An Act to amend the Canada Pension Plan, the Canada Pension Plan Investment Board Act and the Income Tax Act (S.C. 2016, c. 14)
Full Document:
Assented to 2016-12-15
Marginal note:2003, c. 5, s. 3
45 Subsection 108.1(2) of the Act is replaced by the following:
Marginal note:Payment by Investment Board
(2) The Minister may, by notice, and in accordance with any agreement entered into under section 111.1, require the Investment Board to pay into the Consolidated Revenue Fund any amount necessary to offset amounts charged or required to be charged to the Canada Pension Plan Account under subsection 108(3) and any interest charged under subsection 110(1).
46 The Act is amended by adding the following after section 108.1:
Marginal note:Additional Canada Pension Plan Account
108.2 (1) There is established in the accounts of Canada an account to be known as the Additional Canada Pension Plan Account.
Marginal note:Amounts to be credited to Account
(2) There is to be paid into the Consolidated Revenue Fund and credited to the Additional Canada Pension Plan Account
(a) all amounts received under this Act as or on account of contributions under subsections 8(1.1) and (1.2), 9(1.1) and (1.2) and 10(1.1) and (1.2) or otherwise on account of the additional Canada Pension Plan;
(b) all amounts required to be credited to the Additional Canada Pension Plan Account under any agreement entered into under subsection 39(1) or 80(1) or under any regulation made under paragraph 89(1)(j) or subsection 107(3);
(c) any amount of money received under section 107.1 on account of the additional Canada Pension Plan and any proceeds from the disposition of any securities or other property received under that section on account of the additional Canada Pension Plan;
(d) all amounts charged for the use of resources that are associated with the administration of this Act in relation to the additional Canada Pension Plan;
(e) any interest or administrative charge collected in relation to money payable under this Act in relation to the additional Canada Pension Plan; and
(f) all amounts received under subsection 56(1.1) of the Canada Pension Plan Investment Board Act.
Marginal note:Amounts to be charged to Account
(3) There is to be paid out of the Consolidated Revenue Fund and charged to the Additional Canada Pension Plan Account
(a) all amounts payable under this Act in relation to the additional Canada Pension Plan as or on account of benefits or otherwise;
(b) all amounts required to be charged to the Additional Canada Pension Plan Account under any agreement entered into under subsection 39(1) or 80(1) or under any regulation made under paragraph 89(1)(j) or subsection 107(3);
(c) all amounts credited to the Additional Canada Pension Plan Account under paragraph (2)(d);
(d) the costs of administration of this Act in relation to the additional Canada Pension Plan, under the authority of Parliament;
(e) all amounts required to be charged to the Additional Canada Pension Plan Account under section 57.1 of the Canada Pension Plan Investment Board Act; and
(f) the costs, in relation to the additional Canada Pension Plan, of administering Part 5 of the Department of Employment and Social Development Act in respect of appeals respecting this Act.
Marginal note:Limitation
(4) No payment is to be made out of the Consolidated Revenue Fund under this section in excess of the total of
Marginal note:Management of Account
108.3 (1) Any amounts standing to the credit of the Additional Canada Pension Plan Account that exceed the immediate obligations of that Account are to be transferred to the Investment Board, unless any agreement entered into under section 111.1 provides otherwise. The amounts are to be paid out of the Consolidated Revenue Fund and charged to the Additional Canada Pension Plan Account.
Marginal note:Payment by Investment Board
(2) The Minister may, by notice, and in accordance with any agreement entered into under section 111.1, require the Investment Board to pay into the Consolidated Revenue Fund any amount necessary to offset amounts charged or required to be charged to the Additional Canada Pension Plan Account under subsection 108.2(3) and any interest charged under subsection 110(2).
Marginal note:Interest
(3) The Minister of Finance shall credit interest to the Additional Canada Pension Plan Account at market rates, as determined by that Minister, on any amount standing to the credit of that Account. The interest is to be paid out of the Consolidated Revenue Fund.
Marginal note:2003, c. 5, s. 5
47 Section 110 of the Act is replaced by the following:
Marginal note:Interest — Canada Pension Plan Account
110 (1) The Minister of Finance shall charge interest to the Canada Pension Plan Account at market rates, as determined by that Minister, on any amount paid out of the Consolidated Revenue Fund under subsection 108(3) that exceeds the balance to the credit of the Canada Pension Plan Account. Interest is to be charged for the period beginning on the day on which the amount is paid out of the Consolidated Revenue Fund under subsection 108(3) and ending on the day on which the Investment Board pays that amount into the Consolidated Revenue Fund under subsection 56(1) of the Canada Pension Plan Investment Board Act.
Marginal note:Interest — Additional Canada Pension Plan Account
(2) The Minister of Finance shall charge interest to the Additional Canada Pension Plan Account at market rates, as determined by that Minister, on any amount paid out of the Consolidated Revenue Fund under subsection 108.2(3) that exceeds the balance to the credit of the Additional Canada Pension Plan Account. Interest is to be charged for the period beginning on the day on which the amount is paid out of the Consolidated Revenue Fund under subsection 108.2(3) and ending on the day on which the Investment Board pays that amount into the Consolidated Revenue Fund under subsection 56(1.1) of the Canada Pension Plan Investment Board Act.
Marginal note:1997, c. 40, s. 91; 2003, c. 5, s. 8
48 Subsection 112(1) of the Act is replaced by the following:
Marginal note:Annual financial statements
112 (1) The Minister shall, as soon as possible after the end of each fiscal year, prepare one set of annual financial statements for the Canada Pension Plan in respect of that year setting out
(a) a statement combining the amounts credited to or charged to the Canada Pension Plan Account, the Additional Canada Pension Plan Account and the accounts of the Investment Board during the year;
(b) a schedule combining the amounts credited to or charged to the Canada Pension Plan Account and the accounts of the Investment Board in relation to the base Canada Pension Plan during the year;
(c) a schedule combining the amounts credited to or charged to the Additional Canada Pension Plan Account and the accounts of the Investment Board in relation to the additional Canada Pension Plan during the year;
(d) a statement combining the accounts of the Canada Pension Plan Account, the Additional Canada Pension Plan Account and the Investment Board as at the end of the year;
(e) a schedule combining the accounts of the Canada Pension Plan Account and the Investment Board in relation to the base Canada Pension Plan as at the end of the year;
(f) a schedule combining the accounts of the Additional Canada Pension Plan Account and the Investment Board in relation to the additional Canada Pension Plan as at the end of the year; and
(g) any other accounts and information that the Minister considers appropriate to present fairly the financial transactions and the financial position of the Canada Pension Plan for the year.
Marginal note:1997, c. 40, s. 92
49 (1) Paragraphs 113(2)(a) and (b) of the Act are replaced by the following:
(a) the total amount of all contributions credited to the Canada Pension Plan Account and the Additional Canada Pension Plan Account, to the day on which the regulation referred to in subsection (1) became effective, in respect of employment in that province or in respect of self-employed earnings of persons resident in that province, and
(b) the part of the net investment return of the Investment Board and all interest credited to or accrued to the credit of the Canada Pension Plan Account and the Additional Canada Pension Plan Account, to the day on which the regulation referred to in subsection (1) became effective, that is derived from the contributions referred to in paragraph (a),
(2) Paragraph 113(2)(d) of the Act is replaced by the following:
(d) the part of the costs of administration of this Act, to the day on which the regulation referred to in subsection (1) became effective, that is equal to the proportion of those costs that the total amount of the contributions referred to in paragraph (a) is of the total amount of all contributions credited to the Canada Pension Plan Account and the Additional Canada Pension Plan Account to that day.
- Date modified: