Budget Implementation Act, 2008 (S.C. 2008, c. 28)

Marginal note:Exception

(2) Subsection (1) does not apply

• (a) to any mortgage on real property or hypothec on immovables given by a joint stock company or any other corporation, nor to any debenture issued by them, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables; or

• (b) to any prescribed mortgage on real property or prescribed hypothec on immovables given by a prescribed entity, nor to any prescribed debenture issued by it, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables.

Marginal note:Regulations

(3) For the purposes of paragraph (2)(b), the Governor in Council may, by regulation,

• (a) prescribe entities; and

• (b) prescribe classes of mortgages and hypothecs given by those entities and classes of debentures issued by them.

(i) a single amount in respect of all offices and employments of that person equal to

• (A) for the purpose of determining benefits payable in respect of any month before July 2008, the lesser of $500 and one fifth of the person’s income from office or employment for the year, or

• (B) for the purpose of determining benefits payable in respect of any month after June 2008, the lesser of $3,500 and the person’s income from office or employment for the year,

Marginal note:Deemed coming into force

(3) Subsection (1), as enacted by section 79 of chapter 34 of the Statutes of Canada, 2001, is deemed to have come into force on December 1, 1996.

(v) respecting, for the purposes of paragraph 13(1)(d) and subsection 13(6), the method by which the amount of any annuity or annual allowance payable to a contributor described in paragraph 13(1)(a), (c) or (d) shall be adjusted;