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Version of section 53 from 2024-06-20 to 2024-06-27:


Marginal note:Security — registration

  •  (1) For the purposes of this Act, the Minister may require a person that applies to be registered, or that is required to be registered, under this Division to give and maintain security, in an amount determined by the Minister and subject to any terms and conditions that the Minister may specify, for the payment of any amount that is or may become payable by the person under this Act.

  • Marginal note:Security — importation

    (2) For the purposes of this Act, the Minister may require a person referred to in subsection 20(1) to give and maintain security, in an amount determined by the Minister and subject to any terms and conditions that the Minister may specify, for the payment of any amount that is or may become payable by the person under this Act, if the provisions of the Customs Act, the Customs Tariff or any other laws relating to customs under which security may be required do not apply to the payment of that amount.

  • Marginal note:Failure to comply

    (3) If, at any time, a person referred to in subsection (1) or (2) fails to give or maintain security in an amount satisfactory to the Minister, the Minister may retain as security, out of any amount that may be or may become payable to the person under this Act, the Excise Tax Act, the Excise Act, 2001, Part 1 of the Greenhouse Gas Pollution Pricing Act or the Global Minimum Tax Act, an amount not exceeding the amount determined by the formula

    A – B

    where

    A
    is the amount of security that would, at that time, be satisfactory to the Minister if it were given by the person in accordance with subsection (1) or (2), as the case may be; and
    B
    is the amount of security, if any, given and maintained by the person in accordance with subsection (1) or (2), as the case may be.
  • Marginal note:Amount deemed paid

    (4) The amount retained under subsection (3) is deemed to have been paid, at the time referred to in that subsection, by the Minister to the person, and to have been given, immediately after that time, by the person as security in accordance with subsection (1) or (2), as the case may be.

  • 2022, c. 10, s. 135 “53”
  • 2024, c. 17, s. 108

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