Budget Implementation Act, 2008 (S.C. 2008, c. 28)
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Assented to 2008-06-18
Payment to Saskatchewan for Carbon Capture and Storage
Marginal note:Maximum payment of $240,000,000
138. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding two hundred and forty million dollars, to a trust established to provide Saskatchewan with funding to support a full scale commercial demonstration of carbon capture and storage in the coal-fired electricity sector.
Marginal note:Determination of amount
(2) The amount that may be provided to Saskatchewan under this section is to be determined in accordance with the terms of the trust indenture establishing the trust.
Marginal note:Payments out of C.R.F.
(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.
Payment to Nova Scotia for Carbon Storage
Marginal note:Maximum payment of $5,000,000
139. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, a sum not exceeding five million dollars to Nova Scotia to support geological research examining the potential for carbon storage in the province.
Canada Social Transfer Transition Protection Payment to Saskatchewan
Marginal note:Payment of $31,204,000
140. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of thirty-one million, two hundred and four thousand dollars to Saskatchewan.
Canada Social Transfer Transition Protection Payment to Nunavut
Marginal note:Payment of $705,000
141. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of seven hundred and five thousand dollars to Nunavut.
PART 9PAYMENTS TO CERTAIN ENTITIES
Genome Canada
Marginal note:Maximum payment of $140,000,000
142. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding one hundred and forty million dollars to Genome Canada for its use.
Mental Health Commission of Canada
Marginal note:Maximum payment of $110,000,000
143. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding one hundred and ten million dollars to the Mental Health Commission of Canada for its use.
Marginal note:Terms and conditions
(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with the Mental Health Commission of Canada respecting the terms and conditions applicable to the making of the payment and its use.
The Gairdner Foundation
Marginal note:Maximum payment of $20,000,000
144. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding twenty million dollars to The Gairdner Foundation for its use.
Marginal note:Terms and conditions
(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with The Gairdner Foundation respecting the terms and conditions applicable to the making of the payment and its use.
University of Calgary
Marginal note:Maximum payment of $5,000,000
145. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Natural Resources, a sum not exceeding five million dollars to the University of Calgary for the purpose of examining regulatory, economic and technological barriers in order to accelerate the deployment of carbon capture and storage technologies.
Marginal note:Terms and conditions
(2) The Minister of Natural Resources may, before or after this section comes into force, enter into an agreement with the University of Calgary respecting the terms and conditions applicable to the making of the payment and its use.
PART 10VARIOUS AMENDMENTS
R.S., c. B-2Bank of Canada Act
Marginal note:1999, c. 28, s. 95(1); 2001, c. 9, s. 194(2)
146. (1) Paragraphs 18(g) and (g.1) of the Bank of Canada Act are replaced by the following:
(g) for the purposes of conducting monetary policy or promoting the stability of the Canadian financial system,
(i) buy and sell from or to any person securities and any other financial instruments — other than instruments that evidence an ownership interest or right in or to an entity — that comply with the policy established by the Governor under subsection 18.1(1), and
(ii) if the Governor is of the opinion that there is a severe and unusual stress on a financial market or the financial system, buy and sell from or to any person any securities and any other financial instruments, to the extent determined necessary by the Governor;
(2) Paragraph 18(k) of the Act is repealed.
Marginal note:2001, c. 9, s. 195
147. Section 19 of the Act is replaced by the following:
Marginal note:Policy established by Governor
18.1 (1) The Governor shall establish a policy for the purposes of subparagraph 18(g)(i).
Marginal note:Publication
(2) The Bank shall publish the policy and any amendment to it in the Canada Gazette and the policy or the amendment comes into force seven days after the day on which the Bank publishes it or on any later day specified by the Governor.
Marginal note:Publication
19. If the Bank takes any action under subparagraph 18(g)(ii), the Bank shall cause a notice to be published in the Canada Gazette that the Governor has formed an opinion that there is a severe and unusual stress on a financial market or the financial system. The notice is to be published as soon as the Governor is of the opinion that its publication will not materially contribute to the stress to which the notice relates.
