Economic Recovery Act (stimulus) (S.C. 2009, c. 31)
Assented to 2009-12-15
17. (1) The Regulations are amended by adding the following after section 7305.01:
7305.02 (1) For the purposes of subsection 80.3(4) of the Act, the following regions are prescribed regions of flood or excessive moisture:
(a) in respect of the 2008 calendar year, in Manitoba,
(i) the rural municipalities of Alonsa, Armstrong, Bifrost, Coldwell, Dauphin, Eriksdale, Ethelbert, Fisher, Gimli, Glenella, Grahamdale, Lakeview, Lawrence, McCreary, Mossey River, Mountain South, Ochre River, Rockwood, Siglunes, St. Andrews, St. Laurent, Ste. Rose and Woodlands, and
(ii) any reserve that is contiguous to a rural municipality referred to in subparagraph (i), or that is part of a series of contiguous reserves one of which is contiguous to a rural municipality referred to in subparagraph (i), of the bands designated as Dauphin River, Ebb and Flow, Fisher River, Kinonjeoshtegon First Nation, Lake Manitoba First Nation, Lake St. Martin, Little Saskatchewan, O-Chi-Chak-Ko-Sipi First Nation, Peguis, Pinaymootang First Nation, Sandy Bay and Skownan First Nation; and
(b) in respect of the 2009 calendar year, in Manitoba, the rural municipalities of Armstrong, Bifrost, Fisher and Gimli.
(2) For the purpose of this section, “band” and “reserve” have the same meaning as assigned by the Indian Act.
(2) Subsection (1) is deemed to have come into force on January 1, 2008.
Multilateral Debt Relief
Marginal note:Maximum payment of $2,500,000,000
18. (1) For the purpose of Canada’s contribution to the Multilateral Debt Relief Initiative, or for making contributions towards multilateral debt relief, there may, in respect of fiscal years in the period that begins on April 1, 2009 and ends on March 31, 2054, be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, sums, not exceeding in the aggregate $200 million in each fiscal year, to international organizations in order to make debt payments on behalf of eligible countries. No more than a total of $2.5 billion may be paid out under this subsection.
(2) The Minister of Finance may enter into arrangements or agreements with international organizations for the purpose of the payments referred to in subsection (1).
Payment to Nova Scotia — Offshore Petroleum Resources
Marginal note:Payment of $174,500,000
19. Before April 1, 2010, there may be paid to Nova Scotia out of the Consolidated Revenue Fund, on the requisition of the Minister of Natural Resources, $174,500,000.
R.S., c. B-7; R.S., c. 24 (1st Supp.), s. 3Bretton Woods and Related Agreements Act
20. (1) Paragraph 12(h) of Article V of Schedule I to the Bretton Woods and Related Agreements Act is replaced by the following:
(h) Pending uses specified under (f) above, the Fund may use a member’s currency held in the Special Disbursement Account for investment as it may determine, in accordance with rules and regulations adopted by the Fund by a seventy percent majority of the total voting power. The income of investment and interest received under (f)(ii) above shall be placed in the Special Disbursement Account.
(2) Section 12 of Article V of Schedule I to the Act is amended by adding the following after paragraph (j):
(k) Whenever under (c) above the Fund sells gold acquired by it after the date of the second amendment of this Agreement, an amount of the proceeds equivalent to the acquisition price of the gold shall be placed in the General Resources Account, and any excess shall be placed in the Investment Account for use pursuant to the provisions of Article XII, Section 6(f). If any gold acquired by the Fund after the date of the second amendment of this Agreement is sold after April 7, 2008 but prior to the date of entry into force of this provision, then, upon the entry into force of this provision, and notwithstanding the limit set forth in Article XII, Section 6(f)(ii), the Fund shall transfer to the Investment Account from the General Resources Account an amount equal to the proceeds of such sale less
(i) the acquisition price of the gold sold, and
(ii) any amount of such proceeds in excess of the acquisition price that may have already been transferred to the Investment Account prior to the date of entry into force of this provision.
21. (1) Paragraph 3(e) of Article XII of Schedule I to the Act is replaced by the following:
(e) Each Executive Director shall appoint an Alternate with full power to act for him when he is not present, provided that the Board of Governors may adopt rules enabling an Executive Director elected by more than a specified number of members to appoint two Alternates. Such rules, if adopted, may only be modified in the context of the regular election of Executive Directors and shall require an Executive Director appointing two Alternates to designate:
(i) the Alternate who shall act for the Executive Director when he is not present and both Alternates are present, and
(ii) the Alternate who shall exercise the powers of the Executive Director under (f) below.
