Budget Implementation Act, 2024, No. 1 (S.C. 2024, c. 17)
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Assented to 2024-06-20
PART 4Various Measures (continued)
DIVISION 38Immigrant Stations (continued)
Transitional Provision
391 On the coming into force of section 389, any arrangement entered into under section 94.3 of Corrections and Conditional Release Act that is still in effect is terminated and any designation made under subsection 94.4(1) of that Act is revoked.
Coordinating Amendment
Marginal note:2019, c. 27
392 If section 18 of An Act to amend the Corrections and Conditional Release Act and another Act comes into force before section 387 of this Act, then, on the first day on which both that section 18 and section 386 of this Act are in force, section 58.1 of the Corrections and Conditional Release Act is replaced by the following:
Marginal note:Definition of visitor
58.1 Despite the definition visitor in subsection 2(1), in sections 59, 60 and 60.1 visitor does not include an immigration detainee, as defined in section 94.1.
Coming into Force
Marginal note:Fifth anniversary of royal assent
393 Subsection 385(2), sections 387 and 389 and subsection 390(2) come into force on the fifth anniversary of the day on which this Act receives royal assent.
DIVISION 39Measures Related to Public Debt and the Borrowing of Money
SUBDIVISION AR.S., c. F-11Financial Administration Act
394 (1) Subsection 44(3) of the French version of the Financial Administration Act is replaced by the following:
Marginal note:Pouvoirs relatifs aux emprunts
(3) S’il l’estime indiqué, le ministre peut, sous réserve des conditions éventuellement précisées par le gouverneur en conseil, conclure des contrats ou des accords, émettre des titres et prendre toute autre mesure se rapportant aux emprunts.
(2) Section 44 of the Act is amended by adding the following after subsection (3):
Marginal note:Non-application of regulations and directions
(3.1) Regulations and directions made under subsection 41(1) do not apply in respect of contracts entered into under subsection (3).
SUBDIVISION B2017, c. 20, s. 103Borrowing Authority Act
Amendment to the Act
395 The portion of section 4 of the Borrowing Authority Act before paragraph (a) is replaced by the following:
Marginal note:Maximum amount that may be borrowed
4 Despite section 3 and any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $2,126,000,000,000:
Coordinating Amendments
Marginal note:This Act
396 If, on the day on which this Act receives royal assent, paragraph 4(b) of the Borrowing Authority Act is not amended by any other provision of this Act, then
(a) section 395 of this Act is deemed never to have come into force and is repealed; and
(b) the portion of section 4 of the Borrowing Authority Act before paragraph (a) is replaced by the following:
Marginal note:Maximum amount that may be borrowed
4 Despite section 3 and any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $2,228,000,000,000:
DIVISION 40Legislation Related to Financial Institutions (Diversity Disclosure)
1991, c. 45Trust and Loan Companies Act
397 The Trust and Loan Companies Act is amended by adding the following after section 162:
Disclosure Relating to Diversity
Marginal note:Diversity
162.1 (1) The directors of a company of a prescribed class must make available, in accordance with regulations made under subsection (2), prescribed information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 141(1) to shareholders entitled to receive that notice and to the Superintendent.
Marginal note:Regulations
(2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a company of a prescribed class.
1991, c. 46Bank Act
398 The Bank Act is amended by adding the following after section 214:
Disclosure Relating to Diversity
Marginal note:Diversity
214.1 (1) The directors of a bank of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 138(1) to shareholders or members entitled to receive that notice and to the Superintendent.
Marginal note:Regulations
(2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a bank of a prescribed class.
399 The Act is amended by adding the following after section 801:
Disclosure Relating to Diversity
Marginal note:Diversity
801.1 (1) The directors of a bank holding company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 727(1) to shareholders entitled to receive that notice and to the Superintendent.
Marginal note:Regulations
(2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a bank holding company of a prescribed class.
1991, c. 47Insurance Companies Act
400 The Insurance Companies Act is amended by adding the following after section 166:
Disclosure Relating to Diversity
Marginal note:Diversity
166.1 (1) The directors of a company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 143(1) to shareholders and policy holders entitled to receive that notice and to the Superintendent.
Marginal note:Regulations
(2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a company of a prescribed class.
401 The Act is amended by adding the following after section 795:
Disclosure Relating to Diversity
Marginal note:Diversity
795.1 (1) The directors of an insurance holding company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 767(1) to shareholders entitled to receive that notice and to the Superintendent.
Marginal note:Regulations
(2) For the purpose of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of an insurance holding company of a prescribed class.
Coming into Force
Marginal note:Order in council
402 This Division comes into force on a day to be fixed by order of the Governor in Council.
DIVISION 41Legislation Related to Financial Institutions (Sunset Provisions)
1991, c. 45Trust and Loan Companies Act
403 Subsection 20(1) of the Trust and Loan Companies Act is replaced by the following:
Marginal note:Sunset provision
20 (1) Subject to subsections (2) and (4), companies shall not carry on business after June 30, 2026.
