Law:Budget Implementation Act, 2006

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S.c. 2006, c. 4

Assented to 2006-06-22

An Act to implement certain provisions of the budget tabled in Parliament on May 2, 2006

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:


Contents

Short Title

Short title

1. This Act may be cited as the Budget Implementation Act, 2006.


Part 1. Amendments Relating To The Gst/hst Rate Reduction

Amendments Relating to the GST/HST

Excise Tax Act

2. (Amendments)

3. (Amendment)

4. (Amendment)

5. (Amendments)

6. (Amendment)

7. (Amendment)

8. (Amendments)

9. (Amendment)

10. (Amendments)

11. (Amendments)

12. (Amendment)

13. (Amendment)

14. (Amendment)

15. (Amendments)

16. (Amendment)

17. (Amendment)

18. (Amendment)

19. (Amendment)

20. (Amendment)

21. (Amendment)

22. (Amendments)

23. (Amendments)

24. (Amendments)

25. (Amendments)

26. (Amendments)

27. (Amendment)

28. (Amendments)

29. (Amendment)

30. (Amendments)

31. (Amendment)

32. (Amendment)


Related Amendments

Air Travellers Security Charge Act

33. (Amendments)


Amendments Relating to the Taxation of Tobacco Products

Excise Act, 2001

34. (Amendment)

35. (Amendments)

36. (Amendment)

37. (Amendment)

38. (Amendment)

39. (Amendment)

40. (Amendment)

41. (Amendments)


Application

42. For the purposes of applying the provisions of the Customs Act that provide for the payment of, or the liability to pay, interest in respect of any amount, the amount shall be determined and interest shall be computed on it as though sections 37 to 41 had come into force on July 1, 2006.


Amendments Relating to Alcohol Products

Excise Act

43. (Amendment)


Excise Act, 2001

44. (Amendments)

45. (Amendments)

46. (Amendment)

47. (Amendment)

48. (Amendment)

49. (Amendment)


Application

50. For the purposes of applying the provisions of the Customs Act and the Excise Act that provide for the payment of, or the liability to pay, interest in respect of any amount, the amount shall be determined and interest shall be computed on it as though sections 43, 48 and 49 had come into force on July 1, 2006.


Part 2. Amendments To The Income Tax Act

51. (Amendments)

52. (Amendment)

53. (Amendments)

54. (Amendment)

55. (Amendment)

56. (Amendment)

57. (Amendments)

58. (Amendments)

59. (Amendment)

60. (Amendments)

61. (Amendment)

62. (Amendments)

63. (Amendments)

64. (Amendments)

65. (Amendments)

66. (Amendments)

67. (Amendment)

68. (Amendment)

69. (Amendment)

70. (Amendments)

71. (Amendments)

72. (Amendments)

73. (Amendments)

74. (Amendments)

75. (Amendments)

75.1 (Amendment)

76. (Amendment)

77. (Amendment)

78. (Amendment)

79. (Amendments)

80. (Amendment)

81. (Amendment)

82. (Amendment)

83. (Amendment)

84. (Amendment)

85. (Amendment)

86. (Amendments)

87. (Amendment)

88. (Amendment)


Part 3. Amendments Relating To Excise Tax On Jewellery, Etc.

Excise Tax Act

89. (Amendment)


Budget Implementation Act, 2005

90. (Amendment)


Part 4. Amendments Relating To Aboriginal Tax Powers And Aboriginal Tax Treatment

First Nations Goods and Services Tax Act

91. (Amendment)

92. (Amendments)

93. (Amendment)

94. (Amendments)

95. (Amendment)

96. (Amendment)

97. (Amendment)


Yukon First Nations Self-Government Act

98. (Amendment)


Part 5. Other Tax-related Amendments

Air Travellers Security Charge Act

99. (Amendment)

100. (Amendment)

101. (Amendments)

102. (Amendment)

103. (Amendment)

104. (Amendment)

105. (Amendment)

106. (Amendment)

107. (Amendment)

108. (Amendment)

109. (Amendment)

110. (Amendment)

111. (Amendment)

112. (Amendment)


Excise Act, 2001

113. (Amendment)

114. (Amendment)

115. (Amendment)

116. (Amendment)

117. (Amendments)

118. (Amendment)

119. (Amendment)

120. (Amendment)

121. (Amendment)

122. (Amendment)

123. (Amendment)


