Jobs and Economic Growth Act (S.C. 2010, c. 12)
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Assented to 2010-07-12
PART 24EMPLOYMENT INSURANCE FINANCING
1996, c. 23Employment Insurance Act
Transitional Provisions
Marginal note:Employment Insurance Operating Account — audit for fiscal year 2008–2009
2199. The Auditor General of Canada shall audit the Employment Insurance Operating Account, established by section 70.2 of the Employment Insurance Act, as enacted by section 2185, in respect of the fiscal year 2008–2009, and a report of that audit shall be made to the Minister of Human Resources and Skills Development.
Marginal note:Employment Insurance Account — re-audit
2200. Despite sections 2186 and 2195, and as a consequence of the establishment of the Employment Insurance Operating Account by section 70.2 of the Employment Insurance Act, as enacted by section 2185, the Auditor General of Canada may re-audit the Employment Insurance Account in respect of any fiscal year if he or she considers it necessary to do so, and a report of that audit is to be made to the Minister of Human Resources and Skills Development.
Consequential Amendments
2005, c. 34Department of Human Resources and Skills Development Act
2201. Section 29 of the Department of Human Resources and Skills Development Act is replaced by the following:
Marginal note:Audit by Auditor General
29. The Auditor General of Canada shall annually audit the accounts and financial transactions of the Commission for the previous fiscal year. The Auditor General shall also audit the Employment Insurance Operating Account established by section 70.2 of the Employment Insurance Act, and a report of that audit shall be made to the Minister.
SOR/96-332Employment Insurance Regulations
2202. Section 76.08 of the Employment Insurance Regulations is replaced by the following:
76.08 The reimbursement amount paid by the Province of Quebec in accordance with section 4.5 of the Entente finale Canada-Québec sur le régime québécois d’assurance parentale, signed on March 1, 2005, shall be paid to the Receiver General and shall be considered as if it were an amount required to be paid into the Consolidated Revenue Fund under section 72 of the Act and shall be paid into that Fund.
Marginal note:Terminology
2203. The Regulations are amended by replacing “Employment Insurance Account” with “Employment Insurance Operating Account” in the following provisions:
(a) paragraph 76.27(1)(b); and
(b) subsection 76.27(2).
2008, c. 28Budget Implementation Act, 2008
2204. (1) Section 127 of the Budget Implementation Act, 2008 is amended by replacing the subsections 66(1) to (3) that it enacts with the following:
Marginal note:Premium rate setting
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 ensure that at the end of that year
(a) the total of the amounts credited to the Employment Insurance Operating Account after December 31, 2008 is equal to the total of the amounts charged to that Account after that date; and
(b) the forecast fair market value of the Board’s reserve is equal to the amount determined under subsection (5).
Marginal note:Factors
(2) Subject to any regulations made under subsections 66.1(2) and 66.2(2), the Board shall set the premium rate based on
(a) the information provided under sections 66.1 and 66.2;
(b) the investment income earned by the Board;
(c) the Board’s obligation to manage a reserve, the amount of which is referred to in subsection (5);
(d) any regulations made under section 69;
(e) any changes, announced by the Minister on or before September 30 in a year, to payments to be made under paragraph 77(1)(a), (b) or (c) during the following year; and
(f) any other information that the Board considers relevant.
(2) Section 127 of the Act is amended by replacing the subsection 66(5) that it enacts with the following:
Marginal note:Indexation
(5) The amount referred to in paragraph (1)(b) is equal to the amount of the payment made under section 70.1, indexed annually, on a compound basis, beginning in the year in which that payment is made, in accordance with the regulations.
(3) Section 127 of the Act is amended by replacing the subsection 66.1(1) that it enacts with the following:
Marginal note:Information provided
66.1 (1) The Minister shall, on or before September 30 in a year, provide the Board with the following information:
(a) if the Minister has made an announcement referred to in paragraph 66(2)(e), the forecast change in the amount of the payments to be made during the following year under paragraph 77(1)(a), (b) or (c), as the case may be;
(b) the forecast costs to be paid under paragraphs 77(1)(d) and (f) during the following year, including any forecast change in those costs resulting from any change to the payments referred to in paragraph (a);
(c) the total of the amounts charged to the Employment Insurance Operating Account as of the last day of the most recent month for which that total is known by the Minister; and
(d) any prescribed information.
