Bill C-50

Coming into Force

115. Subsection 101(1) and sections 104 to 106 and 112 come into force on a day or days to be fixed by order of the Governor in Council.

PART 6

IMMIGRATION AND REFUGEE PROTECTION ACT

Amendments to the Act

116. Subsection 11(1) of the Immigration and Refugee Protection Act is replaced by the following:

11. (1) A foreign national must, before entering Canada, apply to an officer for a visa or for any other document required by the regulations. The visa or document may be issued if, following an examination, the officer is satisfied that the foreign national is not inadmissible and meets the requirements of this Act.

117. Subsection 25(1) of the Act is replaced by the following:

25. (1) The Minister shall, upon request of a foreign national in Canada who is inadmissible or who does not meet the requirements of this Act, and may, on the Minister’s own initiative or on request of a foreign national outside Canada, examine the circumstances concerning the foreign national and may grant the foreign national permanent resident status or an exemption from any applicable criteria or obligation of this Act if the Minister is of the opinion that it is justified by humanitarian and compassionate considerations relating to them, taking into account the best interests of a child directly affected, or by public policy considerations.

118. The Act is amended by adding the following before the heading “Loans” before section 88:

119. Paragraph 94(2)(a) of the Act is replaced by the following:

(a) the instructions given under section 87.3 and other activities and initiatives taken concerning the selection of foreign nationals, including measures taken in cooperation with the provinces;

Transitional Provision

120. Section 87.3 of the Immigration and Refugee Protection Act applies only to applications and requests made on or after February 27, 2008.

PART 7

EMPLOYMENT INSURANCE

Canada Employment Insurance Financing Board Act

121. The Canada Employment Insurance Financing Board Act is enacted as follows:

An Act to establish the Canada Employment Insurance Financing Board

SHORT TITLE

1. This Act may be cited as the Canada Employment Insurance Financing Board Act.

INTERPRETATION

2. The following definitions apply in this Act.

“Auditor General” means the Auditor General of Canada appointed under subsection 3(1) of the Auditor General Act.

“Board” means the Canada Employment Insurance Financing Board established by subsection 3(1).

“by-law” means a by-law of the Board.

“Minister” means the Minister of Human Resources and Skills Development.

ESTABLISHMENT OF THE BOARD

3. (1) There is established a corporation to be known as the Canada Employment Insurance Financing Board.

(2) The Board is not an agent of Her Majesty in right of Canada.

(3) Directors, officers, employees, agents and mandataries of the Board are not part of the federal public administration.

(4) The head office and principal place of business of the Board shall be in the National Capital Region as described in the schedule to the National Capital Act.

(5) The Canada Corporations Act, chapter C-32 of the Revised Statutes of Canada, 1970, does not apply to the Board.

(6) In the event of any inconsistency between the provisions of this Act and the provisions of Part X of the Financial Administration Act, the provisions of this Act prevail.

(7) Sections 105, 121, 128 to 132, 138 to 142, 148 and 150 of the Financial Administration Act do not apply to the Board.

OBJECTS, POWERS AND DUTIES

4. The objects of the Board are

(a) to set the premium rate under section 66 of the Employment Insurance Act;

(b) to maintain a reserve in accordance with that section;

(c) to manage any amounts paid to it under section 77.1 of that Act; and

(d) to invest its financial assets with a view to meeting its financial obligations.

5. (1) The Board has the capacity and, subject to this Act, the rights, powers and privileges of a natural person.

(2) The Board shall not, directly or indi- rectly, carry on any business or activity or exercise any power that is inconsistent with the Board’s objects, including any power in relation to benefits or other payments made under subsection 77(1) of the Employment Insurance Act or to the employment insurance program design or delivery, or that the Board is restricted by this Act from carrying on or exercising, and shall not, directly or indirectly, exercise any of its powers, or perform any of its duties, in a manner contrary to this Act.

(3) The Board shall not borrow money otherwise than from Her Majesty in right of Canada.

(4) The Board shall not incorporate or acquire any subsidiaries.

(5) No act of the Board, including a transfer of property, is invalid by reason only that the Board was without the capacity or power to so act.

