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Bill C-404

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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.

Assets of the Commission

(2) All amounts paid into the Employment Insurance Account

    (a) shall become part of the assets of the Commission; and

    (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.

Duties of the Commission

(3) The Commission shall

    (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

    (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.

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.

Repayment

(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.

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.

Repayment

(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.

18. Sections 77 and 78 of the Act are replaced by the following:

Amounts paid out of the Employment Insurance Account

77. (1) There shall be paid out of the Employment Insurance Account

    (a) all amounts paid as or on account of benefits under this Act;

    (b) all amounts paid under section 61 for employment benefits and support measures authorized by Part II;

    (c) all amounts paid under paragraph 63(a);

    (d) the costs of administering this Act, including administration fees or costs paid under section 62 or paragraph 63(b);

    (e) any amount paid by the Commission to Her Majesty in right of Canada under section 73; and

    (f) any other amount that must be paid by the Commission under this Act.

Payment by special warrants

(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.

No charge for negotiation

(3) The special warrants are negotiable without charge at any financial institution in Canada.

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.

19. Section 80 of the Act is repealed.

20. Subsections 96(4) and (5) of the Act are replaced by the following:

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.

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:

$5,000 - (IE-P)

where

P is the aggregate of all deducted amounts mentioned in subsection (4); and

IE is the person's insurable earnings in the year.

21. Subsection 145(8) of the Act is replaced by the following:

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.

22. Section 153.1 of the Act and the heading before it are repealed.

23. The Act is amended by adding the following after section 153.1

PART VIII.2

REGULATIONS

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

    (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

    (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.

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.

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.

24. Schedule I of the Act is replaced by the following:

SCHEDULE I

1996, c. 11

DEPARTMENT OF HUMAN RESOURCES DEVELOPMENT ACT

25. The Department of Human Resources Development Act is amended by adding the following after section 29:

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.

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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