 18(g)(ii), the Bank shall cause a notice to be published in the Canada Gazette that the Governor has formed an opinion that there is a severe and unusual stress on a financial market or the financial system. The notice is to be published as soon as the Governor is of the opinion that its publication will not materially contribute to the stress to which the notice relates.
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