MANAGEMENT

Board of Directors

6. The Board shall be managed by a board of directors of seven directors, including the chairperson.

7. The board of directors shall, among other things,

(a) on an annual basis, establish written investment policies, standards and procedures in accordance with section 23;

(b) monitor the officers and employees of the Board to ensure compliance with those investment policies, standards and procedures;

(c) establish procedures for the identification of real or potential conflicts of interest and procedures to resolve those conflicts;

(d) establish a code of conduct for officers and employees of the Board; and

(e) designate a committee of the board of directors to monitor the application of the conflict of interest procedures and the code of conduct.

8. (1) Subject to subsection (2) and the by-laws, the board of directors may delegate to the chairperson of the board of directors, to a committee of the board of directors or to any officer of the Board any of the powers or duties of the board of directors.

(2) The board of directors may not delegate the power to

(a) set the premium rate under section 66 of the Employment Insurance Act;

(b) adopt, amend or repeal by-laws;

(c) establish the Board’s investment policies, standards and procedures;

(d) fill a vacancy in a committee of directors or in the office of auditor of the Board;

(e) appoint officers or fix their remuneration; or

(f) approve the annual financial statements of the Board or any other financial statements issued by the Board.

Directors

9. (1) Each director shall be appointed by the Governor in Council, on the recommendation of the Minister, to hold office during good behaviour for a term, not exceeding four years, that will ensure, as far as possible, the expiry in any one year of the terms of office of not more than one half of the directors.

(2) A director is eligible for reappointment for one or more additional terms.

(3) The Governor in Council may remove a director for cause.

(4) If a person ceases to be a director during the term for which the person was appointed, the Minister shall appoint a candidate from the list established under section 10 to hold office as a director for the remainder of the term.

(5) However, if no candidate on the list is available, the Minister shall, after taking into account the factors referred to in subsection 10(6), appoint any qualified person to hold office as a director for the remainder of the term.

(6) The following persons are disqualified from being directors:

(a) a person who is less than 18 years of age;

(b) a person who is of unsound mind and has been so found by a court in Canada or elsewhere;

(c) a person who has the status of a bankrupt;

(d) a person who is not a natural person;

(e) a member of the nominating committee established under subsection 10(1);

(f) a person who is an agent, mandatary or employee of Her Majesty in right of Canada or in right of a province;

(g) a person who is a member of the Senate or House of Commons of Canada or a member of a provincial legislature;

(h) a person who is an agent, mandatary or employee of the government of a foreign country or any political subdivision of a foreign country; and

(i) a person who is not a resident of Canada.

10. (1) The Minister shall establish a nominating committee to establish a list of candidates for proposed appointment as directors. The committee shall consist of a chairperson appointed by the Minister and of the commissioners referred to in paragraphs 20(2)(c) and (d) of the Department of Human Resources and Skills Development Act.

(2) The chairperson of the nominating committee shall be appointed on the basis of merit taking into account any relevant experience in the functioning of a board of directors and in the financial or insurance sector as a senior executive.

(3) The chairperson of the nominating committee holds office for a maximum term of five years and is eligible for reappointment for one or more additional terms.

(4) The Minister may remove the chairperson of the nominating committee at any time.

(5) The Minister shall fix the remuneration and expenses of the chairperson of the nominating committee, which shall be paid by the Board.

(6) When the nominating committee is establishing a list of qualified candidates for proposed appointment as directors, it shall consult the board of directors and shall have regard to the desirability of having on the board of directors a sufficient number of directors with proven financial ability or relevant work experience such that the Board will be able to effectively achieve its objects.

(7) The nominating committee shall maintain the list with a sufficient number of candidates to fill any vacancies on the board of directors that may arise.

(8) The recommendation of the Minister under subsection 9(1) shall be made from the list of candidates proposed by the nominating committee.

Chairperson of the Board of Directors

11. (1) The Governor in Council shall, on the recommendation of the Minister made after the Minister has consulted with the board of directors, designate one of the directors as chairperson of the board of directors.

(2) The chairperson shall hold office during good behaviour for the term that the Governor in Council deems appropriate and is eligible for reappointment for one or more additional terms.

(3) The Governor in Council may remove the chairperson for cause.

(4) The chairperson shall preside at all meetings of the board of directors and may exercise the powers and perform the duties and functions that are specified by the board of directors.