1991, c. 46Bank Act
404 Subsection 21(1) of the Bank Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after June 30, 2026.
405 Subsection 670(1) of the Act is replaced by the following:
Marginal note:Sunset provision
670 (1) Subject to subsections (2) and (4), bank holding companies shall not carry on business after June 30, 2026.
1991, c. 47Insurance Companies Act
406 Subsection 21(1) of the Insurance Companies Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after June 30, 2026.
407 Subsection 707(1) of the Act is replaced by the following:
Marginal note:Sunset provision
707 (1) Subject to subsections (2) and (4), insurance holding companies shall not carry on business after June 30, 2026.
DIVISION 42Measures Related to the Canada Disability Benefit
R.S., c. F-7; 2002, c. 8, s. 14Federal Courts Act
408 Paragraph 28(1)(g.1) of the Federal Courts Act is replaced by the following:
(g.1) the Appeal Division of the Social Security Tribunal established under section 44 of the Department of Employment and Social Development Act, unless the decision is made under subsection 57(2) or section 58.2 of that Act or relates to an appeal respecting a decision relating to further time to make a request under
(i) subsection 52(2) of that Act,
(ii) section 81 of the Canada Pension Plan,
(iii) section 27.1 of the Old Age Security Act,
(iv) section 112 of the Employment Insurance Act, or
(v) any regulations made under subsection 11(1) of the Canada Disability Benefit Act regarding reviews or reconsiderations;
R.S., c. T-2Tax Court of Canada Act
409 Section 12 of the Tax Court of Canada Act is amended by adding the following after subsection (1):
Marginal note:Jurisdiction — Canada Disability Benefit Act
(1.1) The Court has exclusive original jurisdiction to hear and determine references on matters arising under the Canada Disability Benefit Act and referred to in subsection 66(2) of the Department of Employment and Social Development Act.
410 Subsection 18.29(1) of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):
(e) the Canada Disability Benefit Act, to the extent that a ground of the appeal involves a decision or determination as to income.
2005, c. 34; 2013, c. 40, s. 205Department of Employment and Social Development Act
411 The Department of Employment and Social Development Act is amended by adding the following after section 65:
Marginal note:Jurisdiction — Canada Disability Benefit Act
66 (1) Subject to subsection (2), the Tribunal may decide any question of law or fact that is necessary to dispose of any appeal brought under the Canada Disability Benefit Act.
Marginal note:Reference as to income
(2) If, on an appeal to the Tribunal, it is a ground of the appeal that a decision or determination made by the Minister as to income under the Canada Disability Benefit Act was incorrectly made, the appeal on that ground must, in accordance with the regulations made under that Act, be referred for decision to the Tax Court of Canada, whose decision, subject only to variation by that Court in accordance with any decision on an appeal under the Tax Court of Canada Act relevant to the appeal to the Tribunal, is final and binding for all purposes of the appeal to the Tribunal except in accordance with the Federal Courts Act.
Coordinating Amendment
Marginal note:2023, c. 26
412 On the first day on which both section 656 of the Budget Implementation Act, 2023, No. 1 and section 408 of this Act are in force, paragraph 28(1)(g.1) of the Federal Courts Act is replaced by the following:
(g.1) the Appeal Division of the Social Security Tribunal established under section 44 of the Department of Employment and Social Development Act, unless the decision is made under subsection 54.2(2) or 57(2) or section 58.2 of that Act or relates to an appeal respecting a decision relating to further time to make a request under
(i) subsection 43.11(2) or 52(2) of that Act,
(ii) section 81 of the Canada Pension Plan,
(iii) section 27.1 of the Old Age Security Act,
(iv) section 112 of the Employment Insurance Act, or
(v) any regulations made under subsection 11(1) of the Canada Disability Benefit Act regarding reviews or reconsiderations;
DIVISION 431996, c. 19Controlled Drugs and Substances Act
Amendments to the Act
413 (1) Paragraph 55(1)(c) of the Controlled Drugs and Substances Act is replaced by the following:
(c) respecting the issuance, suspension, cancellation, duration and terms and conditions of any licence or authorization or class of licences or authorizations for any dealing in any substance included in Schedule I, II, III, IV, V or VI or any class of those substances, including the importation into Canada, exportation from Canada, production, packaging, sale, provision, administration, possession, transportation, sending or delivery of the substance or class of substances;
(2) Paragraph 55(1)(d.1) of the Act is replaced by the following:
(d.1) authorizing the Minister to impose terms and conditions on any licence, authorization or permit, including existing licences, authorizations or permits, and to amend those terms and conditions;
(3) Paragraph 55(1)(h) of the Act is replaced by the following:
(h) respecting the qualifications of persons who are engaged in the production, preservation, testing, packaging, storage, selling, providing or otherwise dealing in any controlled substance or precursor or any class of any controlled substance or precursor and who do so under the supervision of a person licensed or authorized under the regulations to do any such thing;
(4) Subsection 55(1.2) of the Act is repealed.
414 Subsection 56(2) of the Act is repealed.
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