Budget Implementation Act, 2008 (S.C. 2008, c. 28)
Full Document:
Assented to 2008-06-18
Marginal note:R.S., c. C-8
Canada Pension Plan
38. (1) Section 21 of the Canada Pension Plan is amended by adding the following after subsection (1):
Marginal note:Exception — remittance to financial institution
(1.1) For the purpose of subsection (1), a prescribed person referred to in that subsection is deemed to have remitted an amount to the account of the Receiver General at a financial institution referred to in that subsection if the prescribed person has remitted the amount to the Receiver General at least one day before the day on which the amount is due.
Marginal note:R.S., c. 46 (4th Supp.), s. 1
(2) Paragraph 21(7)(a) of the Act is replaced by the following:
(a) subject to paragraph (b), if
(i) the Receiver General receives that amount on or before the day it was due, but that amount is not paid in the manner required, three per cent of that amount,
(ii) the Receiver General receives that amount
(A) no more than three days after it was due, three per cent of that amount,
(B) more than three days and no more than five days after it was due, five per cent of that amount, or
(C) more than five days and no more than seven days after it was due, seven per cent of that amount, or
(iii) that amount is not paid or remitted on or before the seventh day after it was due, ten per cent of that amount; or
(3) Subsection (1) applies in respect of remittances by a prescribed person that are first due after February 25, 2008.
(4) Subsection (2) applies in respect of payments and remittances that are required to be first made after February 25, 2008.
Marginal note:1996, c. 23
Employment Insurance Act
39. (1) Section 82 of the Employment Insurance Act is amended by adding the following after subsection (3):
Marginal note:Exception — remittance to financial institution
(3.1) For the purpose of subsection (3), a prescribed person referred to in that subsection is deemed to have remitted an amount to the account of the Receiver General at a financial institution referred to in that subsection if the prescribed person has remitted the amount to the Receiver General at least one day before the day on which the amount is due.
(2) Paragraph 82(9)(a) of the Act is replaced by the following:
(a) subject to paragraph (b), if
(i) the Receiver General receives that amount on or before the day it was due, but that amount is not paid in the manner required, 3% of that amount,
(ii) the Receiver General receives that amount
(A) no more than three days after it was due, 3% of that amount,
(B) more than three days and no more than five days after it was due, 5% of that amount, or
(C) more than five days and no more than seven days after it was due, 7% of that amount, or
(iii) that amount is not paid or remitted on or before the seventh day after it was due, 10% of that amount; or
(3) Subsection (1) applies in respect of remittances by a prescribed person that are first due after February 25, 2008.
(4) Subsection (2) applies in respect of payments and remittances that are required to be first made after February 25, 2008.
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