C-51 , 40th Parliament, 2nd session Monday, January 26, 2009, to Wednesday, December 30, 2009

The Library of Parliament does not prepare Legislative Summaries for budget implementation bills. The following is a short summary:

On 30 September 2009, the Minister of Finance introduced Bill C-51, An Act to implement certain provisions of the budget tabled in Parliament on January 27, 2009 and to implement other measures, in the House of Commons and it was given first reading.

Part 1 implements income tax measures referred to in the 27 January 2009 budget, but not included in the Budget Implementation Act, 2009, which received Royal Assent 12 March 2009. Among other things, it:


• implements the temporary Home Renovation Tax Credit;
• implements the First-time Home Buyers’ Tax Credit; and
• enhances the tax relief provided by the Working Income Tax Benefit.

Part 1 also extends the existing tax deferral available to farmers in prescribed drought regions and sets out the regions prescribed either as eligible flood or drought regions.

Part 2 authorizes payments to be made out of the Consolidated Revenue Fund for multilateral debt relief and in relation to offshore petroleum resources. Among other things, it:
• amends the Bretton Woods and Related Agreements Act to implement amendments proposed by the Board of Governors of the International Monetary Fund;
• amends the Broadcasting Act to extend the Canadian Broadcasting Corporation’s borrowing limit to $220,000,000;
• amends the Budget Implementation Act, 2009 to clarify certain payment processes;
• repeals and amends certain sections of the Canada Pension Plan Investment Board Act
• amends the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act to provide for Crown share adjustment payments to be made in accordance with an agreement between Canada and Nova Scotia;
• amends the Customs Tariff to change the conditions relating to temporarily imported containers;
• amends the Financial Administration Act to require that departments and parent Crown corporations cause quarterly financial reports to be prepared every fiscal quarter and to make them public; and
• amends the Public Service Superannuation Act to add the name of PPP Canada Inc. to Part I of Schedule I to that Act.

The bill also amends the Canada Pension Plan to
• provide that a person may take their retirement pension as early as age 60 without the requirement of a work interruption or earnings reduction
• require a person under the age of 65 who receives a retirement pension and continues working to contribute to the Canada Pension Plan and thereby create eligibility for a post-retirement benefit,
• permit a person aged 65 to 70 who receives a retirement pension to elect not to contribute to the Canada Pension Plan, and
• have the adjustment factors that apply to early or late take-up of retirement pensions fixed by regulation after December 31, 2010 and have the Minister of Finance and the ministers of the included provinces review the adjustment factors and make recommendations as to whether the factors should be changed.

Part 2 of the bill also amends the Bankruptcy and Insolvency Act and chapter 36 of the Statutes of Canada, 2007 to correct unintended consequences resulting from the inaccurate coordination of two amending Acts.