Excise Tax Act

124. (Amendment)

125. (Amendment)

126. (Amendment)

127. (Amendment)

128. (Amendment)

129. (Amendment)

130. (Amendment)

131. (Amendment)

132. (Amendment)

133. (Amendments)

133.1 (Amendment)

134. (Amendment)

135. (Amendment)

136. (Amendment)

137. (Amendment)

138. (Amendment)

139. (Amendments)

140. (Amendments)

141. (Amendment)

142. (Amendments)

143. (Amendments)

144. (Amendment)

145. (Amendment)

146. (Amendments)

147. (Amendment)

148. (Amendment)

149. (Amendment)

150. (Amendment)

151. (Amendments)

152. (Amendments)

153. (Amendment)

154. (Amendment)

155. (Amendment)

156. (Amendment)

157. (Amendment)

158. (Amendment)

159. (Amendment)

160. (Amendment)


Income Tax Act

161. (Amendment)

162. (Amendment)

163. (Amendment)

164. (Amendments)

165. (Amendment)

166. (Amendment)


Conditional Amendment

167. (Amendment)


Part 6. Universal Child Care Benefit

Enactment of Act

Enactment of Act

168. The Universal Child Care Benefit Act is enacted as follows:

(See Universal Child Care Benefit Act)


Consequential And Related Amendments

Children’s Special Allowances Act

169. (Amendment)

170. (Amendment)

171. (Amendment)


Employment Insurance Act

172. (Amendment)


Income Tax Act

173. (Amendment)

174. (Amendment)

175. (Amendment)

176. (Amendment)

177. (Amendment)

178. (Amendment)

179. (Amendment)


Old Age Security Act

180. (Amendment)


Coming Into Force

Coming into force


Part 7. Amendments To The Federal-provincial Fiscal Arrangements Act

182. (Amendment)

183. (Amendments)

184. (Amendment)

185. (Amendment)

186. (Amendments)

187. (Amendment)

188. (Amendment)

189. (Amendment)


Part 8. Payments To Provinces And Territories

Payment of $650,000,000

190. (1) From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Human Resources and Skills Development, be paid to the provinces a payment in the amount of $650,000,000 for the fiscal year beginning on April 1, 2006, in respect of early learning and child care.

Provincial allocation

(2) The payment referred to in subsection (1) shall be allocated to the provinces as follows:

(a) to Ontario, $252,933,933.35;

(b) to Quebec, $152,740,663.90;

(c) to Nova Scotia, $18,743,350.65;

(d) to New Brunswick, $15,028,068.42;

(e) to Manitoba, $23,683,368.44;

(f) to British Columbia, $85,920,064.72;

(g) to Prince Edward Island, $2,762,632.45;

(h) to Saskatchewan, $19,863,918.85;

(i) to Alberta, $65,973,415.33;

(j) to Newfoundland and Labrador, $10,266,477.67;

(k) to Yukon, $619,370.20;

(l) to the Northwest Territories, $862,067.75; and

(m) to Nunavut, $602,668.27.

Payment to territories

191. From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Finance, be paid to the territories the following payments for the fiscal year beginning on April 1, 2006:

(a) to Yukon, $10,900,000;

(b) to the Northwest Territories, $18,000,000; and

(c) to Nunavut, $17,500,000.


Part 9. Mortgage Insurance

Interpretation

192. The following definitions apply in sections 193 and 194.

“mortgagee”

« créancier hypothécaire »

“mortgagee” means a mortgagee or hypothecary creditor that holds a mortgage or hypothec insurance policy with a mortgage insurer.

“mortgage insurer”

« assureur hypothécaire »

“mortgage insurer” means a corporation to which subsection 13(1) of theInsurance Companies Act applies and that is approved by the Superintendent of Financial Institutions to sell mortgage or hypothec insurance policies in Canada.

Mortgage or hypothec insurance protection agreement

193. (1) The Minister of Finance may, with respect to an insurance policy held by a mortgagee, enter into an agreement with any person, including a mortgage insurer or the mortgagee, to do any of the following:

(a) provide an indemnity to the mortgagee;

(b) provide a guarantee or suretyship to the mortgagee; and

(c) purchase a replacement insurance policy for the mortgagee.

