Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act (S.C. 2011, c. 15)
Assented to 2011-06-26
2006, c. 4Budget Implementation Act, 2006
Marginal note:2006, c. 4, s. 198; 2008, c. 28, s. 148
21. Part 9 of the Budget Implementation Act, 2006 is repealed.
R.S., c. N-11National Housing Act
22. Section 5 of the National Housing Act is amended by adding the following after subsection (5):
(6) The Governor in Council may, on the recommendation of the Minister of Finance, make regulations respecting the designation of approved lenders, including regulations establishing criteria that a person must meet in order to be so designated.
23. The Act is amended by adding the following after section 8:
Marginal note:Regulations — Minister of Finance
8.1 (1) The Minister of Finance may, after consulting the Governor of the Bank of Canada and the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act, make regulations respecting classes of housing loans and criteria to be met by loans in each of those classes in order for the Corporation to be able to provide insurance against risks relating to those loans.
Marginal note:Coming into force
(2) A regulation made under this section comes into force on the day on which it is published in the Canada Gazette or on any later day that is specified in the regulation unless the regulation provides otherwise and it gives effect to a budgetary or other public announcement, in which case the regulation must not come into force before the day on which the announcement was made.
Marginal note:Fees for risk exposure
8.2 The Minister of Finance may fix a fee to be paid by the Corporation to the Receiver General to compensate Her Majesty for Her exposure to the risks covered by Her agent the Corporation arising from the insurance relating to housing loans. That Minister shall notify the Corporation in writing of the fee.
24. The Act is amended by adding the following after section 21:
Marginal note:Obligation to retain information, books and records
21.1 (1) The Corporation shall keep and retain books and records and retain information in respect of its business that are relevant for the purposes of this Part or that are prescribed.
Marginal note:Obligation to provide information or copies
(2) At the request of the Minister of Finance, the Corporation shall, without delay, provide that Minister with any information or copies of any books or records that it is required to retain.
Marginal note:Power to disclose
(3) The Minister of Finance may disclose to the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act, the Governor of the Bank of Canada, the Chairperson of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada any information or copies of any books or records received under subsection (2).
Marginal note:Public information
(4) The Corporation shall make available to the public prescribed books, records and information that are relevant for the purposes of this Part.
(5) The Governor in Council may, on the recommendation of the Minister of Finance, make regulations prescribing the manner in which books and records are to be kept and retained, the manner in which information is to be retained and the manner in which books, records and information are to be made available to the public.
R.S., c. 18 (3rd Supp.), Part 1Office of the Superintendent of Financial Institutions Act
Marginal note:1997, c. 15, s. 339
25. Subsection 23(1) of the Office of the Superintendent of Financial Institutions Act is replaced by the following:
Marginal note:Superintendent to ascertain expenses
23. (1) The Superintendent 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 the Bank Act, the Cooperative Credit Associations Act, the Green Shield Canada Act, the Insurance Companies Act, the Protection of Residential Mortgage or Hypothecary Insurance Act and the Trust and Loan Companies Act.
Coming into Force
Marginal note:Order in council
26. This Part comes into force on a day to be fixed by order of the Governor in Council.
PART 8R.S., c. F-8; 1995, c. 17, s. 45(1)FEDERAL-PROVINCIAL FISCAL ARRANGEMENTS ACT
27. Section 3.12 of the Federal-Provincial Fiscal Arrangements Act is renumbered as subsection 3.12(1) and is amended by adding the following:
Marginal note:Additional fiscal equalization payment — 2011-2012 fiscal year
(2) An additional fiscal equalization payment may be paid for the fiscal year beginning on April 1, 2011 equal to,
(a) for Quebec, $368,932,000;
(b) for Nova Scotia, $157,591,000;
(c) for New Brunswick, $149,776,000; and
(d) for Manitoba, $275,808,000.
28. The Act is amended by adding the following after section 3.97:
PART I.01OTHER PAYMENTS
Marginal note:Payments — Ontario and Prince Edward Island
3.98 (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister, the following sums for the fiscal year beginning April 1, 2011:
(a) to Ontario, $150,365,000; and
(b) to Prince Edward Island, $1,089,000.
(2) If the Minister has made a payment to a province under subsection (1), he or she shall reduce, by an amount equal to 1/10 of that payment, the fiscal equalization payments to that province for each of the fiscal years in the period beginning on April 1, 2012 and ending on March 31, 2022. If, for one of those fiscal years, it is not possible to reduce the fiscal equalization payment by that entire amount, he or she may recover the amount remaining as a debt due to Her Majesty in right of Canada out of any sum of money that may be due or payable by Her Majesty in right of Canada to that province under this Act for that fiscal year.
Marginal note:R.S., c. 11 (3rd Supp.), s. 5(6)(F); 2005, c. 7, s. 2(6)
29. Subsection 6(6) of the Act is replaced by the following:
(6) Despite subsection (4), for the purposes of determining the amount under subsection (1) for a fiscal year, the payment under section 3.12 and the additional cash payment under section 24.703 are not included in the province’s non-natural resource revenue for the preceding fiscal year.
PART 91991, c. 47INSURANCE COMPANIES ACT
Marginal note:1999, c. 1, s. 4
30. The portion of section 236.1 of the Insurance Companies Act before the definition “conversion proposal” is replaced by the following:
236.1 The following definitions apply in sections 237 to 237.2.
31. The Act is amended by adding the following after section 237.1:
Marginal note:Distribution prohibited
237.2 (1) A mutual company shall not take any action or series of actions directed toward the distribution of all or part of its property to its policyholders or shareholders or the provision of any other benefit to its policyholders or shareholders, other than as provided in subsections 237(1) to (1.2), until a conversion proposal has been approved by the Minister under subsection 237(1).
(2) Nothing in subsection (1) prevents
(a) the directors of the company from declaring a dividend on shares or a policy dividend, bonus or other benefit payable to policyholders in the ordinary course of business; or
(b) the company from paying or otherwise satisfying a dividend, bonus or other benefit referred to in paragraph (a).
(3) This section does not apply to a company that is insolvent within the meaning of the Winding-up and Restructuring Act.
PART 10SOR/2001-177ASSESSMENT OF FINANCIAL INSTITUTIONS REGULATIONS, 2001
Amendment to the Regulations
32. Paragraph 2(e) of the Assessment of Financial Institutions Regulations, 2001 is replaced by the following:
(e) the aggregate of
(i) the total amount of net premiums received in Canada during the immediately preceding calendar year by each company, society and provincial company to which the Insurance Companies Act applies,
(ii) an amount equal to 25 per cent of net premiums received outside Canada during the immediately preceding calendar year by each company, society and provincial company to which the Insurance Companies Act applies, and
(iii) in the case of a life company or a society, an amount equal to 25 per cent of net premiums received outside Canada during the immediately preceding calendar year by each of its subsidiaries that is engaged in the business of insurance outside Canada; and
33. Every amount assessed under subsection 23(3) of the Office of the Superintendent of Financial Institutions Act, after May 31, 2001, against a life company or a society is valid to the same extent as it would have been were it assessed after the coming into force of section 32.
PART 11R.S., c. F-11FINANCIAL ADMINISTRATION ACT
Amendments to the Act
34. The Financial Administration Act is amended by adding the following after section 29.1:
Marginal note:Internal support services
29.2 (1) A department may provide internal support services to and receive internal support services from one or more other departments, and the provision of those services may be through collaboration among departments.
Marginal note:Written agreement
(2) Any department providing internal support services to another department must enter into an agreement in writing with that department respecting those services.
(3) Subsection (1) does not authorize a department to provide internal support services if, under an Act of Parliament, order of the Governor in Council or direction of Treasury Board,
(a) those services may only be provided by another department or body;
(b) departments must obtain those services from another department or body; or
(c) it is precluded from doing so.
Definition of “internal support services”
(4) In this section, “internal support services” means administrative activities that support
(a) human resources management services;
(b) financial management services;
(c) information management services;
(d) information technology services;
(e) communications services;
(f) real property services;
(g) materiel services;
(h) acquisition services; or
(i) any other administrative service that is designated by order of the Governor in Council.
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