Budget Implementation Act, 2008 (S.C. 2008, c. 28)
Full Document:
Assented to 2008-06-18
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,
R.S., c. P-36Public Service Superannuation act
157. Section 40.1 of the Public Service Superannuation Act is amended by adding the following after subsection (2):
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.
158. Paragraph 42(1)(v) of the Act is replaced by the following:
(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;
159. The Act is amended by adding the following after section 72:
Marginal note:Power of Minister
73. 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
74. (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.
160. The Act is amended by adding the following after section 74:
Marginal note:Interest on overpayment
75. If there is an overpayment by a contributor 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
76. 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 75.
R.S., c. R-11Royal Canadian Mounted Police Superannuation Act
161. The Royal Canadian Mounted Police Superannuation Act is amended by adding the following after section 42:
Marginal note:Power of Minister
43. 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
44. (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.
Marginal note:Powers of Treasury Board
(3) The Treasury Board may, in addition to the powers conferred on it by paragraph 7(2)(d) of the Financial Administration Act, exercise the powers of the Governor in Council under subsection (1).
162. The Act is amended by adding the following after section 44:
Marginal note:Interest on overpayment
45. If there is an overpayment by a contributor 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
46. (1) 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 45.
Marginal note:Powers of Treasury Board
(2) The Treasury Board may, in addition to the powers conferred on it by paragraph 7(2)(d) of the Financial Administration Act, exercise the powers of the Governor in Council under subsection (1).
1991, c. 45Trust and Loan Companies Act
Marginal note:2001, c. 9, s. 550
163. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 449(1) of the Trust and Loan 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 418(2)(d),
Coming into Force
Marginal note:Order in council
164. (1) Subject to subsection (2), the provisions of this Part, other than sections 148, 149, 151 to 155, 157 to 159, 161 and 163, come into force on a day or days to be fixed by order of the Governor in Council.
Marginal note:Deemed coming into force
(2) Section 156 comes into force or is deemed to have come into force on July 1, 2008.
- Date modified: