Marginal note:Exchange Fund Account continued

17. The special account in the name of the Minister known as the Exchange Fund Account, established to aid in the control and protection of the external value of the monetary unit of Canada, is continued and all assets acquired and held by or on behalf of the Minister in the Exchange Fund Account continue to be so held.

Marginal note:Policy

• 17.1 (1) The Minister may establish a policy concerning the investment of the assets held in the Exchange Fund Account, including concerning the acquisition of assets to be held in the Exchange Fund Account, based on principles that a person of ordinary prudence would apply in dealing with the property of others.

• Marginal note:Non-delegation of power

  (2) The Minister may not delegate the power to establish the policy.

• Marginal note:Statutory Instruments Act

  (3) The Statutory Instruments Act does not apply to the policy.

Marginal note:Power to acquire, sell, etc.

• 17.2 (1) The Minister may acquire or borrow assets to be held in the Exchange Fund Account, and sell or lend those assets, in order to carry out the policy.

• Marginal note:Financial transactions

  (2) The Minister may carry out any transaction of a financial nature concerning assets held in the Exchange Fund Account that is in accordance with the policy.

• Marginal note:Agents and mandataries

  (3) The Minister may appoint agents and mandataries to perform services concerning the Exchange Fund Account.

• Marginal note:Delegation in writing

  (4) The Minister may delegate the powers set out in subsections (1) to (3) only in writing.

Marginal note:Crediting of Account

17.3 All amounts received by the Minister from transactions carried out under subsections 17.2(1) and (2) shall be credited to the Exchange Fund Account.

Marginal note:Advances out of C.R.F.

19. The Minister may authorize advances to the Exchange Fund Account out of the Consolidated Revenue Fund on any terms and conditions that the Minister considers appropriate.

Marginal note:Net income credited to C.R.F.

• 20. (1) Within three months after the end of each fiscal year, the amount of the net income of the Exchange Fund Account for the fiscal year, expressed in dollars, shall be paid into the Consolidated Revenue Fund if the net income for the year is a positive amount, and shall be charged to that Fund if the net income for the year is a negative amount.

• Marginal note:Consistency with Public Accounts

  (2) The net income of the Exchange Fund Account for a fiscal year shall be determined in accordance with accounting principles consistent with those applied in preparing the Public Accounts referred to in section 64 of the Financial Administration Act.

Marginal note:Report to Parliament

• 21. (1) The Minister shall cause to be tabled before each House of Parliament a report on the operation of the Exchange Fund Account for each fiscal year within the first 60 days on which that House is sitting after the end of that fiscal year.

• Marginal note:Contents of report

  (2) The report referred to in subsection (1) shall include

  • (a) a summary of the policy established under subsection 17.1(1);

  • (b) the objectives of the Exchange Fund Account for that fiscal year, and a statement of whether those objectives have been met;

  • (c) the objectives of the Exchange Fund Account for the current fiscal year;

  • (d) the financial statements of the Exchange Fund Account;

  • (e) a list of the agents and mandataries appointed by the Minister under subsection 17.2(3); and

  • (f) the Auditor General of Canada’s report referred to in subsection 22(2).

• Marginal note:Audit

  (2) In each fiscal year, the Auditor General of Canada shall audit the Exchange Fund Account and the transactions connected with the Account in any manner that he or she thinks proper and report to the Minister on the results of the audit.

“materiel”

« matériel »

“materiel” includes goods;

• (b) the acquisition and provision of services, including construction services, for departments;

• (c) the planning and organizing of the provision of materiel and services, including construction services, required by departments;

• (b) acquire materiel and services, including construction services, in accordance with any applicable regulations relating to government contracts;

• (c) plan and organize the provision of materiel and related services to departments including construction services, the preparation of specifications and standards, the cataloguing of materiel, the determination of aggregate requirements for materiel, the assuring of quality of materiel, and the maintenance, distribution, storage and disposal of materiel and other activities associated with the management of materiel; and

Marginal note:Other authorities

9. Subject to any conditions that may be imposed by the Treasury Board or any regulations that the Treasury Board may make for the purposes of this section, the Minister shall exercise the powers in relation to the acquisition and provision of materiel and services, including construction services but not including legal services, for the use of any department that are conferred on any minister or other authority under any Act of Parliament or any other law, except to the extent that those powers have been delegated by the Minister.

Marginal note:Contracts

20. Despite subsection 32(1) of the Financial Administration Act but subject to any conditions that may be imposed by the Governor in Council or the Treasury Board and any regulations that the Governor in Council or the Treasury Board may make for the purposes of this section, the Minister may, on behalf of the Government of Canada, enter into contracts for the performance of any matter or thing that falls within the ambit of the Minister’s powers, duties or functions.

Marginal note:Chief actuary

• 65.3 (1) The chief actuary referred to in section 31 of the Department of Human Resources Development Act shall determine the premium rate for a year that, in the chief actuary’s opinion, based on the information provided by the Minister of Finance under section 66.2 and taking into account any regulations made under section 69, should generate just enough premium revenue during that year to cover the payments that will be made under subsection 77(1) during that year.

• Marginal note:Changes to payments

  (2) If the Minister has announced, on or before October 14 of the previous year, any changes to payments to be made under paragraph 77(1)(a), (b) or (c) for a year, the chief actuary shall, at the request of the Minister, take into account those changes and make another determination of the premium rate that, in the chief actuary’s opinion, based on the information provided by the Minister of Finance under section 66.2 and taking into account any regulations made under section 69, should generate just enough premium revenue during that year to cover the payments that would be made under subsection 77(1) during that year if the changes were to commence on the date specified by the Minister.

• Marginal note:Report to the Commission

  (3) The chief actuary shall provide to the Commission a report setting out the premium rate determined under subsection (1) or (2) for a year, on or before October 14 of the previous year, and the Commission shall, as soon as possible after receiving the report, make it available to the public.

Marginal note:Annual premium rate setting

• 66. (1) Subject to subsection (2) and sections 66.1 and 66.3, the Commission shall set the premium rate for a year, taking into account

  • (a) the principle that the premium rate should generate just enough premium revenue during that year to cover the payments that will be made under subsection 77(1) during that year, based on the information provided by the Minister of Finance under section 66.2, taking into account any regulations made under section 69, and considering any changes to payments made under subsection 77(1) that have been announced by the Minister;

  • (b) the report of the chief actuary to the Commission for that year; and

  • (c) any public input.

• Marginal note:Difference year to year

  (2) The premium rate for a year may not be increased or decreased by more than fifteen one-hundredths of one per cent (0.15%) relative to the premium rate for the previous year.

• Marginal note:Time limit

  (3) The Commission shall set the premium rate for a year on or before November 14 in the previous year.

Marginal note:Cap on rate

66.1 For 2006 and 2007, the premium rate in each year may not be greater than 1.95%.

Marginal note:Forecast values

66.2 The Minister of Finance shall, on or before September 30 of a year, provide to the chief actuary and the Commission the most current forecast values of the economic variables that are relevant to the determination, under section 65.3 or under subsection 66(1), as the case may be, of a premium rate for the following year.

Marginal note:Governor in Council

66.3 Subject to subsection 66(2) and section 66.1, 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, substitute a premium rate for the following year that is different from the one set by the Commission under subsection 66(1), if the Governor in Council considers it to be in the public interest.

Marginal note:Rounding percentage rates

66.4 If the calculation of a premium rate under section 65.3, 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.

Marginal note:Statutory Instruments Act

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 Commission in Part I of the Canada Gazette.

Marginal note:User Fees Act

66.6 For greater certainty, the User Fees Act does not apply in respect of the premium rate set under section 66 or 66.3 or the premiums determined under sections 67 and 68.

Marginal note:Employee’s premium

67. Subject to section 70, a person employed in insurable employment shall pay, by deduction as provided in subsection 82(1), a premium equal to their insurable earnings multiplied by the premium rate set under section 66 or 66.3, as the case may be.