This Web page has been archived on the Web.

Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

PART 8

Marginal note:R.S., c. 18, Part I (3rd Supp.)

OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT

Amendments to the Act

174. The heading before section 23 of the Office of the Superintendent of Financial Institutions Act is replaced by the following:

ASSESSMENT
Marginal note:1997, c. 15, s. 339

  • 175. (1) Subsection 23(2) of the Act is replaced by the following:

    • Marginal note:Expenses — pension plans

      (1.1) In every fiscal year, the Superintendent shall

      • (a) estimate the total amount of expenses to be incurred by the Office during the following fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985; and

      • (b) ascertain the total amount of expenses incurred by the Office during the preceding fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985.

    • Marginal note:Amount conclusive

      (2) Any amount ascertained or estimated by the Superintendent under subsection (1) or (1.1), as the case may be, is final and conclusive for the purposes of this section.

  • (2) Section 23 of the Act is amended by adding the following after subsection (4):

    • Marginal note:Assessment — pension plans

      (5) In every fiscal year, the Superintendent shall assess, in the prescribed manner, an amount against the administrator of a pension plan. The amount is to be determined as prescribed.

    • Marginal note:Determination of amount assessed

      (6) The determination of the amount referred to in subsection (5) shall take into account the amounts referred to in subsection (1.1).

Marginal note:2001, c. 9, s. 476

176. The portion of subsection 24(1) of the Act before the definition “entity” is replaced by the following:

Marginal note:Definitions

  • 24. (1) The following definitions apply in this section and in sections 25 to 37.2.

177. The Act is amended by adding the following after section 37:

REMISSION AND WRITE-OFF

Marginal note:Remission

  • 37.1 (1) The Superintendent may remit all or part of any assessment or interim assessment made under section 23 or 23.1 or any penalty imposed under this Act, including any interest on that assessment, interim assessment or penalty.

  • Marginal note:Conditions

    (2) A remission may be conditional or unconditional.

Marginal note:Debt write-off

  • 37.2 (1) The Superintendent may write off from the accounts of the Office all or part of any debt referred to in subsection 23.2(2) or 31(1) that has been determined to be uncollectible or for which further administrative expense or other costs of collecting the debt are not justifiable in relation to the amount of the debt or the probability of collection.

  • Marginal note:Effect of write-off

    (2) The writing-off of any debt does not affect any right of Her Majesty to collect or recover the debt.

  • Marginal note:Financial Administration Act

    (3) The regulations made under subsection 25(1) of the Financial Administration Act do not apply to the writing off of a debt under this section.