Marginal note:Short title

1 This Act may be cited as the Borrowing Authority Act.

Marginal note:Definitions

2 The following definitions apply in this Act.

agent corporation

agent corporation has the same meaning as in subsection 83(1) of the Financial Administration Act. (société mandataire)

Minister

Minister means the Minister of Finance. (ministre)

Marginal note:Borrowing authority

3 The Minister, with the authorization of the Governor in Council under subsection 44(1) of the Financial Administration Act and in accordance with that Act, may borrow money on behalf of Her Majesty in right of Canada, by way of the issue and sale of securities, as defined in section 2 of that Act, or otherwise.

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:

• (a) the total amount of money borrowed by the Minister under section 3, the Financial Administration Act and the borrowing authority Acts listed in the schedule,

• (b) the total amount of money borrowed by way of the issue and sale of Canada Mortgage Bonds that are guaranteed by the Canada Mortgage and Housing Corporation, except if they are purchased by the Minister and are not resold, other than for the purpose of providing a source of temporary liquidity, and

• (c) the total amount of money borrowed by all agent corporations, by way of the issue and sale of their securities or otherwise, other than

  • (i) amounts that they borrowed from Her Majesty in right of Canada, and

  • (ii) amounts that they are deemed under any other Act of Parliament to have borrowed.

Marginal note:Exception — amounts not counting towards total

5 The following amounts do not count in the calculation of the amount referred to in paragraph 4(a):

• (a) amounts borrowed by the Minister under an order made under paragraph 46.1(c) of the Financial Administration Act, other than those borrowed under such an order made during the period beginning on March 23, 2021 and ending on May 6, 2021; and

• (b) amounts borrowed by the Minister under an order made under paragraph 46.1(a) of that Act for the payment of any amount in respect of a debt that was originally incurred under an order made under paragraph 46.1(c) of that Act, other than in respect of a debt that was originally incurred under such an order made during the period beginning on March 23, 2021 and ending on May 6, 2021.

• (c) [Repealed, 2021, c. 7, s. 16]

• (d) [Repealed, 2021, c. 7, s. 16]

Marginal note:Exception — maximum amount exceeded

6 The Minister may borrow an amount under an order made under paragraph 46.1(a) or (b) of the Financial Administration Act even if that borrowing causes the maximum amount referred to in section 4 of this Act to be exceeded.

Marginal note:Minister’s responsibility

7 In the exercise of the Minister’s powers and duties under subsection 14(1) of the National Housing Act in respect of guarantees of Canada Mortgage Bonds by the Canada Mortgage and Housing Corporation, and of his or her powers and duties under subsections 127(2) and (3) of the Financial Administration Act in respect of agent corporations, the Minister must ensure that the maximum amount referred to in section 4 of this Act is not exceeded.

Marginal note:Report to Parliament

• 8 (1) The Minister must cause to be tabled in each House of Parliament within three years after the day on which this section comes into force — or, if the House is not sitting on the last day of that three-year period, during the next 30 days that it is sitting — a report indicating

  • (a) the total amount of borrowed money referred to in each of paragraphs 4(a) to (c);

  • (b) the total amount of money borrowed under orders made under each of paragraphs 46.1(a) to (c) of the Financial Administration Act; and

  • (b.1) [Repealed, 2021, c. 7, s. 18]

  • (c) the Minister’s assessment of whether the maximum amount referred to in section 4 of this Act should be increased or decreased.

• Marginal note:Subsequent triennial reports

  (2) The Minister must cause to be tabled in each House of Parliament, on or before the May 31 that follows the end of the third fiscal year after the fiscal year during which a report was previously tabled under this section — or, if the House is not sitting on that May 31, during the next 30 days that it is sitting — a report indicating the matters set out in paragraphs (1)(a) to (c).

• Marginal note:Amounts not included

  (3) For the purposes of subsection (2), any amounts borrowed by the Minister during the period beginning on March 23, 2021 and ending on May 6, 2021 under an order made under paragraph 46.1(c) of the Financial Administration Act do not count in the calculation of the amounts referred to in paragraph (1)(b).