When the Executive Directors appointing them are present, Alternates may participate in meetings but may not vote.
(2) Paragraph 5(a) of Article XII of Schedule I to the Act is replaced by the following:
(a) The total votes of each member shall be equal to the sum of its basic votes and its quota-based votes.
(i) The basic votes of each member shall be the number of votes that results from the equal distribution among all the members of 5.502 percent of the aggregate sum of the total voting power of all the members, provided that there shall be no fractional basic votes.
(ii) The quota-based votes of each member shall be the number of votes that results from the allocation of one vote for each part of its quota equivalent to one hundred thousand special drawing rights.
(3) Subparagraph 6(f)(iii) of Article XII of Schedule I to the Act is replaced by the following:
(iii) The Fund may use a member’s currency held in the Investment Account for investment as it may determine, in accordance with rules and regulations adopted by the Fund by a seventy percent majority of the total voting power. The rules and regulations adopted pursuant to this provision shall be consistent with (vii), (viii), and (ix) below.
(4) Subparagraph 6(f)(vi) of Article XII of Schedule I to the Act is replaced by the following:
(vi) The Investment Account shall be terminated in the event of liquidation of the Fund and may be terminated, or the amount of the investment may be reduced, prior to liquidation of the Fund by a seventy percent majority of the total voting power.
Marginal note:1991, c. 21, s. 5
22. Section 2 of Schedule L of Schedule I to the Act is replaced by the following:
2. The number of votes allotted to the member shall not be cast in any organ of the Fund. They shall not be included in the calculation of the total voting power, except for purposes of:
(a) the acceptance of a proposed amendment pertaining exclusively to the Special Drawing Rights Department and
(b) the calculation of basic votes pursuant to Article XII, Section 5(a)(i).
1991, c. 11Broadcasting Act
Marginal note:1994, c. 18, s. 18
23. Paragraph 46.1(3)(a) of the Broadcasting Act is replaced by the following:
(a) $220,000,000; or
2009, c. 2Budget Implementation Act, 2009
24. (1) Section 309 of the Budget Implementation Act, 2009 is replaced by the following:
Marginal note:Maximum payment of $1,000,000,000
309. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, in accordance with terms and conditions approved by the Treasury Board, a sum not exceeding one billion dollars for the construction, renovation, refurbishment or repair of buildings and facilities at post-secondary institutions.
Marginal note:Coming into force
(2) Subsection (1) is deemed to have come into force on March 12, 2009.
R.S., c. C-8Canada Pension Plan
Amendments to the Act
Marginal note:1991, c. 44, s. 1
25. The portion of subsection 2(2) of the Canada Pension Plan before paragraph (a) is replaced by the following:
Marginal note:When specified age deemed to be reached
(2) For the purposes of any provision of this Act in which reference is made to the reaching by a person of a specified age — other than a reference in paragraph 13(1)(c) or (e) or (1.2)(c), 17(c), 19(c) or (d) or 44(3)(a), section 70 or paragraph 72(1)(c) — the person is deemed to have reached the specified age at the beginning of the month following the month in which the person actually reached that age, and in computing
26. (1) Subsection 12(1) of the Act is amended by striking out “or” at the end of paragraph (b) and by replacing paragraph (c) with the following:
(c) after they reach sixty-five years of age if
(i) a retirement pension is payable to them under this Act or under a provincial pension plan, and
(ii) subject to subsection (1.1), they make an election to exclude the income; or
(d) after they reach seventy years of age.
(2) Section 12 of the Act is amended by adding the following after subsection (1):
(1.1) An election referred to in subparagraph (1)(c)(ii)
(a) shall be made or revoked in the prescribed form and manner;
(b) shall commence to have effect on the first day of the month following the month in which it is made;
(c) shall cease to have effect on the first day of the month following the month in which it is revoked;
(d) may be made only once in a year;
(e) may not be revoked in the year in which it is made;
(f) may not be made in a year in which an election is revoked; and
(g) is deemed to be an election in respect of the person’s income from all pensionable employment and in respect of their self-employed earnings.
Marginal note:Consequence of not revoking election in prescribed form and manner
(1.2) If a person does not revoke — in respect of an employer — an election in the prescribed form and manner, the contributory salary and wages referred to in paragraphs 8(1)(a) and 9(1)(a) do not, for the purposes of those paragraphs, include income from that employment. However, they may — in respect of that income — make an election under subsection 13(3) and pay the contribution required under section 10 within one year after their balance-due day.
- Date modified: