Budget Implementation Act, 2021, No. 1 (S.C. 2021, c. 23)

1994, c. 28Canada Student Financial Assistance Act

264 The Canada Student Financial Assistance Act is amended by adding the following after section 9.3:

2014, c. 20, s. 483Apprentice Loans Act

265 The Apprentice Loans Act is amended by adding the following after section 8.1:

Coordinating Amendments

Marginal note:Bill C-14

• 266 (1) Subsections (2) to (10) apply if Bill C-14, introduced in the 2nd session of the 43rd Parliament and entitled the Economic Statement Implementation Act, 2020 (in this section referred to as the “other Act”), receives royal assent.

• (2) If section 6 of the other Act comes into force before section 263 of this Act, then

  • (a) that section 263 is deemed never to have come into force and is repealed; and

  • (b) section 11.3 of the Canada Student Loans Act and the heading before it are replaced by the following:

    Period — April 1, 2021 to March 31, 2023

    Marginal note:Suspension of interest

    11.3 During the period that begins on April 1, 2021 and ends on March 31, 2023, no interest is payable by a borrower on a guaranteed student loan.

• (3) If section 263 of this Act comes into force before section 6 of the other Act, then that section 6 is deemed never to have come into force and is repealed.

• (4) If section 263 of this Act comes into force on the same day as section 6 of the other Act, then that section 263 is deemed to have come into force before that section 6 and subsection (3) applies as a consequence.

• (5) If section 7 of the other Act comes into force before section 264 of this Act, then

  • (a) that section 264 is deemed never to have come into force and is repealed; and

  • (b) section 9.4 of the Canada Student Financial Assistance Act and the heading before it are replaced by the following:

    Period — April 1, 2021 to March 31, 2023

    Marginal note:Suspension of interest

    9.4 During the period that begins on April 1, 2021 and ends on March 31, 2023, no interest is payable by a borrower on a student loan.

• (6) If section 264 of this Act comes into force before section 7 of the other Act, then that section 7 is deemed never to have come into force and is repealed.

• (7) If section 264 of this Act comes into force on the same day as section 7 of the other Act, then that section 264 is deemed to have come into force before that section 7 and subsection (6) applies as a consequence.

• (8) If section 8 of the other Act comes into force before section 265 of this Act, then

  • (a) that section 265 is deemed never to have come into force and is repealed; and

  • (b) section 8.2 of the Apprentice Loans Act and the heading before it are replaced by the following:

    Period — April 1, 2021 to March 31, 2023

    Marginal note:Suspension of interest

    8.2 During the period that begins on April 1, 2021 and ends on March 31, 2023, no interest is payable by a borrower on an apprentice loan.

• (9) If section 265 of this Act comes into force before section 8 of the other Act, then that section 8 is deemed never to have come into force and is repealed.

• (10) If section 265 of this Act comes into force on the same day as section 8 of the other Act, then that section 265 is deemed to have come into force before that section 8 and subsection (9) applies as a consequence.

DIVISION 30First Nations Elections

Marginal note:Regulations deemed valid

267 The First Nations Election Cancellation and Postponement Regulations (Prevention of Diseases), made on April 7, 2020 and registered as SOR/‍2020-84, and the Regulations Amending the First Nations Election Cancellation and Postponement Regulations (Prevention of Diseases), made on April 8, 2021 and registered as SOR/‍2021-78, are deemed to have been validly made and everything done under, and all consequences flowing from, those Regulations since April 8, 2020 are deemed effective as if those Regulations were so made.

DIVISION 31Increase to Old Age Security Pension and Payment

R.S., c. O-9Old Age Security Act

268 Paragraph (c) of the definition income in section 2 of the Old Age Security Act is amended by adding the following after subparagraph (i):

269 Subsection 2.1(1) of the Act is replaced by the following:

270 Subsection 3(3) of the Act is replaced by the following:

271 Section 7 of the Act is amended by adding the following after subsection (4):

• 272 (1) Subsections 7.1(1) and (2) of the Act are replaced by the following:

  Marginal note:Voluntary deferral — full monthly pension

  • 7.1 (1) If a person applies for their pension after they become qualified to receive a full monthly pension, the amount of that pension, as it is calculated in accordance with subsections 7(1) to (4), is increased by 0.6% for each month in the period that begins in the month after the month in which the person becomes qualified for that pension and that ends in the month in which the person’s application is approved.

  • Marginal note:Voluntary deferral — partial monthly pension

    (2) If a person applies for their pension after they become qualified to receive a partial monthly pension, the amount of that pension, as it is calculated in accordance with subsection 3(3) without regard to subsection 7(5), at the time that they become qualified for that pension, is increased by 0.6% for each month in the period that begins in the month after that time and that ends in the month in which the person’s application is approved.

• (2) Section 7.1 of the Act is amended by adding the following after subsection (4):

  • Marginal note:Full monthly pension — persons aged 75 years or older

    (5) Beginning in the payment quarter commencing on July 1, 2022, for the period that begins in the month after the month in which a person attains 75 years of age, the amount of the full monthly pension, as it is increased under subsection (1), is increased by 10%.

  • Marginal note:Partial monthly pension — persons aged 75 years or older

    (6) Beginning in the payment quarter commencing on July 1, 2022, for the period that begins in the month after the month in which a person attains 75 years of age, the amount of the partial monthly pension, as it is increased under subsection (2), is increased by 10%.

273 The description of B in paragraph 12(6)(b) of the Act is replaced by the following: