This Web page has been archived on the Web.

Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

254. Section 3 of the schedule to the Act is amended by adding the following after subsection (6):

  • Marginal note:Tax-free savings account

    (6.1) Despite subsection (2), for the purposes of deposit insurance with the Corporation, if moneys received by a member institution from a depositor in accordance with a tax-free savings account, within the meaning assigned by section 146.2 of the Income Tax Act, constitute a deposit or part of a deposit by or for the benefit of an individual, the aggregate of those moneys and any other moneys received from the same depositor in accordance with any other tax-free savings account that constitute a deposit or part of a deposit by or for the benefit of the same individual is deemed to be a single deposit separate from any other deposit of or for the benefit of that individual.

Consequential Amendments

Marginal note:R.S., c. A-1

Access to Information Act

255. Schedule II to the Access to Information Act is amended by adding, in alphabetical order, a reference to

  • Canada Deposit Insurance Corporation Act

    Loi sur la Société d’assurance-dépôts du Canada

and a corresponding reference to “subsection 45.3(1)”.

Marginal note:R.S., c. C-21; 2001, c. 9, s. 218

Canadian Payments Act

256. Subsection 4(1) of the Canadian Payments Act is amended by striking out “and” at the end of paragraph (c) and by adding the following after that paragraph:

Marginal note:R.S., c. F-11

Financial Administration Act

  • 257. (1) Section 85 of the Financial Administration Act is amended by adding the following after subsection (2):

    • Marginal note:Exemption for federal member institution

      (2.1) Divisions I to IV do not apply to a member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act, any shares of which are held by the Canada Deposit Insurance Corporation as the result of the granting of an exemption referred to in section 10.01 of that Act.

  • (2) Section 85 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Exemption — bridge institution

      (4) Sections 88 and 89.2 to 104 and Divisions II to IV do not apply to

      • (a) a bridge institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act; or

      • (b) the Canada Deposit Insurance Corporation, as a parent Crown corporation in respect of a wholly-owned subsidiary that is a bridge institution.