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Budget Implementation Act, 2007 (S.C. 2007, c. 29)

Assented to 2007-06-22

Coming into Force

Marginal note:Newfoundland and Labrador

  • 84. (1) Sections 78, 79 and 82 come into force on a day to be fixed by order of the Governor in Council, but the day that is fixed must not be before the day on which Newfoundland and Labrador makes the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act.

  • Marginal note:Nova Scotia

    (2) Section 81 comes into force on a day to be fixed by order of the Governor in Council, but the day that is fixed must not be before the day on which Nova Scotia makes the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act.

PART 7

AMENDMENTS TO THE FINANCIAL ADMINISTRATION ACT

Marginal note:R.S., c. F-11

Financial Administration Act

85. The Financial Administration Act is amended by adding the following after section 43:

Marginal note:Power to borrow

43.1 The Governor in Council may authorize the Minister to borrow money on behalf of Her Majesty in right of Canada.

Marginal note:1999, c. 26, s. 22

86. Sections 46.1 and 47 of the Act are repealed.

Marginal note:1999, c. 26, s. 23

87. Section 49 of the Act is replaced by the following:

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:

    • (a) the money borrowed under section 43.1 in the fiscal year to which the Public Accounts relate; and

    • (b) the management of the public debt in the fiscal year to which the Public Accounts relate.

  • 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:

    • (a) the money to be borrowed under section 43.1 in the next fiscal year and the purposes for which the moneys will be borrowed; and

    • (b) the management of the public debt in the next fiscal year.

88. Section 54 of the Act is replaced by the following:

Marginal note:Borrowed money and interest

54. The repayment of all money borrowed and interest on that money, including the principal of and interest on all securities issued by or on behalf of Her Majesty with the authority of Parliament, is a charge on and payable out of the Consolidated Revenue Fund.