Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)
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Assented to 2023-06-22
PART 4Various Measures (continued)
DIVISION 7Canada Innovation Corporation Act (continued)
Consequential and Related Amendments
R.S., c. F-11Financial Administration Act
239 Part I of Schedule III to the Financial Administration Act is amended by adding the following in alphabetical order:
Canada Innovation Corporation
Corporation d’innovation du Canada
R.S., c. P-36Public Service Superannuation Act
240 Part I of Schedule I to the Public Service Superannuation Act is amended by adding the following in alphabetical order:
Chief executive officer and employees of the Canada Innovation Corporation
Premier dirigeant et personnel de la Corporation d’innovation du Canada
Coming into Force
Marginal note:Order in council
241 (1) Sections 1 to 29, 34 and 35 of the Canada Innovation Corporation Act, as enacted by section 238 of this Act, and sections 239 and 240 of this Act come into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Sections 30 to 33 of the Canada Innovation Corporation Act, as enacted by section 238 of this Act, come into force on a day to be fixed by order of the Governor in Council.
DIVISION 8R.S., c. F-8; 1995, c. 17, s. 45Federal-Provincial Fiscal Arrangements Act (Canada Health Transfer)
242 The Federal-Provincial Fiscal Arrangements Act is amended by adding the following after section 24.73:
Marginal note:Total payment of $2 billion
24.74 The Minister may pay an additional cash payment equal to
(a) for Ontario, $776,262,000;
(b) for Quebec, $447,067,000;
(c) for Nova Scotia, $52,306,000;
(d) for New Brunswick, $41,674,000;
(e) for Manitoba, $72,450,000;
(f) for British Columbia, $273,238,000;
(g) for Prince Edward Island, $8,759,000;
(h) for Saskatchewan, $61,385,000;
(i) for Alberta, $233,120,000;
(j) for Newfoundland and Labrador, $27,051,000;
(k) for Yukon, $2,252,000;
(l) for the Northwest Territories, $2,348,000; and
(m) for Nunavut, $2,088,000.
Marginal note:Coordinating Amendments — Bill C-46
242.1 (1) Subsections (2) to (4) apply if Bill C-46, introduced in the 1st Session of the 44th Parliament and entitled the Cost of Living Relief Act, No. 3 (in this section referred to as the “other Act”), receives royal assent.
(2) If section 2 of the other Act comes into force before section 242 of this Act, then that section 242 is deemed never to have come into force and is repealed.
(3) If section 242 of this Act comes into force before section 2 of the other Act, that section 2 is deemed never to have come into force and is repealed.
(4) If section 2 of the other Act comes into force on the same day as section 242 of this Act, then that section 242 is deemed never to have come into force and is repealed.
DIVISION 9R.S., c. F-8; 1995, c. 17, s. 45(1)Federal-Provincial Fiscal Arrangements Act (Equalization and Territorial Financing Renewal and Other Amendments)
Amendments to the Act
243 Section 3 of the Federal-Provincial Fiscal Arrangements Act is replaced by the following:
Marginal note:Fiscal equalization payment
3 Subject to the other provisions of this Act, there may be paid to a province a fiscal equalization payment not exceeding the amounts determined under this Part for each fiscal year in the period beginning on April 1, 2007 and ending on March 31, 2029.
244 (1) The definition revenue to be equalized in subsection 3.5(1) of the Act is replaced by the following:
- revenue to be equalized
revenue to be equalized means, in respect of a revenue source for a province for a fiscal year,
(a) the revenue, as determined by the Minister, derived by that province for that fiscal year from that revenue source; and
(b) in the case of a revenue source other than a revenue source referred to in paragraph (e) of the definition revenue source, the product obtained by multiplying the sum of miscellaneous revenues derived by that province for the fiscal year by the quotient obtained by dividing the sum of revenues from that revenue source derived by all provinces for that fiscal year by the sum of all revenues derived by all provinces from the revenue sources referred to in paragraphs (a) to (d) of the definition revenue source for that fiscal year.
