Bill C-521

2nd Session, 39th Parliament,

56-57 Elizabeth II, 2007-2008

house of commons of canada

BILL C-521

An Act to provide for the transfer of the surplus in the Employment Insurance Account

WHEREAS the Minister of Finance, in his budget presentation on February 26, 2008, referred to the creation of the Canada Employment Insurance Financing Board, which is to be an independent Crown Corporation responsible for implementing a new mechanism for setting employment insurance premium rates and for maintaining a cash reserve provided by the government;

WHEREAS a surplus of over $54 billion has accumulated in the Employment Insurance Account since October 23, 1990;

AND WHEREAS successive federal governments since 1990 have used the surplus of employment insurance premiums for purposes other than the employment insurance system;

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

1. This Act may be cited as the Employment Insurance Surplus Transfer Act.

2. In this Act, “Minister” means the Minister responsible for administering the employment insurance system.

3. Within six months after the legislation establishing the Canada Employment Insurance Financing Board comes into force, the Minister shall prepare and lay before both Houses of Parliament a plan to provide for the transfer of the surplus accumulated in the Employment Insurance Account since October 23, 1990 into the account for employment insurance administered by that Board.

4. Subject to section 5, in the first week of December in every year after the year in which the legislation establishing the Canada Employment Insurance Financing Board comes into force, the Minister shall lay a report before both Houses of Parliament on the progress made in implementing the plan for transfer referred to in section 3.

5. If either House is not sitting during the week referred to in section 4, the Minister shall lay the report before that House on any of the next five days on which that House is sitting.