Payment to be made

(2) The agreement shall provide that, if the mortgage insurer with whom the mortgagee holds an insurance policy becomes insolvent or is liquidated, a payment shall be made to the mortgagee, or to another mortgage insurer if the agreement provides for a replacement insurance policy.

Amount of payment

(3) Subject to regulations made under paragraph 194(1)(a), the payment shall be equal to the benefits payable under the insurance policy held with the mortgage insurer less 10 per cent of the original principal amount of the mortgage or hypothec that is subject to the insurance policy.

Limitation

(4) The aggregate outstanding principal amount of all mortgages or hypothecs to which insurance policies that are subject to such agreements apply shall not at any time exceed $250,000,000,000 or any other amount that may be authorized for the purposes of this subsection under an appropriation Act.

Deeming

(5) An agreement having the same purpose as an agreement referred to in subsection (1) and that is entered into by the Minister of Finance before the coming into force of that subsection is deemed to be an agreement referred to in this section.

2006, c. 4, s. 193; 2008, c. 28, s. 148.

Previous VersionRegulations

194. (1) The Governor in Council may make regulations respecting

(a) the percentage of the original principal amount to be subtracted under subsection 193(3), including the mortgages or hypothecs to which that percentage applies;

(b) information and documents, electronic or otherwise, to be maintained by a person who is a party to an agreement referred to in section 193; and

(c) the disclosure of any information and documents, electronic or otherwise, by such a person to the Minister of Finance or any person designated by the Minister of Finance.

Application of regulations

(2) A regulation made under paragraph (1)(a) does not apply in respect of a mortgage or hypothec that became insured before the coming into force of the regulation by an insurance policy that is subject to an agreement referred to in section 193.

Amount to be paid out of C.R.F.

195. From and out of the Consolidated Revenue Fund there may, on the requisition of the Minister of Finance, be paid any amounts to be paid under an agreement entered into under section 193.

196. (Repealed, 2006, c. 4, s. 198)

197. (Amendment)

198. (Amendment)


Part 10. Amendments Relating To Financial Institutions

Bank Act

199. (Amendment)

199.1 (Amendment)


Cooperative Credit Associations Act

200. (Amendment)


Insurance Companies Act

201. (Amendment)

201.1 (Amendment)


Trust and Loan Companies Act

202. (Amendment)


Part 11. Amendments Relating To Pensions

Canadian Forces Superannuation Act

203. (Amendment)


Public Service Superannuation Act

204. (Amendment)

205. (Amendment)


Royal Canadian Mounted Police Superannuation Act

206. (Amendment)


Coming into Force

Coming into force

207. This Part comes into force on January 1, 2008.


Part 12. Mackenzie Gas Project Impacts Act

Enactment of Act

Enactment of Act

208. The Mackenzie Gas Project Impacts Act, whose text is as follows and whose schedule is set out in Schedule 2 to this Act, is hereby enacted:

(See Mackenzie Gas Project Impacts Act)


Payments

Payment of $500,000,000

209. (1) From and out of the Consolidated Revenue Fund, there may, on the requisition of the Minister of Finance made on the recommendation of the Minister of Indian Affairs and Northern Development, be paid to the Corporation for the Mitigation of Mackenzie Gas Project Impacts payments not exceeding in the aggregate the sum of $500,000,000.

Condition for recommendation

(2) The Minister of Indian Affairs and Northern Development may only make the recommendation if the Mackenzie gas project, as defined in section 2 of the Mackenzie Gas Project Impacts Act, as enacted by section 208 of this Act, has not been terminated and the Minister of Indian Affairs and Northern Development is of the opinion that progress is being made on the project.

Terms and conditions

(3) The Minister of Indian Affairs and Northern Development may, with the concurrence of the Minister of Finance, enter into an agreement with the Corporation for the Mitigation of Mackenzie Gas Project Impacts respecting the terms and conditions applicable to the making of the payments and their use.


Consequential Amendments

Access to Information Act

210. (Amendment)


Financial Administration Act

211. (Amendment)


Privacy Act

212. (Amendment)


Coming Into Force

Order in Council


Part 13. Miscellaneous Amendments

European Bank for Reconstruction and Development Agreement Act

214. (Amendment)

215. (Amendment)


Freshwater Fish Marketing Act

216. (Amendment)


Public Sector Pension Investment Board Act

217. (Amendment)

Schedule 1

(Amendment)

Schedule 2

(Section 208)

(See Mackenzie Gas Project Impacts Act)


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