(5) If the chairperson is absent at any meeting of the board of directors, one of the directors present who is chosen to so act by the directors present shall preside and have all the powers, duties and functions of the chairperson.

(6) If the chairperson is incapable of performing his or her duties or there is a vacancy in the office of chairperson, the Minister may, after consulting with the board of directors, designate another director to exercise the powers and perform the duties and functions of the chairperson.

Officers

12. (1) A director is not eligible to be appointed as an officer of the Board.

(2) A person may hold two or more offices of the Board.

Chief Executive Officer

13. (1) The board of directors shall, after consulting with the Minister, appoint the chief executive officer of the Board on the basis of merit taking into account any relevant experience in the financial or insurance sector as a senior executive.

(2) The chief executive officer shall hold office for the term that the board of directors deems appropriate.

(3) The board of directors may remove the chief executive officer for cause.

(4) The chief executive officer is responsible for the direction and management of the business and day-to-day operations of the Board.

(5) The chief executive officer is not a member of the board of directors.

(6) If the chief executive officer is absent or incapacitated or if the office of chief executive officer is vacant, the chairperson of the board of directors may designate any qualified person to exercise the powers and perform the duties and functions of the chief executive officer during the absence, incapacity or vacancy, but no person may be so designated for a period exceeding 90 days without the approval of the board of directors.

Chief Actuary

14. (1) The board of directors shall appoint a Fellow of the Canadian Institute of Actuaries to be the chief actuary of the Board.

(2) The chief actuary is an officer of the Board under the direction of the chief executive officer.

(3) The chief actuary shall prepare actuarial forecasts and estimates for the purposes of section 66 of the Employment Insurance Act and shall, on or before October 31 in each year, provide the board of directors with

(a) the forecast premium rate for the following year and a detailed analysis in support of the forecast;

(b) the forecast fair market value of the Board’s reserve at the end of the following year;

(c) a determination and analysis of any difference between the premium rate set for the year that is two years before the current year and what that rate should have been for that year in order to meet the objective of subsection 66(1) of the Employment Insurance Act; and

(d) the source of the data, the actuarial and economic assumptions and the actuarial methodology used.

Diligence

15. (1) Every director and officer of the Board in exercising any of the powers of a director or an officer and in performing any of the duties of a director or an officer shall

(a) act honestly and in good faith with a view to the best interests of the Board; and

(b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

(2) A director or officer of the Board who in fact possesses, or by reason of profession or business ought to possess, a particular level of knowledge or skill relevant to the director’s or officer’s powers or duties shall employ that particular level of knowledge or skill in the exercise of those powers or the performance of those duties.

(3) A director or an officer of the Board is deemed to comply with subsections (1) and (2) if they rely in good faith on

(a) financial statements of the Board represented by an officer of the Board, or represented in a written report of the Board’s auditor, to be a fair reflection of the financial condition of the Board; or

(b) a report of an accountant, actuary, lawyer, notary or other person whose profession lends credibility to a statement made by the person.

BY-LAWS

16. The Statutory Instruments Act does not apply in respect of by-laws.

COMMITTEES

Establishment

17. (1) The board of directors shall establish an audit committee, an investment committee and a human resources committee.

(2) The board of directors may establish other committees as it deems necessary and assign to them the duties that it considers appropriate.

Audit Committee

18. The audit committee shall

(a) require the Board’s management to implement and maintain appropriate internal control procedures;

(b) review, evaluate and approve those internal control procedures;

(c) review and approve the Board’s annual financial statements and report to the board of directors before those statements are approved by the board of directors;

(d) meet with the Board’s auditor to discuss the Board’s annual financial statements and the auditor’s report;

(e) review all investments and transactions that could adversely affect the return on the Board’s investments that are brought to the committee’s attention by the Board’s auditor or officers; and

(f) meet with the internal auditor of the Board, or with the person acting in any similar capacity, and with the Board’s management, to discuss the effectiveness of the internal control procedures.

19. (1) The Board’s auditor or any member of the audit committee may call a meeting of the committee.

(2) The audit committee may call a meeting of the board of directors to consider any matter of concern to the committee.

20. (1) The Board’s auditor is entitled to receive notice of and to attend meetings of the board of directors and meetings of the audit committee, at the Board’s expense, and to be heard at those meetings on matters relating to the auditor’s duties.

(2) If the board of directors or the audit committee proposes to make a decision with respect to matters referred to in subsection (1) without holding a meeting, the auditor is entitled to notice of a proposed decision to be made by the board or the committee and the proposed decision shall not be made until the auditor has been given the opportunity to make submissions on the matter in writing, in accordance with the by-laws.

(3) The Board’s auditor shall attend meetings of the audit committee, if requested to do so by a member of the audit committee — and shall attend meetings of the board of directors, if requested to do so by a director — at the Board’s expense.

Investment Committee

21. The investment committee shall

(a) perform the duties that are assigned to it by the board of directors;

(b) approve the engagement of investment managers empowered with discretionary authority to invest the assets of the Board;

(c) meet with the officers and employees of the Board to discuss the effectiveness of the Board’s investment policies and the achievement of the Board’s objects;

(d) require the Board’s management to implement and maintain appropriate procedures to

(i) monitor the application of the Board’s investment policies, standards and procedures, and

(ii) ensure that the Board’s agents and mandataries comply with this Act and the Board’s investment policies, standards and procedures; and

(e) review, evaluate and approve the procedures referred to in paragraph (d).

Human Resources Committee

22. The human resources committee shall

(a) establish human resources policies and procedures, including those related to the review and assessment of employee perform- ance and to the resolution of personnel grievances;

(b) fix the remuneration of employees;

(c) approve candidates for senior positions reporting directly to the chief executive officer; and

(d) develop, and recommend to the board of directors for approval, the selection criteria for the position of chief actuary.

INVESTMENTS

23. Subject to the regulations, the board of directors shall establish, and the Board shall adhere to, investment policies, standards and procedures that a person of ordinary prudence would implement in dealing with the property of others.

24. Every investment manager who invests the assets of the Board shall do so in accordance with this Act and the Board’s investment policies, standards and procedures.

FINANCIAL MANAGEMENT

General

25. The financial year of the Board is the period beginning on April 1 in one calendar year and ending on March 31 in the next calendar year.

26. (1) The Board may only have accounts with banks listed in Schedule I to the Bank Act.

(2) Despite subsection (1), the Governor in Council may, on the recommendation of the Minister of Finance, make regulations prescribing the types of account that the Board may have and the financial institutions with which it may have those accounts.

Financial Statements

27. (1) The Board shall cause

(a) books of account and records to be kept;

(b) financial and management control and information systems and management practices to be maintained; and

(c) a record of the investments held during the financial year to be kept, showing

(i) the book value of each investment,

(ii) the market value of each investment and the information that will permit the verification of that value, and

(iii) the information that will permit the determination of whether the requirements of this Act and the investment policies, standards and procedures have been met.

(2) The books, records, systems and practices required by subsection (1) shall be kept and maintained in the manner that will provide reasonable assurance that

(a) the Board’s assets are safeguarded and controlled;

(b) the Board’s transactions are in accord- ance with this Act and the by-laws; and

(c) the Board’s financial, human and physical resources are managed economically and efficiently and that the Board’s operations are carried out effectively.

(3) The Board shall cause internal audits to be conducted to assess compliance with subsections (1) and (2).

(4) The Board shall cause financial statements to be prepared annually, including, with respect to the financial year to which it relates,

(a) a balance sheet as at the end of the financial year;

(b) a statement of income for the financial year;

(c) a statement of change in net assets for the financial year; and

(d) a statement of investment portfolio.

(5) The annual financial statements shall show the information and particulars that in the opinion of the board of directors are necessary to present fairly, in accordance with generally accepted accounting principles, the Board’s financial position as at the end of the financial year to which the statements relate.

(6) During each financial year, the Board shall cause quarterly financial statements to be prepared for each three-month period of the year. The quarterly statements shall

(a) show the same information for the most recent three-month period as is required to be shown in the Board’s annual financial statements, except that a balance sheet is not required; and

(b) show the same information in respect of the part of the year up to the date of the statements in relation to the corresponding period in the preceding financial year.

(7) The board of directors shall approve the Board’s annual financial statements and that approval shall be evidenced by the signature of at least one director of the Board.

Auditor’s Report

28. (1) The Board shall cause an annual auditor’s report to be prepared on

(a) the annual financial statements referred to in subsection 27(4);

(b) the record of investments referred to in paragraph 27(1)(c); and

(c) any revised financial statement referred to in subsection 133(3) of the Financial Administration Act.

(2) The report shall be addressed to the Board and shall

(a) include separate statements indicating whether, in the auditor’s opinion,

(i) the financial statements are presented fairly in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year,

(ii) the Board’s transactions that have come to the auditor’s notice in the course of the auditor’s examination for the report were in accordance with this Act and the by-laws, and

(iii) the record of investments referred to in paragraph 27(1)(c) fairly presents the information required by that paragraph; and

(b) call attention to any other matter falling within the scope of the auditor’s examination for the report that, in the auditor’s opinion, should be brought to the attention of the Board.

(3) The auditor shall carry out the examination that the auditor considers necessary to prepare the report.

(4) The auditor’s examination shall be carried out in accordance with generally accepted auditing standards.

(5) In conducting an audit under this Act, the auditor shall rely on any internal audit conducted under subsection 27(3), to the extent that the auditor considers that reliance to be practi- cable.

Qualified Privilege

29. Any oral or written statement or report made under this Act by the Board’s auditor or a former auditor of the Board has qualified privilege.

Special Examination

30. (1) The Minister shall cause a special examination to be carried out at least once every five years to determine if the systems and practices referred to in paragraph 27(1)(b) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of paragraphs 27(2)(a) and (c).

(2) Before beginning a special examination, the examiner shall survey the systems and practices of the Board and submit a plan to the audit committee for the examination, including a statement of the criteria to be applied in the examination.

(3) Disagreements, if any, between the examiner and the audit committee with respect to the plan may be resolved by the Minister.

(4) An examiner shall rely on any internal audit conducted under subsection 27(3), to the extent that the examiner considers that reliance to be practicable.

31. (1) An examiner shall, on completion of the special examination, submit a report on the examiner’s findings to the Minister.

(2) The report of an examiner shall include

(a) a statement indicating whether, in the examiner’s opinion, with respect to the criteria established under subsection 30(2), there is reasonable assurance that there are no significant deficiencies in the systems and practices examined; and

(b) a statement of the extent to which the examiner relied on internal audits.

(3) After receiving the report, the Minister shall cause it to be laid before each House of Parliament on any of the next 15 days during which that House is sitting.

(4) Within 10 days after the day on which the Minister receives the report, the Minister shall provide the board of directors and the Auditor General with a copy of the report.

32. (1) Subject to subsection (2), a special examination referred to in section 30 shall be carried out by the Board’s auditor.

(2) If, in the opinion of the Governor in Council, a person other than the Board’s auditor should carry out a special examination, the Governor in Council may, after the Minister has consulted the board of directors, appoint an auditor who is qualified for the purpose to carry out the examination in lieu of the Board’s auditor and may, after the Minister has consulted the board of directors, remove that qualified auditor at any time.

(3) Subject to subsection (4), section 29 and sections 135 and 137 of the Financial Administration Act apply in respect of an examiner as though the references in those sections to an auditor were references to an examiner.

(4) The Auditor General is eligible to be appointed as an examiner and section 135 of the Financial Administration Act does not apply to the Auditor General in respect of such an appointment.

REPORTING

Quarterly Statements

33. (1) The Board shall send copies of the financial statements for the first, second and third quarters of the financial year, prepared in accordance with subsection 27(6), to the Minister within 45 days after the end of the three-month period to which they relate.

(2) Within seven days after the financial statements are sent, the Board shall make the statements available to the public.

Annual Report

34. (1) The Board shall as soon as possible, but in any case within 90 days, after the end of each financial year provide the Minister and the President of the Treasury Board with an annual report on the operations of the Board in that year and the Board shall make the report available to the public.

(2) After receiving the annual report, the Minister shall cause it to be laid before each House of Parliament on any of the next 15 days during which that House is sitting.

(3) The annual report laid before Parliament stands permanently referred to any parliamentary committee that may be designated or established to review matters relating to the activities of the Board.

(4) The annual report shall contain

(a) the financial statements for the financial year prepared as required under section 27;

(b) the annual auditor’s report referred to in section 28;

(c) a certificate, signed by a director on behalf of the board of directors, stating that the investments of the Board held during the financial year were in accordance with this Act and the Board’s investment policies, standards and procedures;

(d) a statement of the Board’s objectives for the financial year and a statement of the extent to which the Board met those objectives;

(e) a statement of the Board’s objectives for the next financial year and for the foreseeable future;

(f) a statement of the corporate governance practices of the Board;

(g) a summary of the Board’s investment policies, standards and procedures established under paragraph 7(a) and a comparison of its investment policies with investments actually held by it;

(h) a summary of the code of conduct established under paragraph 7(d);

(i) a special examiner’s report submitted under section 31; and

(j) any information that the Minister may require.

Premium Rate Setting Report

35. On the day on which the Board sets the premium rate under section 66 of the Employment Insurance Act, it shall make public a report that sets out

(a) the premium rate;

(b) a detailed analysis in support of that rate;

(c) information provided to the board of directors by the chief actuary under subsection 14(3);

(d) information provided to the Board by the Minister under subsection 66.1(1) of the Employment Insurance Act; and

(e) any other information that the Board took into account in setting the rate.

REGULATIONS

36. The Governor in Council, on the joint recommendation of the Minister and the Minister of Finance, may make regulations

(a) respecting the investments that the Board may make;

(b) respecting the limitations to which the Board is subject when it makes investments; and

(c) prescribing anything that this Act provides is to be prescribed or is to be determined by regulation.

Transitional Provisions

122. For the purposes of paragraph 4(a) of the Canada Employment Insurance Financing Board Act, the Board sets the premium rate under section 66 of the Employment Insurance Act, as enacted by section 127.

123. For the purposes of subsection 10(6) of the Canada Employment Insurance Financing Board Act, the nominating committee does not have to consult the board of directors until the first seven directors have been appointed by the Governor in Council.

Amendments to the Employment Insurance Act

124. Subsections 3(1) and (2) of the Employment Insurance Act are replaced by the following:

3. (1) The Commission shall monitor and assess the impact and effectiveness, for individ- uals, communities and the economy, of the benefits and other assistance provided under this Act, including

(a) how the benefits and assistance are utilized by employees and employers, and

(b) the effect of the benefits and assistance on the obligation of claimants to be available for and to seek employment and on the efforts of employers to maintain a stable workforce.

(2) The Commission shall report to the Minister on its assessment annually no later than March 31 following the end of a year. The Commission shall make any additional reports at any other times, as the Minister may request.

125. The Act is amended by adding the following before the heading “Premiums” before section 65.3:

126. Section 65.3 of the Act is repealed.

127. Sections 66 to 66.5 of the Act are replaced by the following:

66. (1) Subject to subsection (7) and section 66.3, the Board shall set the premium rate for each year in order to generate just enough premium revenue during that year to cover the payments to be made under subsection 77(1) during that year and the repayment of any advances that must be made in accordance with subsection 80(2) during that year, and to ensure that the forecast fair market value of the Board’s reserve at the end of that year is equal to the amount determined under subsection (5).

(7) The premium rate may not be increased or decreased by more than fifteen one-hundredths of one per cent (0.15%) from one year to the next.

(9) On or before November 14 in a year, the Board shall set the premium rate for the following year.

66.2 (1) The Minister of Finance shall, on or before September 30 in a year, provide the Board with the following information:

(a) the most current forecast values of the economic variables that are relevant to the determination under section 66 of a premium rate for the following year;

66.3 (1) On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may, on or before November 30 in a year,

(a) if the Governor in Council considers it to be in the public interest, substitute a premium rate for the following year that is different from the one set by the Board under section 66; or

66.4 If the calculation of a premium rate under section 66 or 66.3 results in a rate that includes a fraction of one per cent, the resulting percentage is to be rounded to the nearest one-hundredth of one per cent or, if the resulting percentage is equidistant from two one-hundredths of one percent, to the higher of them.

66.5 The Statutory Instruments Act does not apply in respect of a premium rate set under section 66 or 66.3 or the premiums determined under sections 67 and 68. However, the premium rates must, as soon as possible, be published by the Board in Part I of the Canada Gazette.

