Marginal note:2001, c. 9, s. 183

• 153. (1) Subsection 659(1) of the French version of the Act is replaced by the following:

  Marginal note:Examen

  • 659. (1) Afin de s’assurer que la banque, la banque étrangère autorisée ou l’organisme externe de traitement des plaintes se conforme aux dispositions visant les consommateurs applicables, le commissaire, à l’occasion, mais au moins une fois par an, procède ou fait procéder à un examen et à une enquête dont il fait rapport au ministre.

• Marginal note:2001, c. 9, s. 183

  (2) Paragraph 659(2)(a) of the Act is replaced by the following:

  • (a) has a right of access to any records, including electronic records, of a bank, authorized foreign bank or external complaints body; and

• Marginal note:2001, c. 9, s. 183

  (3) Paragraph 659(2)(b) of the English version of the Act is replaced by the following:

  • (b) may require the directors or officers of a bank, authorized foreign bank or external complaints body to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination or inquiry under subsection (1).

Marginal note:2001, c. 9, s. 183

154. Section 661 of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 183

155. Section 974 of the Act is replaced by the following:

2001, c. 9Financial Consumer Agency of Canada Act

156. Section 2 of the Financial Consumer Agency of Canada Act is amended by adding the following in alphabetical order:

Marginal note:2010, c. 12, s. 1851(1)

• 157. (1) Paragraphs 3(2)(a) and (b) of the Act are replaced by the following:

  • (a) supervise financial institutions and external complaints bodies to determine whether the institution or body is in compliance with

    • (i) the consumer provisions applicable to them, and

    • (ii) the terms and conditions or undertakings with respect to the protection of customers of financial institutions that the Minister imposes or requires, as the case may be, under an Act listed in Schedule 1 and the directions that the Minister imposes under this Act;

  • (b) promote the adoption by financial institutions and external complaints bodies of policies and procedures designed to implement the provisions, terms and conditions, undertakings or directions referred to in paragraph (a);

  • (b.1) promote the adoption by financial institutions of policies and procedures designed to implement

    • (i) voluntary codes of conduct that are designed to protect the interests of their customers, that are adopted by financial institutions and that are publicly available, and

    • (ii) any public commitments made by them that are designed to protect the interests of their customers;

• Marginal note:2010, c. 12, s. 1851(2)

  (2) Paragraph 3(2)(d) of the Act is replaced by the following:

  • (d) promote consumer awareness about the obligations of financial institutions and of external complaints bodies under consumer provisions applicable to them and about all matters connected with the protection of consumers of financial products and services; and

158. Section 14 of the Act is replaced by the following:

159. Subsection 16(1) of the Act is replaced by the following:

Marginal note:2010, c. 12, s. 1854

160. Subsection 17(1) of the Act is replaced by the following:

Marginal note:2010, c. 12, s. 1842(1)

• 161. (1) Subsection 18(1) of the Act is replaced by the following:

  Marginal note:Commissioner to ascertain expenses

  • 18. (1) The Commissioner shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of this Act and the consumer provisions — excluding the expenses incurred in connection with the objects described in subsection 3(3) — and the amounts of any prescribed categories of those expenses in relation to any prescribed group of financial institutions and external complaints bodies.

• Marginal note:2010, c. 12, s. 1855

  (2) Subsection 18(3) of the Act is replaced by the following:

  • Marginal note:Assessment

    (3) As soon as possible after ascertaining the amounts under subsections (1) and (1.1), the Commissioner shall assess a portion of the total amount of expenses against each financial institution and external complaints body to the extent and in the manner that the Governor in Council may, by regulation, prescribe.

• (3) Subsections 18(4) and (5) of the Act are replaced by the following:

  • Marginal note:Interim assessment

    (4) The Commissioner may, during each fiscal year, prepare an interim assessment against any financial institution or external complaints body.

  • Marginal note:Assessment is binding

    (5) Every assessment and interim assessment is final and conclusive and binding on the financial institution or external complaints body against which it is made.

Marginal note:2010, c. 12, s. 1848

162. The portion of section 34 of the Act before paragraph (b) is replaced by the following:

Coordinating Amendments

Marginal note:2009, c. 23

163. On the first day on which both section 306 of the Canada Not-for-profit Corporations Act and section 146 of this Act are in force, subsection 455.01(1) of the Bank Act is replaced by the following:

Marginal note:2010, c. 12

• 164. (1) In this section, “other Act” means the Jobs and Economic Growth Act.

• (2) If section 2116 of the other Act comes into force before section 158 of this Act, then that section 158 is replaced by the following:

  158. Subsection 14(1) of the Act is replaced by the following:

  Marginal note:Ownership

  • 14. (1) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company, external complaints body or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution or external complaints body.

• (3) If section 2116 of the other Act and section 158 of this Act come into force on the same day, then that section 158 is deemed to have come into force before that section 2116.

Coming into Force

Marginal note:Order in council

165. This Part, other than sections 163 and 164, comes into force on a day to be fixed by order of the Governor in Council.

PART 52007, c. 35, s. 136CANADA DISABILITY SAVINGS ACT

Amendments to the Act

Marginal note:2010, c. 12, s. 26(3)

166. Paragraph 2(2)(b) of the Canada Disability Savings Act is replaced by the following:

• 167. (1) Section 6 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Deemed year of contribution

    (2.1) For the purposes of subsection (2), a contribution allocated to a year under subsection (2.2) is deemed to have been made in that year.

  • Marginal note:Allocation of contribution

    (2.2) The Minister may allocate a contribution made to the beneficiary’s registered disability savings plan in a year after 2010, in parts — to the year in which it is actually made and to each of the previous 10 years that is after 2007 — in the following order:

    • (a) up to $500 to each year in which the beneficiary is one referred to in paragraph (2)(a), beginning with the earliest year, less any contributions allocated to the year in question;

    • (b) up to $1500 to each year in which the beneficiary is one referred to in paragraph (2)(a), beginning with the earliest year, less any contributions allocated to the year in question including those so allocated under paragraph (a); and

    • (c) up to $1000 to each year in which the beneficiary is not one referred to in paragraph (2)(a), beginning with the earliest year, less any contributions allocated to the year in question.

  • Marginal note:Residency and DTC-eligibility

    (2.3) No contribution made to the plan in a year may be allocated to a previous year unless, during that previous year, the beneficiary was resident in Canada and a DTC-eligible individual.

  • Marginal note:Limit

    (2.4) The Minister may allocate only the portion of contributions made to the plan in a year in respect of which, in accordance with subsection (2), a Canada Disability Savings Grant of up to $10,500 may be paid into the plan in that year.

  • Marginal note:Contributions made before 2011

    (2.5) For the purposes of determining the contributions allocated to the year in question under any of paragraphs (2.2)(a) to (c), contributions made to the plan in 2008, 2009 or 2010 are considered to have been allocated to the year in which they were actually made.

• (2) Section 6 of the Act is amended by adding the following after subsection (7):

  • Marginal note:Annual cap

    (8) Not more than $10,500 in Canada Disability Savings Grants may be paid in respect of a beneficiary in a year.

  • Marginal note:Annual statement to plan holders

    (9) Once a year, the Minister shall cause each holder of a registered disability savings plan to be provided with a statement that sets out the amount of Canada Disability Savings Grants that may be paid for particular years on the basis of future contributions.

168. Subsection 7(1) of the Act is replaced by the following:

Transitional Provisions

Marginal note:Canada Disability Savings Grant for 2008

169. For the purposes of calculating the amount of a Canada Disability Savings Grant that may be paid for 2008 under section 6 of the Canada Disability Savings Act, subparagraphs 6(2)(a)(i) and (ii) and subsection 6(6) of that Act are to be read as they did on December 31, 2008.

Marginal note:Canada Disability Savings Bond for 2008

170. For the purposes of calculating the amount of a Canada Disability Savings Bond that may be paid for 2008 under section 7 of the Canada Disability Savings Act, subparagraphs 7(2)(a)(i) and (ii) and (b)(i) and (ii), the descriptions of B and C in subsection 7(4) and subsection 7(8) of that Act are to be read as they did on December 31, 2008.

Coming into Force

Marginal note:January 1, 2011

171. This Part comes into force, or is deemed to have come into force, on January 1, 2011.

PART 6R.S. c. 1 (2nd Supp.)CUSTOMS ACT

172. Section 11.1 of the Customs Act is amended by adding the following after subsection (3):