Economic Recovery Act (stimulus) (S.C. 2009, c. 31)
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Assented to 2009-12-15
34. (1) Paragraph 48(4)(a) of the Act is replaced by the following:
(a) from the number of months remaining, a number of months equal to the lesser of
(i) subject to subsection (5), if the retirement pension or other benefit becomes payable commencing with a month before January 2012, fifteen per cent of the number remaining — and sixteen per cent commencing with a month after December 2011 and before January 2014 and seventeen per cent commencing with a month after December 2013 — and, if that per cent includes a fraction of a month, the fraction shall be taken to be a complete month, and
(ii) the number of months by which the number remaining exceeds one hundred and twenty; and
(2) Section 48 of the Act is amended by adding the following after subsection (4):
Marginal note:Exception — same percentage
(5) The percentage used in a calculation of the amount of average monthly pensionable earnings under subsection (4) is to be used in the calculation of other benefits based on that amount.
35. Section 53 of the Act is renumbered as subsection 53(1) and is amended by adding the following:
Marginal note:Year in which retirement pension commences
(2) For the purposes of subsection (1), for the year in which a retirement pension becomes payable under this Act,
(a) the contributor’s basic exemption is equal to that proportion of the amount of the Year’s Basic Exemption that the number of months in the year that are not excluded from the contributory period — and are before the retirement pension becomes payable — is of 12; and
(b) the contributor’s maximum pensionable earnings is equal to that proportion of the amount of the Year’s Maximum Pensionable Earnings that the number of months in the year that are not excluded from the contributory period — and are before the retirement pension becomes payable — is of 12.
36. The Act is amended by adding the following after section 59:
Post-retirement Benefit
Marginal note:Amount of post-retirement benefit
59.1 (1) Subject to subsections (2) and (3), a post-retirement benefit payable to a contributor is a basic monthly amount determined by the formula
[(A × F/B) × C × D × E] / 12
where
- A
- is the amount determined under subsection 53(1) for the year prior to the year in which the post-retirement benefit commences to be payable;
- B
- is the Year’s Maximum Pensionable Earnings for the year prior to the year in which the post-retirement benefit commences to be payable;
- C
- is 0.00625;
- D
- is the Maximum Pensionable Earnings Average for the year in which the post-retirement benefit commences to be payable;
- E
- is the adjustment factor referred to in subsection 46(3) or (3.1), as the case may be, based on the age of the contributor on January 1 of the year in which the post-retirement benefit commences to be payable; and
- F
- is the amount determined by the formula
G / H
where
- G
- is the amount of the earnings referred to in subparagraph 53(1)(b)(i), and
- H
- is the aggregate of the earnings referred to in subparagraph 53(1)(b)(i) and those referred to in subparagraph 53(1)(b)(ii).
Marginal note:Unadjusted pensionable earnings for the year in which the retirement pension becomes payable
(2) For the purpose of the calculation under subsection (1), if the unadjusted pensionable earnings are earned in the year in which the contributory period ends under subparagraph 49(b)(iii), the amount determined for A in subsection (1) is the greater of
(a) zero, and
(b) the amount that is calculated by subtracting the Year’s Maximum Pensionable Earnings for that year — multiplied by the number of months in the year before the retirement pension becomes payable and divided by 12 — from the amount determined under subsection 53(1).
Marginal note:Adjustment factor for contributors who are 70 years of age or older
(3) For the purpose of the calculation under subsection (1), if the contributor is seventy years of age or older, the amount determined for E in subsection (1) is the adjustment factor for a contributor who is seventy years of age.
37. Section 60 of the Act is amended by adding the following after subsection (1):
Marginal note:Application for post-retirement benefit deemed to be made
(1.1) An application for a post-retirement benefit under subsection (1) is deemed to be made on January 1 of the year following the year of the unadjusted pensionable earnings referred to in section 76.1 if
(a) the person is a beneficiary of a retirement pension on that day; and
(b) the Minister has the information necessary to determine whether a post-retirement benefit is payable to them.
38. Section 67 of the Act is amended by adding the following after subsection (3):
Marginal note:Commencement of retirement pension — on or after January 1, 2012
(3.1) For a retirement pension that commences to be payable on or after January 1, 2012 and if the applicant is not an estate, subject to section 62, if payment of the retirement pension is approved, the pension is payable for each month commencing with the latest of
(a) the month in which the applicant reached sixty years of age,
(b) the month following the month in which the application was received if they were under sixty-five years of age when they applied,
(c) the eleventh month preceding the month in which the application was received if they have reached sixty-five years of age when they applied, but in no case earlier than the month in which they reached sixty-five years of age, and
(d) the month chosen by the applicant in their application.
Marginal note:R.S., c. 30 (2nd Supp.), s. 37
39. Section 68.1 of the Act is repealed.
40. The Act is amended by adding the following after section 76:
Post-retirement Benefit
Marginal note:Commencement of benefit
76.1 Subject to section 62, a post-retirement benefit is payable to a beneficiary of a retirement pension for each month commencing with January 1 of the year following the year of a contributor’s earnings if
(a) a contribution has been made in respect of those earnings;
(b) those earnings exceed the contributor’s basic exemption; and
(c) those earnings are for a period that
(i) begins after 2011 and after the contributory period ends under subparagraph 49(b)(iii), and
(ii) ends with the month preceding the month in which the contributor reaches seventy years of age.
Marginal note:Duration of payment
76.2 Subject to this Act, a post-retirement benefit shall continue to be paid during the lifetime of the beneficiary and shall cease with the payment for the month in which the beneficiary dies.
41. (1) Section 113.1 of the Act is amended by adding the following after subsection (1):
Marginal note:Review of adjustment factors
(2) When the Chief Actuary of the Office of the Superintendent of Financial Institutions specifies adjustment factors in his or her report according to subsection 115(1.11), the Minister of Finance and ministers of the Crown from the included provinces shall, as part of their review, also review the adjustment factors fixed under subsection 46(7) and may make recommendations as to whether they should be changed.
Marginal note:1997, c. 40, s. 94(3)
(2) Subsection 113.1(3) of the French version of the Act is replaced by the following:
Marginal note:Conclusion de l’examen
(3) Dans la mesure du possible, l’examen doit s’effectuer dans un délai qui permette au ministre des Finances de faire des recommandations au gouverneur en conseil avant la fin de la deuxième année de la période de trois ans.
Marginal note:R.S., c. 30 (2nd Supp.), s. 56
(3) Subsection 113.1(13) of the Act is replaced by the following:
Marginal note:Recommendation — adjustment factors
(13) On the completion of a review required by subsection (2), the Minister of Finance may recommend to the Governor in Council that the Governor in Council amend the regulations made under subsection 46(7) to give effect to any recommendations made under subsection (2). If the recommendations are that no changes be made to the adjustment factors, the Minister of Finance shall cause those recommendations to be published in the Canada Gazette.
Marginal note:Changes to adjustment factors — regulations
(14) The Governor in Council may, on the recommendation of the Minister of Finance made under subsection (13), amend the regulations to change one or more adjustment factors or the methods of calculating them.
Marginal note:Provincial consent
(15) The regulations may only be amended if the lieutenant governor in council of each of at least two thirds of the included provinces, having in total not less than two thirds of the population of all of the included provinces, has signified the consent of that province to the amendment.
Marginal note:Definition of “included province”
(16) In this section, “included province” has the same meaning as in subsection 114(1).
42. Section 115 of the Act is amended by adding the following after subsection (1.1):
Marginal note:Adjustment factors
(1.11) In the first report prepared after 2015 and in every third report that follows, the Chief Actuary shall specify, in reference to the adjustment factors fixed under subsection 46(7), the factors as calculated according to a methodology that he or she considers appropriate; the Chief Actuary may also, if he or she considers it necessary, specify the factors in any report prepared under subsection (1) after 2015.
Coming into Force
Marginal note:Subsection 114(2) of the Canada Pension Plan does not apply
43. (1) Subsection 114(2) of the Canada Pension Plan does not apply in respect of the amendments to that Act contained in sections 25 to 42.
Marginal note:Order in council
(2) Sections 25 to 42 come into force, in accordance with subsection 114(4) of the Canada Pension Plan, on a day or days to be fixed by order of the Governor in Council.