2006, c. 4Budget Implementation Act, 2006
148. Subsection 193(4) of the Budget Implementation Act, 2006 is replaced by the following:
Marginal note:Limitation
(4) The aggregate outstanding principal amount of all mortgages or hypothecs to which insurance policies that are subject to such agreements apply shall not at any time exceed $250,000,000,000 or any other amount that may be authorized for the purposes of this subsection under an appropriation Act.
R.S., c. C-17Canadian Forces Superannuation Act
149. The Canadian Forces Superannuation Act is amended by adding the following after section 93:
Marginal note:Power of Minister
94. The Minister may use electronic means to create, communicate, make available, collect, receive, store or otherwise deal with documents or information under this Act.
Marginal note:Regulations — electronic means
95. (1) The Governor in Council may make regulations
(a) respecting the use of electronic means to create, communicate, make available, collect, receive, store or otherwise deal with a document or information under this Act, including
(i) the technology or process, and the format, to be used,
(ii) the place where an electronic document is to be made or sent,
(iii) the time and circumstances when an electronic document is considered to be sent or received and the place where it is considered to have been sent or received,
(iv) the technology or process to be used to make or verify an electronic signature and the manner in which the signature is to be used, and
(v) the circumstances in which an electronic document must be signed with an electronic signature or a secure electronic signature; and
(b) providing that a requirement under a provision of this Act to provide a document or information by non-electronic means is satisfied by the provision of an electronic document if the prescribed conditions, if any, have been complied with.
Marginal note:Personal Information Protection and Electronic Documents Act
(2) In subsection (1), “electronic document”, “electronic signature” and “secure electronic signature” have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.
150. The Act is amended by adding the following after section 95:
Marginal note:Interest on overpayment
96. If there is an overpayment by a contributor, a participant or a former participant in respect of amounts required to be paid under this Act, interest shall be paid on the overpayment in accordance with the regulations.
Marginal note:Regulations — payment of interest
97. The Governor in Council may make regulations respecting
(a) the circumstances in which interest is to be paid;
(b) the rate of interest, the manner of calculating the rate and the period in respect of which interest is to be paid;
(c) the terms and conditions to which the payment of interest may be subject; and
(d) any other matters that the Governor in Council deems necessary for the purposes of section 96.
1991, c. 48Cooperative Credit Associations Act
Marginal note:2001, c. 9, s. 314
151. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 386(1) of the Cooperative Credit Associations Act are replaced by the following:
(iv) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and
(II) at the time the loan is made or acquired the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,
(v) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, or
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and
(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,
2007, c. 33Donkin Coal Block Development Opportunity Act
152. Section 10 of the Donkin Coal Block Development Opportunity Act is amended by adding the following after subsection (2):
Marginal note:Payment out of Consolidated Revenue Fund
(3) There may be paid out of the Consolidated Revenue Fund to Her Majesty in right of the Province, on the requisition of the Minister, any amount to be remitted during a fiscal year under subsection (2).
R.S., c. F-11Financial Administration Act
153. The Financial Administration Act is amended by adding the following after section 15:
Marginal note:Advisory and other committees
15.1 (1) The Minister may establish advisory and other committees and provide for their membership, duties, functions and operation.
Marginal note:Remuneration and expenses
(2) Members of a committee may be paid for their services the remuneration and expenses that the Governor in Council may determine.
1991, c. 47Insurance Companies Act
Marginal note:2001, c. 9, s. 426
154. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 490(1) of the Insurance Companies Act are replaced by the following:
(iv) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and
(II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,
(v) a loan that is secured by a mortgage on real property, if
(A) the mortgage is on residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent,
(B) the mortgage is on real property other than residential property and
(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,
(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and
(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or
(C) the loan is one referred to in paragraph 469(2)(d),
R.S., c. I-15Interest Act
Marginal note:2001, c. 4, s. 95
155. Subsection 10(2) of the Interest Act is replaced by the following:
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.
R.S., c. O-9Old Age Security Act
Marginal note:1999, c. 22, s. 87(1)
156. Subparagraph (a)(i) of the definition “income” in section 2 of the Old Age Security Act is replaced by the following:
(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,
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