(4) Section 127 of the Act is amended by replacing the paragraph 66.1(2)(a) that it enacts with the following:
(a) prescribing information referred to in paragraph (1)(d); and
(5) Section 127 of the Act is amended by replacing the paragraphs 66.2(1)(b) to (f) that it enacts with the following:
(b) the amounts forecast under subparagraphs 77.1(1)(a)(i) and (ii) and the total estimated under subparagraph 77.1(1)(a)(iii);
(c) the amount of any payment to be made under subsection 77.1(2) or (4) during the year; and
(d) any prescribed information.
(6) Section 127 of the Act is amended by replacing the paragraph 66.2(2)(a) that it enacts with the following:
(a) prescribing information referred to in paragraph (1)(d); and
2205. Section 130 of the Act is amended by replacing the section 77.1 that it enacts with the following:
Marginal note:Forecasts and estimates
77.1 (1) On or before September 30 in a year,
(a) the Minister of Finance shall
(i) forecast the amount to be credited to the Employment Insurance Operating Account under sections 73 to 75 during the year,
(ii) forecast the amount to be charged, during the year, to that Account under subsection 77(1) based on, among other things, information provided by the Minister, and
(iii) estimate the total, at December 31 of the immediately preceding year, of the amounts credited to that Account; and
(b) the Minister shall estimate the total, at December 31 of the immediately preceding year, of the amounts charged to that Account.
Marginal note:Payment to Board
(2) A payment in the amount determined under subsection (3) is to be made on or before October 31 in a year to the Board out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, and charged to the Employment Insurance Operating Account if
(A + C) > (B + D)
where
- A
- is the amount forecast under subparagraph (1)(a)(i);
- B
- is the amount forecast under subparagraph (1)(a)(ii);
- C
- is the total estimated under subparagraph (1)(a)(iii); and
- D
- is the total estimated under paragraph (1)(b).
Marginal note:Amount of payment to Board
(3) For the purpose of subsection (2), the amount of the payment is an amount equal to the amount calculated in accordance with the following formula:
(A + C) – (B + D)
where
- A
- is the amount forecast under subparagraph (1)(a)(i);
- B
- is the amount forecast under subparagraph (1)(a)(ii);
- C
- is the total estimated under subparagraph (1)(a)(iii); and
- D
- is the total estimated under paragraph (1)(b).
Marginal note:Payment by Board
(4) A payment in the amount determined under subsection (5) is to be made on or before October 31 in a year, or at any later date that the Minister of Finance may specify, by the Board to the Consolidated Revenue Fund and credited to the Employment Insurance Operating Account if
(A + C) < (B + D)
where
- A
- is the amount forecast under subparagraph (1)(a)(i);
- B
- is the amount forecast under subparagraph (1)(a)(ii);
- C
- is the total estimated under subparagraph (1)(a)(iii); and
- D
- is the total estimated under paragraph (1)(b).
Marginal note:Amount of payment by Board
(5) For the purpose of subsection (4), the amount of the payment is an amount equal to the lesser of the amount of the Board’s reserve referred to in subsection 66(4) and the amount calculated in accordance with the following formula:
(B + D) – (A + C)
where
- A
- is the amount forecast under subparagraph (1)(a)(i);
- B
- is the amount forecast under subparagraph (1)(a)(ii);
- C
- is the total estimated under subparagraph (1)(a)(iii); and
- D
- is the total estimated under paragraph (1)(b).
Marginal note:Terms and conditions
(6) Payments under this section must be made in the manner and on the terms and conditions that the Minister of Finance may establish after consulting with the Minister and the Board.
- Date modified: