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(i) any other amounts paid into the
Consolidated Revenue Fund or the
Commission under this Act for any purpose
related to employment insurance and
administered by the Commission.
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| Assets of the
Commission
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(2) All amounts paid into the Employment
Insurance Account
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(a) shall become part of the assets of the
Commission; and
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(b) as they are paid in, shall be deposited
with a financial institution within the
meaning of the Financial Institutions Act, a
body corporate to which the Trust and Loan
Companies Act applies, or an association to
which the Cooperative Credit Associations
Act applies.
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| Duties of the
Commission
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(3) The Commission shall
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(a) manage the amounts paid into the
Employment Insurance Account in the best
interests of the contributors and
beneficiaries under the employment
insurance system; and
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(b) subject to section 73, invest its assets
with a financial institution, body corporate
or association referred to in paragraph
(2)(b) with a view to achieving a maximum
rate of return, without undue risk of loss,
having regard to the factors that may affect
the funding of the employment insurance
system provided for in this Act and the
ability of the Commission to meet its
financial obligations.
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| Loans to Her
Majesty in
right of
Canada
|
73. (1) At the request of the Minister of
Finance, the Commission shall pay, by way of
loan, to Her Majesty in right of Canada any
amount or a part thereof that it considers will
not be immediately required for the purposes
of this Act.
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| Repayment
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(2) A loan made under subsection (1) and
interest thereon shall be repaid in such manner
and on such terms and conditions as the
Minister of Finance may establish.
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| Loan to the
Commission
|
74. (1) Where the assets of the Employment
Insurance Account are not sufficient for the
payment of the amounts that the Commission
is liable to pay under this Act, the Commission
may request the Minister of Finance to grant
the Commission a loan, from the Consolidated
Revenue Fund, of an amount sufficient to
meet the payments.
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| Repayment
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(2) A loan made under subsection (1) and
the interest on it shall be repaid in such manner
and on such terms and conditions as the
Minister of Finance may establish.
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18. Sections 77 and 78 of the Act are
replaced by the following:
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| Amounts paid
out of the
Employment
Insurance
Account
|
77. (1) There shall be paid out of the
Employment Insurance Account
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(a) all amounts paid as or on account of
benefits under this Act;
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(b) all amounts paid under section 61 for
employment benefits and support measures
authorized by Part II;
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(c) all amounts paid under paragraph 63(a);
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(d) the costs of administering this Act,
including administration fees or costs paid
under section 62 or paragraph 63(b);
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(e) any amount paid by the Commission to
Her Majesty in right of Canada under
section 73; and
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(f) any other amount that must be paid by
the Commission under this Act.
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| Payment by
special
warrants
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(2) Notwithstanding any other Act of
Parliament , amounts mentioned in paragraph
(1)(a) shall be paid by special warrants drawn
on and issued by the Commission by
electronic means or bearing the printed
signature of the Chairman and Vice-Chairman
of the Commission, and amounts mentioned
in paragraphs (1)(b) and (c) may be paid by the
special warrants.
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| No charge for
negotiation
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(3) The special warrants are negotiable
without charge at any financial institution in
Canada.
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| Maximum
amount that
may be paid
under Part II
|
78. The total amount that may be paid out
by the Commission under section 61 and
paragraph 63(a) in a fiscal year must not
exceed 0.8% of the insurable earnings of all
insured persons from which the prescribed
amount is deducted under subsection 82(1) in
that year as or on account of employee's
premiums, as estimated by the Commission
and set out in the Main Estimates tabled in
Parliament.
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19. Section 80 of the Act is repealed.
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20. Subsections 96(4) and (5) of the Act
are replaced by the following:
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| Refund -
insurable
earnings up to
$5,000
|
(4) If a person has insurable earnings of not
more than $5,000 in a year, the Minister shall
refund to the person the aggregate of all
amounts deducted as required from the
insurable earnings, whether by one or more
employers, on account or the person's
employee's premiums for that year.
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| Refund -
insurable
earnings over
$5,000
|
(5) If a person has insurable earnings of
more than $5,000 in a year, but the insurable
earnings minus the aggregate of all amounts
mentioned in subsection (4) are less than
$5,000 , the Minister shall refund to the person
an amount calculated in accordance with the
following formula if that amount is more than
$1:
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$5,000 - (IE-P)
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where
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P is the aggregate of all deducted amounts
mentioned in subsection (4); and
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IE is the person's insurable earnings in the
year.
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21. Subsection 145(8) of the Act is
replaced by the following:
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| Limitation
|
(8) For greater certainty, repayments under
this section do not affect the determination
under subsections (2) and (3) of the number of
weeks of regular benefits paid to a claimant.
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22. Section 153.1 of the Act and the
heading before it are repealed.
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23. The Act is amended by adding the
following after section 153.1
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| Regulations
|
153.2 (1) Notwithstanding any other
provision of this Act, within three months
following the coming into force of this
section, the Governor shall make regulations
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(a) for the operation of sections 1 to 22 and
24 of the Act to amend the Employment
Insurance Act and the Department of
Human Resources Development Act, 1999;
and
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(b) amending sections of this Act to make
them more consistent with sections 1 to 22
and 24 of the Act to amend the Employment
Insurance Act and the Department of
Human Resources Development Act, 1999.
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| Coming into
force of
regulations
|
(2) Subject to subsection (3), regulations
made under subsection (1) shall come into
force three months after this section comes
into force.
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| Approval of
the House of
Commons
|
(3) The coming into force of any regulations
that amend or repeal regulations made by the
Governor in Council under subsection (1) is
subject to approval by resolution of the House
of Commons, and the regulations shall come
into force on the day after the House of
Commons approves the regulations by
resolution.
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24. Schedule I of the Act is replaced by the
following:
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| 1996, c. 11
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25. The Department of Human Resources
Development Act is amended by adding the
following after section 29:
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| Borrowings
and loans
|
29.1 Subject to the Employment Insurance
Act, the Commission may borrow from and
lend to Her Majesty in right of Canada.
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| Coming into
force
|
26. Sections 1 to 22, 24 and 25 shall come
into force three months after this Act is
assented to.
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