128. The Act is amended by adding the following after section 70:

129. Subsection 77(1) of the Act is amended by striking out “and” at the end of paragraph (c) and by adding the following after paragraph (d):

130. The Act is amended by adding the following after section 77:

131. Subsections 80(1) and (2) of the Act are replaced by the following:

80. (1) If amounts credited to the Employment Insurance Account after December 31, 2008, and the amount of the Board’s reserve referred to in subsection 66(4), are not sufficient for the payment of amounts authorized to be charged to that Account after that day, the Minister of Finance, when requested by the Minister, may authorize the advance to the Account from the Consolidated Revenue Fund of an amount sufficient to make the payment.

(2) The advance shall be credited to the Employment Insurance Account and shall be repaid in the time and manner and on the terms and conditions that the Minister of Finance may establish.

Consequential Amendments

Department of Human Resources and Skills Development Act

132. (1) Subsection 28(1.1) of the Department of Human Resources and Skills Development Act is repealed.

(2) Section 28 of the Act is amended by adding the following after subsection (3):

133. Section 28.1 of the Act is repealed.

Financial Administration Act

134. Part I of Schedule III to the Financial Administration Act is amended by adding the following in alphabetical order:

Coming into Force

135. The provisions of this Part or those of the Canada Employment Insurance Financing Board Act, as enacted by section 121, come into force on a day or days to be fixed by order of the Governor in Council.

PART 8

PAYMENTS TO PROVINCES AND TERRITORIES

Police Officers Recruitment Fund

136. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding four hundred million dollars, to a trust established to provide provinces and territories with funding to support the recruitment of 2,500 new front-line police officers over the next five years.

(2) The amount that may be provided to a province or territory under this section is to be determined in accordance with the terms of the trust indenture establishing the trust.

(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.

Public Transit Capital Trust 2008

137. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding five hundred million dollars, to a trust established to support capital investment in public transit infrastructure in the provinces and territories.

(2) The beneficiaries of the trust and the amount that may be provided to each beneficiary under this section are to be determined in accordance with the terms of the trust indenture establishing the trust.

(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.

Payment to Saskatchewan for Carbon Capture and Storage

138. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding two hundred and forty million dollars, to a trust established to provide Saskatchewan with funding to support a full scale commercial demonstration of carbon capture and storage in the coal-fired electricity sector.

(2) The amount that may be provided to Saskatchewan under this section is to be determined in accordance with the terms of the trust indenture establishing the trust.

(3) Any amount payable under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.

Payment to Nova Scotia for Carbon Storage

139. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, a sum not exceeding five million dollars to Nova Scotia to support geological research examining the potential for carbon storage in the province.

Canada Social Transfer Transition Protection Payment to Saskatchewan

140. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of thirty-one million, two hundred and four thousand dollars to Saskatchewan.

Canada Social Transfer Transition Protection Payment to Nunavut

141. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of seven hundred and five thousand dollars to Nunavut.

PART 9

PAYMENTS TO CERTAIN ENTITIES

Genome Canada

142. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding one hundred and forty million dollars to Genome Canada for its use.

Mental Health Commission of Canada

143. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding one hundred and ten million dollars to the Mental Health Commission of Canada for its use.

(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with the Mental Health Commission of Canada respecting the terms and conditions applicable to the making of the payment and its use.

The Gairdner Foundation

144. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding twenty million dollars to The Gairdner Foundation for its use.

(2) The Minister of Health may, before or after this section comes into force, enter into an agreement with The Gairdner Foundation respecting the terms and conditions applica- ble to the making of the payment and its use.

University of Calgary

145. (1) There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Natural Resources, a sum not exceeding five million dollars to the University of Calgary for the purpose of examining regulatory, economic and technological barriers in order to accelerate the deployment of carbon capture and storage technologies.

(2) The Minister of Natural Resources may, before or after this section comes into force, enter into an agreement with the University of Calgary respecting the terms and conditions applicable to the making of the payment and its use.

PART 10

VARIOUS AMENDMENTS

Bank of Canada Act

146. (1) Paragraphs 18(g) and (g.1) of the Bank of Canada Act are replaced by the following:

(2) Paragraph 18(k) of the Act is repealed.

