Budget Implementation Act, 2007 (S.C. 2007, c. 29)
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Assented to 2007-06-22
PART 6R.S., c. F-8; 1995, c. 17, s. 45(1)FEDERAL-PROVINCIAL FISCAL ARRANGEMENTS ACT
Consequential Amendments
1987, c. 3Canada-Newfoundland Atlantic Accord Implementation Act
79. The Act is amended by adding the following after section 220:
Definition of “average”
220.1 For the purposes of section 220, “average”, except within the expression “national average per capita fiscal capacity”, means a weighted average where the most recent fiscal year that is taken into account in the calculation of the fiscal equalization payment shall be weighted at 50% and each of the other two fiscal years that are taken into account in the calculation of the fiscal equalization payment shall be weighted at 25%.
80. Subsection 222(1) of the Act is replaced by the following:
Marginal note:Final determination
222. (1) The final determination, for any fiscal year, of the fiscal equalization offset payment for the Province, the per capita fiscal capacity for the Province and the national average per capita fiscal capacity shall be determined by the Federal Minister at the same time that the final computation of the amount, if any, of the fiscal equalization payment that is payable to a province is made for the fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.
2005, c. 30, s. 85Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act
81. The definition “fiscal equalization payment” in section 4 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act is replaced by the following:
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means
(a) for the purposes of section 8, the fiscal equalization payment that would be received by the Province for a fiscal year if the amount of that payment were determined in accord-ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act; and
(b) for the purposes of sections 10 to 12, the fiscal equalization payment that would be received by the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act if the Province’s total per capita fiscal capacity were the amount determined by the formula
A + B + (C / F)
where
- A,
- B, C and F have the same meaning as in the definition “total per capita fiscal capacity” in subsection 3.5(1) of that Act.
82. The definition “fiscal equalization payment” in section 18 of the Act is replaced by the following:
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means
(a) for the purposes of section 22, the fiscal equalization payment that would be received by the Province for a fiscal year if the amount of that payment were determined in accord- ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act; and
(b) for the purposes of sections 24 to 26, the fiscal equalization payment that would be received by the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act if the Province’s total per capita fiscal capacity were the amount determined by the formula
A + B + (C / F)
where
- A,
- B, C and F have the same meaning as in the definition “total per capita fiscal capacity” in subsection 3.5(1) of that Act.
Transitional Provisions
Marginal note:Effect of election by Newfoundland and Labrador — fiscal year 2007-2008
83. (1) For the fiscal year that begins on April 1, 2007, if Newfoundland and Labrador makes the election under subsection 3.7(1) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act,
(a) section 220 of the Canada-Newfoundland Atlantic Accord Implementation Act shall be read as follows:
Marginal note:Calculation
220. The fiscal equalization offset payment that is to be paid to Her Majesty in right of the Province for a fiscal year pursuant to section 219 is the amount, as determined by the Federal Minister, equal to the aggregate of
(a) the amount, if any, by which
(i) the fiscal equalization payment that would be received by Her Majesty in right of the Province for the fiscal year if the amount of that payment were determined in accordance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act,
is less than
(ii) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is less than or equal to 70 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 95 per cent,
(iii) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is less than or equal to 75 per cent but greater than 70 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 90 per cent, or
(iv) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is greater than 75 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 85 per cent
of the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province under Part I of the Federal-Provincial Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with this paragraph for the fiscal year immediately preceding the fiscal year as this paragraph read for that fiscal year, and
(b) the phase-out portion, in respect of the fiscal year, of the amount, as determined by the Federal Minister, by which
(i) the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province under Part I of the Federal-Provincial Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year immediately preceding the fiscal year as that paragraph read for that fiscal year
is greater than
(ii) the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province if the amount of that payment were determined in accordance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act, for the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year.
(b) a reference to “average” in section 220 of that Act, except within the expression “national average per capita fiscal capac- ity”, shall be considered to mean a weighted average where the most recent fiscal year that is taken into account in the calculation of the fiscal equalization payment shall be weighted at 50% and each of the other two fiscal years that are taken into account in the calculation of the fiscal equalization payment shall be weighted at 25%; and
(c) the definition “fiscal equalization payment” in section 18 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act shall be read as follows:
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means
(a) for the purposes of section 22, the fiscal equalization payment that would be received by the Province for a fiscal year if the amount of that payment were determined in accord- ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act; and
(b) for the purposes of sections 24 to 26, the fiscal equalization payment that would be received by the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act if the Province’s total per capita fiscal capacity were the amount determined by the formula
A + B + (C / F)
where
- A,
- B, C and F have the same meaning as in the definition “total per capita fiscal capacity” in subsection 3.5(1) of that Act.
