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Economic and Fiscal Update Implementation Act, 2021 (S.C. 2022, c. 5)

Assented to 2022-06-09

PART 2Underused Housing Tax Act (continued)

Consequential Amendments (continued)

R.S., c. 1 (5th Supp.)Income Tax Act (continued)

  •  (1) Subsection 164(2.01) of the Act is replaced by the following:

    • Marginal note:Withholding of refunds

      (2.01) The Minister shall not, in respect of a taxpayer, refund, repay, apply to other debts or set-off amounts under this Act at any time unless all returns of which the Minister has knowledge and that are required to be filed by the taxpayer at or before that time under this Act, the Excise Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001 and the Underused Housing Tax Act have been filed with the Minister.

  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

  •  (1) The portion of subsection 221.2(2) of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Re-appropriation of amounts

      (2) If a particular amount was appropriated to an amount (in this section referred to as the “debt”) that is or may become payable by a person under this Act, the Excise Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001 or the Underused Housing Tax Act, the Minister may, on application by the person, appropriate the particular amount, or a part of it, to another amount that is or may become payable under any of those Acts and, for the purposes of any of those Acts,

  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

1999, c. 17; 2005, c. 38, s. 35Canada Revenue Agency Act

2002, c. 9, s. 5Air Travellers Security Charge Act

2002 c. 22Excise Act, 2001

  •  (1) Subsection 189(4) of the Act is replaced by the following:

  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

  •  (1) The description of B in paragraph 297(1)(d) of the Act is replaced by the following:

    B
    is the amount, if any, by which the total of all amounts, if any, the transferee was assessed under subsection 325(2) of the Excise Tax Act, subsection 160(2) of the Income Tax Act or subsection 80(3) of the Underused Housing Tax Act in respect of the property exceeds the amount paid by the transferor in respect of the amounts so assessed, and
  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

2018, c. 12, s. 186Greenhouse Gas Pollution Pricing Act

  •  (1) Section 54 of the Act is replaced by the following:

    Marginal note:Restriction — bankruptcy

    54 If a trustee is appointed under the Bankruptcy and Insolvency Act to act in the administration of the estate or succession of a bankrupt, a rebate under this Part that the bankrupt was entitled to claim before the appointment must not be paid after the appointment unless all returns required to be filed in respect of the bankrupt under this Part, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001 and the Underused Housing Tax Act in respect of periods ending before the appointment have been filed and all amounts required under this Part and those Acts to be paid by the bankrupt in respect of those periods have been paid.

  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

  •  (1) Subsection 108(7) of the Act is replaced by the following:

  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

  •  (1) Subsection 109(5) of the Act is replaced by the following:

  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

  •  (1) The description of B in paragraph 161(1)(d) of the Act is replaced by the following:

    B
    is the amount, if any, by which the amount assessed the transferee under subsection 325(2) of the Excise Tax Act, paragraph 97.44(1)(b) of the Customs Act, subsection 160(2) of the Income Tax Act, subsection 297(3) of the Excise Act, 2001 or subsection 80(3) of the Underused Housing Tax Act in respect of the property exceeds the amount paid by the transferor in respect of the amount so assessed, and
  • (2) Subsection (1) comes into force, or is deemed to have come into force, on January 1, 2022.

PART 3Canada Emergency Business Account

Marginal note:Definition of CEBA loan

 In this Part, CEBA loan means a loan provided by a Canadian financial institution as part of the Canada Emergency Business Account program established by Export Development Canada pursuant to an authorization made under subsection 23(1) of the Export Development Act.

Marginal note:Limitation or prescription period

  •  (1) Subject to subsections (4) and (6), any action or proceedings to recover money owing under a CEBA loan must be taken no more than six years after the date of the default.

  • Marginal note:Default

    (2) For the purposes of subsection (1), the date of the default is the earlier of the day on which the person making the claim first knew, or ought reasonably to have known, that the default had occurred.

  • Marginal note:Deduction, set-off or compensation

    (3) Money owing by a person under a CEBA loan may be recovered at any time by way of deduction from, set-off against or compensation against any sum of money that may be payable by Her Majesty in right of Canada to the person, other than an amount payable under section 122.61 of the Income Tax Act.

  • Marginal note:Acknowledgment of liability

    (4) If a person’s liability for money owing under a CEBA loan is acknowledged in accordance with subsection (5) at any time during or after the limitation or prescription period described in subsection (1), an action or proceedings to recover the money may, subject to subsection (6), be brought within six years after the date of the acknowledgment.

  • Marginal note:Types of acknowledgment

    (5) An acknowledgment of liability means

    • (a) a promise to pay the money owing, made by the person or their agent or mandatary or other representative;

    • (b) an acknowledgment of the money owing, made by the person or their agent or mandatary or other representative, whether or not a promise to pay can be implied from it and whether or not it contains a refusal to pay;

    • (c) a part payment by the person or their agent or mandatary or other representative of the money owing; or

    • (d) an acknowledgment of the money owing, made in the course of proceedings under the Bankruptcy and Insolvency Act or any other legislation dealing with the payment of debts, by the person, their agent or mandatary or other representative or the trustee or administrator.

  • Marginal note:Limitation or prescription period suspended

    (6) The running of a limitation or prescription period is suspended during any period in which it is prohibited to commence or continue an action or other proceedings against the person to recover money owing under a CEBA loan.

  • Marginal note:Enforcement proceedings

    (7) This section does not apply in respect of an action or proceeding relating to the execution, renewal or enforcement of a judgment.

Marginal note:Application

 Section 42 applies irrespective of whether

  • (a) the date of default is before the day on which this Part comes into force or on or after that day; and

  • (b) the limitation or prescription period applicable before that day has expired.

PART 4School Ventilation Improvement

Marginal note:Maximum payment of $100 million

  •  (1) The Minister of Finance may make the following payments to the provinces and territories for the purpose of supporting ventilation improvement projects in schools:

    • (a) to Ontario, a sum not exceeding $36,226,000;

    • (b) to Quebec, a sum not exceeding $21,023,000;

    • (c) to Nova Scotia, a sum not exceeding $2,674,000;

    • (d) to New Brunswick, a sum not exceeding $2,294,000;

    • (e) to Manitoba, a sum not exceeding $4,465,000;

    • (f) to British Columbia, a sum not exceeding $11,906,000;

    • (g) to Prince Edward Island, a sum not exceeding $898,000;

    • (h) to Saskatchewan, a sum not exceeding $3,979,000;

    • (i) to Alberta, a sum not exceeding $12,983,000;

    • (j) to Newfoundland and Labrador, a sum not exceeding $1,631,000;

    • (k) to Yukon, a sum not exceeding $607,000;

    • (l) to the Northwest Territories, a sum not exceeding $635,000; and

    • (m) to Nunavut, a sum not exceeding $679,000.

  • Marginal note:Payments out of C.R.F.

    (2) Any amount payable under subsection (1) may be paid by the Minister of Finance out of the Consolidated Revenue Fund, at the times and in the manner, and on any terms and conditions, that the Minister of Finance considers appropriate.

 
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