147. Section 19 of the Act is replaced by the following:

19. If the Bank takes any action under subparagraph 18(g)(ii), the Bank shall cause a notice to be published in the Canada Gazette that the Governor has formed an opinion that there is a severe and unusual stress on a financial market or the financial system. The notice is to be published as soon as the Governor is of the opinion that its publication will not materially contribute to the stress to which the notice relates.

Budget Implementation Act, 2006

148. Subsection 193(4) of the Budget Implementation Act, 2006 is replaced by the following:

(4) The aggregate outstanding principal amount of all mortgages or hypothecs to which insurance policies that are subject to such agreements apply shall not at any time exceed $250,000,000,000 or any other amount that may be authorized for the purposes of this subsection under an appropriation Act.

Canadian Forces Superannuation Act

149. The Canadian Forces Superannuation Act is amended by adding the following after section 93:

150. The Act is amended by adding the following after section 95:

Cooperative Credit Associations Act

151. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 386(1) of the Cooperative Credit Associations Act are replaced by the following:

(iv) a loan that is secured by a mortgage on real property, if

(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or

(B) the mortgage is on real property other than residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and

(II) at the time the loan is made or acquired the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

(v) a loan that is secured by a mortgage on real property, if

(A) the mortgage is on residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and

(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent, or

(B) the mortgage is on real property other than residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,

(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent, and

(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

Donkin Coal Block Development Opportunity Act

152. Section 10 of the Donkin Coal Block Development Opportunity Act is amended by adding the following after subsection (2):

Financial Administration Act

153. The Financial Administration Act is amended by adding the following after section 15:

Insurance Companies Act

154. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 490(1) of the Insurance Companies Act are replaced by the following:

(iv) a loan that is secured by a mortgage on real property, if

(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or

(B) the mortgage is on real property other than residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and

(II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

(v) a loan that is secured by a mortgage on real property, if

(A) the mortgage is on residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and

(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent,

(B) the mortgage is on real property other than residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,

(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent, and

(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or

(C) the loan is one referred to in paragraph 469(2)(d),

Interest Act

155. Subsection 10(2) of the Interest Act is replaced by the following:

(2) Subsection (1) does not apply

(a) to any mortgage on real property or hypothec on immovables given by a joint stock company or any other corporation, nor to any debenture issued by them, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables; or

Old Age Security Act

156. Subparagraph (a)(i) of the definition “income” in section 2 of the Old Age Security Act is replaced by the following:

(i) a single amount in respect of all offices and employments of that person equal to

(A) for the purpose of determining benefits payable in respect of any month before July 2008, the lesser of $500 and one fifth of the person’s income from office or employment for the year, or

Public Service Superannuation act

157. Section 40.1 of the Public Service Superannuation Act is amended by adding the following after subsection (2):

158. Paragraph 42(1)(v) of the Act is replaced by the following:

(v) respecting, for the purposes of paragraph 13(1)(d) and subsection 13(6), the method by which the amount of any annuity or annual allowance payable to a contributor described in paragraph 13(1)(a), (c) or (d) shall be adjusted;

159. The Act is amended by adding the following after section 72:

160. The Act is amended by adding the following after section 74:

Royal Canadian Mounted Police Superannuation Act

161. The Royal Canadian Mounted Police Superannuation Act is amended by adding the following after section 42:

162. The Act is amended by adding the following after section 44:

Trust and Loan Companies Act

163. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 449(1) of the Trust and Loan Companies Act are replaced by the following:

(iv) a loan that is secured by a mortgage on real property, if

(A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or

(B) the mortgage is on real property other than residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and

(II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

(v) a loan that is secured by a mortgage on real property, if

(A) the mortgage is on residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and

(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintend- ent,

(B) the mortgage is on real property other than residential property and

(I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,

(II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and

(III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or

(C) the loan is one referred to in paragraph 418(2)(d),

Coming into Force

164. (1) Subject to subsection (2), the provisions of this Part, other than sections 148, 149, 151 to 155, 157 to 159, 161 and 163, come into force on a day or days to be fixed by order of the Governor in Council.

(2) Section 156 comes into force or is deemed to have come into force on July 1, 2008.