Marginal note:Effect of election by Nova Scotia — fiscal year 2007-2008
(2) For the fiscal year that begins on April 1, 2007, if Nova Scotia makes the election under subsection 3.7(1) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act, the definition “fiscal equalization payment” in section 4 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act shall be read as follows:
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means
(a) for the purposes of section 8, the fiscal equalization payment that would be received by the Province for a fiscal year if the amount of that payment were determined in accord- ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act; and
(b) for the purposes of sections 10 to 12, the fiscal equalization payment that would be received by the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act if the Province’s total per capita fiscal capacity were the amount determined by the formula
A + B + (C / F)
where
- A,
- B, C and F have the same meaning as in the definition “total per capita fiscal capacity” in subsection 3.5(1) of that Act.
Marginal note:Effect of election by Newfoundland and Labrador — fiscal year 2008-2009
(3) For the fiscal year that begins on April 1, 2008, if Newfoundland and Labrador does not make the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act, and made, in respect of the preceding fiscal year, the election under subsection 3.7(1) of that Act, as enacted by that section 62,
(a) the portion of paragraph 220(a) of the Canada-Newfoundland Atlantic Accord Implementation Act after subparagraph (iv) shall be read as follows:
of the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province if the amount of that payment were determined in accord-ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act, for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with this paragraph for the fiscal year immediately preceding the fiscal year as this paragraph read for that fiscal year, and
(b) subparagraph 220(b)(i) of that Act shall be read as follows:
(i) the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province if the amount of that payment were determined in accordance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act, for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year immediately preceding the fiscal year as that paragraph read for that fiscal year
Marginal note:Effect of election by Newfoundland and Labrador — fiscal year 2008-2009 and subsequent fiscal years
(4) For the first fiscal year that begins after the coming into force of section 220 of the Canada-Newfoundland Atlantic Accord Implementation Act, as enacted by section 78 of this Act,
(a) the portion of paragraph 220(a) of that Act after subparagraph (iv) shall be read as follows:
of the aggregate of the fiscal equalization payment that may be received by Her Majesty in right of the Province under Part I of the Federal-Provincial Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with this paragraph for the fiscal year immediately preceding the fiscal year as this paragraph read for that fiscal year, and
(b) subparagraph 220(b)(i) of that Act shall be read as follows:
(i) the aggregate of the fiscal equalization payment that may be received by Her Majesty in right of the Province under Part I of the Federal-Provincial Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year immediately preceding the fiscal year as that paragraph read for that fiscal year
Marginal note:Non-application
(5) If Newfoundland and Labrador makes the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act, for the fiscal year beginning on April 1, 2008 and that province had made the election under subsection 3.7(1) of that Act, as enacted by that section 62, for the preceding fiscal year, subsection (4) does not apply.
Coming into Force
Marginal note:Newfoundland and Labrador
84. (1) Sections 78, 79 and 82 come into force on a day to be fixed by order of the Governor in Council, but the day that is fixed must not be before the day on which Newfoundland and Labrador makes the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act.
Marginal note:Nova Scotia
(2) Section 81 comes into force on a day to be fixed by order of the Governor in Council, but the day that is fixed must not be before the day on which Nova Scotia makes the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act.
PART 7AMENDMENTS TO THE FINANCIAL ADMINISTRATION ACT
R.S., c. F-11Financial Administration Act
85. The Financial Administration Act is amended by adding the following after section 43:
Marginal note:Power to borrow
43.1 The Governor in Council may authorize the Minister to borrow money on behalf of Her Majesty in right of Canada.
Marginal note:1999, c. 26, s. 22
86. Sections 46.1 and 47 of the Act are repealed.
Marginal note:1999, c. 26, s. 23
87. Section 49 of the Act is replaced by the following:
Marginal note:Report on debt management
49. (1) After the Public Accounts are tabled in the House of Commons, the Minister shall cause to be tabled in each House of Parliament, within the first 30 days on which that House is sitting after the Public Accounts are tabled in the House of Commons, a report on the activities of the Minister in relation to the following:
(a) the money borrowed under section 43.1 in the fiscal year to which the Public Accounts relate; and
(b) the management of the public debt in the fiscal year to which the Public Accounts relate.
Marginal note:Report next fiscal year
(2) In every fiscal year, the Minister shall cause to be tabled in each House of Parliament a report on the Minister’s plans in relation to the following:
(a) the money to be borrowed under section 43.1 in the next fiscal year and the purposes for which the moneys will be borrowed; and
(b) the management of the public debt in the next fiscal year.
88. Section 54 of the Act is replaced by the following:
Marginal note:Borrowed money and interest
54. The repayment of all money borrowed and interest on that money, including the principal of and interest on all securities issued by or on behalf of Her Majesty with the authority of Parliament, is a charge on and payable out of the Consolidated Revenue Fund.
Coming into Force
Marginal note:Order in council
89. This Part comes into force on a day to be fixed by order of the Governor in Council.
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