BILL C-295

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

(a) a speech by the Minister during debate at second reading of the first appropriation bill relating to the fiscal year,

(b) the fiscal strategy report laid before the House of Commons under subsection 7(1) for the fiscal year,

(c) the report containing an economic and fiscal update laid before the House of Commons under subsection 8(1) for the fiscal year, and

(d) the Estimates laid before the House of Commons under section 31 of the Financial Administration Act for the fiscal year;

(a) a department or departmental corporation listed in the Financial Administration Act,

(b) any other division or branch of the public service of Canada, including a commission appointed under the Inquiries Act, designated by the Governor in Council as a department for the purposes of this Act, or

(c) the officers and employees of the Senate, the House of Commons and the Library of Parliament;

(a) means expenses incurred by the Crown in a fiscal year measured in accrual accounting terms, and

(b) includes cost;

(a) to reduce the total Crown debt to prudent levels so as to provide a buffer against factors that may impact adversely on the level of total Crown debt in the future by ensuring that, until such levels have been achieved, the total operating expenses of the Crown in each fiscal year are less than the total operating revenues of the Crown in the same fiscal year;

(b) once prudent levels of total Crown debt have been achieved, to maintain them by ensuring that, on average, over a reasonable period of time, the total operating expenses of the Crown do not exceed its total operating revenues;

(c) to achieve and maintain levels of Crown net worth that provide a buffer against factors that may impact adversely on the Crown's net worth in the future;

(d) to manage prudently the fiscal risks facing the Crown; and

(e) to pursue policies that are consistent with a reasonable degree of predictability respecting the level and stability of tax rates for future years.

(a) the departure must be temporary; and

(b) the Minister must, in accordance with this Act, specify

(i) the reasons for the Government's departure from the principles,

(ii) the approach the Government intends to take to return to those principles, and

(iii) the period of time within which the Government expects to return to those principles.

(a) specify the Government's long-term objectives for fiscal policy and, in particular, the policy respecting the following variables:

(i) the Crown's total operating expenses,

(ii) the Crown's total operating revenues,

(iii) the balance between the Crown's total operating expenses and the Crown's total operating revenues,

(iv) the amount of the Crown's total debt, and

(v) the amount of the Crown's net worth;

(b) explain how these long-term objectives accord with the principles of responsible fiscal management specified in subsection 4(2).

(a) specify the broad strategic priorities by which the Government will be guided in preparing the budget for the fiscal year; and

(b) indicate explicitly, by the use of ranges, ratios or other means, the Government's intentions regarding each of the variables specified in subsection (2).

(a) assess the extent to which the intentions indicated under paragraph (3)(b) are consistent with the principles of responsible fiscal management specified in subsection 4(2) and with the objectives specified in subsection (2); and

(b) where the intentions indicated under paragraph (3)(b) are not consistent with the principles of responsible fiscal management specified in subsection 4(2) or with the objectives specified in subsection (2) or with both, specify

(i) the reasons for the departure of those intentions from those principles or those objectives or from both,

(ii) the approach the Government intends to take to ensure that its intentions regarding each of the variables specified in subsection (2) become consistent with those principles and those objectives, and

(iii) the period of time that is expected to elapse before the Government's intentions regarding each of the variables specified in subsection (2) become consistent with those principles and those objectives.

(a) assess the consistency of the objectives specified under subsection (2) with the objectives specified in

(i) the immediately preceding budget policy statement, or

(ii) where the objectives specified in the immediately preceding budget policy statement were amended in the report most recently prepared under section 7, the objectives specified in that report; and

(b) where the objectives specified under subsection (2) are not consistent with those in the immediately preceding budget policy statement or in the report most recently prepared under section 7, justify the departure of the objectives specified under subsection (2) from those in that immediately preceding budget policy statement or in that report.

(a) assess the consistency of the intentions indicated under paragraph (3)(b) with the intentions indicated in

(i) the immediately preceding budget policy statement, or

(ii) where the intentions indicated in the immediately preceding budget policy statement were amended in the report most recently prepared under section 7, the intentions indicated in that report; and

(b) where the intentions indicated under paragraph (3)(b) are not consistent with those in the immediately preceding budget policy statement or in the report most recently prepared under section 7, justify the departure of the intentions indicated under paragraph (3)(b) from those in that immediately preceding budget policy statement or in that report.

(a) an assessment of the extent to which the report containing an economic and fiscal update being laid before the House of Commons under subsection 8(1) is consistent with the intentions indicated under paragraph 6(3)(b) in the budget policy statement most recently published under subsection 6(1);

(b) where the economic and fiscal update departs from the intentions indicated under paragraph 6(3)(b) in that budget policy statement, an explanation of the reasons for the departure; and

(c) where the Government's intentions under paragraph 6(3)(b) have changed from those indicated in that budget policy statement, the amended version of the intentions required by paragraph 6(3)(b).

(a) progress outlooks that

(i) include projections of trends in the variables specified in subsection 6(2) illustrating, for stated significant assumptions, likely future progress towards achieving the longer-term fiscal strategy and objectives specified in the budget policy statement most recently published under subsection 6(1), and

(ii) explain the reasons for any significant differences from previous progress outlooks;

(b) an assessment of the consistency of the progress outlooks with the objectives specified under subsection 6(2) in the budget policy statement most recently published under subsection 6(1);

(c) where the progress outlooks depart from the objectives specified under subsection 6(2) in that budget policy statement, an explanation of the reasons for the departure; and

(d) where the Government's objectives under subsection 6(2) of this Act have changed from those specified in that budget policy statement, an amended version of the objectives required by subsection 6(2) of this Act that accords with the principles of responsible fiscal management specified in subsection 4(2).

(a) gross domestic product, and the major components of gross domestic product;

(b) consumer prices;

(c) unemployment and employment; and

(d) current account position of the balance of payments.