1997, c. 40Canada Pension Plan Investment Board Act
Amendments to the Act
Marginal note:2003, c. 5, s. 15
44. Section 37 of the Canada Pension Plan Investment Board Act is repealed.
45. (1) Section 53 of the Act is amended by adding the following after subsection (2):
Marginal note:Approval of proposed regulation
(2.1) For the purpose of subsection (2), the approval of a proposed regulation published in the Canada Gazette is deemed to be the approval of the regulation if the regulation is the same or substantially the same as the proposed regulation.
(2) Section 53 of the Act is amended by adding the following after subsection (3):
Marginal note:Publication of coming into force date
(4) If the approvals necessary to give force and effect to a regulation are given only after the regulation is made, the Minister shall, as soon as feasible, cause to be published in the Canada Gazette the date that the regulation came into force.
Coming into Force
Marginal note:April 1, 1998
46. Subsection 45(1) is deemed to have come into force on April 1, 1998.
1988, c. 28Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act
47. (1) The definition “former Act” in subsection 246(1) of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act is repealed.
(2) The definitions “deemed profit”, “fiscal incentive”, “offshore revenue threshold” and “threshold rate of return” in subsection 246(1) of the English version of the Act are repealed.
48. (1) Subsection 247(1) of the Act is replaced by the following:
Marginal note:Adjustment payment
247. (1) Subject to this section, the Federal Minister may, on behalf of Her Majesty in right of Canada, pay an amount to Her Majesty in right of the Province equal to seventy-five per cent of the profit realized on or after April 1, 2010, and determined in the manner prescribed, in respect of a project.
(2) Subsection 247(2) of the English version of the Act is replaced by the following:
Marginal note:Restriction
(2) No payment shall be made pursuant to subsection (1) in respect of a project unless the Provincial Minister demonstrates to the satisfaction of the Federal Minister that the rate of return in respect of that project that would have been obtained on behalf of Her Majesty in right of the Province, calculated in the manner prescribed, is equal to or greater than an annual rate of return on invested capital that is equal to the lesser of 20% and the aggregate of 7% and the average annual cost to the Province of borrowing money.
(3) Subsections 247(3) and (4) of the Act are replaced by the following:
Marginal note:Exception
(2.1) Subsection (2) does not apply in respect of the Sable Offshore Energy Project and the Deep Panuke Offshore Gas Development Project.
Marginal note:Reduction for fiscal incentives
(3) The aggregate amount of payments made pursuant to subsection (1) in respect of any project shall be reduced by the aggregate amount, determined in the manner prescribed, of all fiscal incentives and any other benefits that are
(a) established by or pursuant to an Act of Parliament;
(b) prescribed for the purposes of this Part or approved in the manner prescribed; and
(c) received in respect of the project.
Marginal note:Exception
(3.1) Subsection (3) does not apply in respect of fiscal incentives and other benefits generally prevailing in Canada.
Marginal note:Time of payments
(4) Subject to the regulations, a payment made pursuant to subsection (1) shall be made annually, not later than six months after the end of each fiscal year.
(4) Subsection 247(6) of the Act is repealed.
49. The heading before section 248 of the French version of the Act is replaced by the following:
Règlements
50. Section 248 of the Act is replaced by the following:
Marginal note:Regulations
248. Subject to section 6, the Governor in Council may make regulations, on the recommendation of the Minister,
(a) respecting, for the purpose of section 247, the information that must be provided to the Federal Minister in order for a profit to be determined in respect of a project;
(b) respecting the making of payments pursuant to subsection 247(1) if the Minister determines that the Minister has underpaid any amount payable under that subsection;
(c) respecting the recovery of overpayments made pursuant to subsection 247(1); and
(d) prescribing anything that is, by this Part, to be prescribed.
1997, c. 36Customs Tariff
Amendments to the Act
Marginal note:2009, c. 2, s. 122
51. Paragraph 133(c) of the Customs Tariff is replaced by the following:
(c) for the purposes of tariff item No. 9801.10.10, 9801.10.20, 9801.10.30, 9801.20.00, 9808.00.00 or 9810.00.00, prescribing conditions under which goods may be imported;
52. The Description of Goods of tariff item No. 9801.10.10 in the List of Tariff Provisions set out in the schedule to the Act is amended by replacing the reference to “---Conveyances,” with a reference to “---Conveyances, not including trailers and semi-trailers of subheading 8716.31 or 8716.39,”.
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