It may be defined more particularly by the regulations. (revenu sujet à péréquation)
(2) Paragraph (d) of the definition revenue source in subsection 3.5(1) of the Act is replaced by the following:
(d) revenues derived from property taxes; and
(3) Subsection 3.5(3) of the Act is replaced by the following:
Marginal note:Municipal revenues
(3) For the purposes of this Part, the revenue derived by each municipality, board, commission or other local authority in a province that has power to derive those revenues for the financial year of each such local authority ending in that fiscal year is both deemed to be revenue derived by that province and
(a) in the case of local government property taxes, property taxes within the meaning of paragraph (d) of the definition revenue source in subsection (1); and
(b) in the case of other miscellaneous local government taxes and revenues, included in miscellaneous revenues for the purpose of the definition revenue to be equalized in subsection (1).
245 (1) The definition revenue to be equalized in subsection 4(1) of the Act is replaced by the following:
- revenue to be equalized
revenue to be equalized, in respect of a revenue source for a territory for a fiscal year, means
(a) the revenue, as determined by the Minister, derived by that territory for that fiscal year from that revenue source; and
(b) in the case of a revenue source referred to in paragraphs (a), (b), (h) and (i) of the definition revenue source, the product obtained by multiplying the sum of miscellaneous revenues derived by that territory for the fiscal year by the quotient obtained by dividing the sum of revenues from that revenue source derived by all territories for that fiscal year by the sum of all revenues derived by all territories from the revenue sources referred to in paragraphs (a), (b), (h) and (i) of the definition revenue source for the fiscal year.
It may be defined more particularly by the regulations. (revenu sujet à péréquation)
(2) Paragraph (h) of the definition revenue source in subsection 4(1) of the Act is replaced by the following:
(h) revenues derived from property taxes; and
246 Subsection 4.1(1) of the Act is replaced by the following:
Marginal note:Territorial formula financing payments
4.1 (1) Subject to the other provisions of this Act, there may be paid to a territory a territorial formula financing payment not exceeding the amounts determined under this Part for each fiscal year in the period beginning on April 1, 2014 and ending on March 31, 2029.
247 Subsection 6(2) of the Act is replaced by the following:
Marginal note:Adjustment
(2) For the purposes of determining the amount under subsection (1), the Minister may adjust, in the prescribed manner, the natural resource revenue and the non-natural resource revenue of a province for the fiscal year
(a) to offset the amount, as determined by the Minister, of any change in either of those revenues for the fiscal year resulting from changes made by the province in the rates or structure of provincial taxes or of other means of raising the revenue of the province from the rates or structures in effect in the preceding fiscal year; and
(b) to account for the absence of indexation in a provincial personal income tax system.
248 Section 40 of the Act is amended by adding the following after paragraph (a.4):
(a.5) providing for the provincial and territorial revenues that constitute miscellaneous revenues for the purposes of the definition revenue to be equalized in subsections 3.5(1) and 4(1);
(a.6) respecting what constitutes the absence of indexation in a provincial personal income tax system for the purpose of paragraph 6(2)(b);
248.1 The Act is amended by adding the following after section 41:
Publication
Marginal note:Publication of amounts authorized
42 The Minister shall publish the details of all amounts authorized to be paid under this Act on the website of the Department of Finance as soon as feasible after the payment of such amounts.
Application
Marginal note:Sections 243 to 246
249 The provisions of the Federal-Provincial Fiscal Arrangements Act enacted by sections 243 to 246 of this Act apply to fiscal years that begin after March 31, 2024.
Marginal note:Section 247
250 The provisions of the Federal-Provincial Fiscal Arrangements Act enacted by section 247 of this Act apply to fiscal years that begin after March 31, 2021.
Transitional Provision
Marginal note:Continuation
251 The provisions of Parts I and I.1 of the Federal-Provincial Fiscal Arrangements Act — and of any regulations made under that Act — as they read immediately before the day on which this Act receives royal assent continue to apply to fiscal years that end before April 1, 2024.
DIVISION 10Economic Sanctions
1992, c. 17Special Economic Measures Act
252 The heading before section 2 of the French version of the Special Economic Measures Act is replaced by the following:
Définitions et interprétation
253 The Act is amended by adding the following after section 2:
Marginal note:Deemed ownership
2.1 (1) If a person controls an entity other than a foreign state, any property that is owned — or that is held or controlled, directly or indirectly — by the entity is deemed to be owned by that person.
Marginal note:Criteria
(2) For the purposes of subsection (1), a person controls an entity, directly or indirectly, if any of the following criteria are met:
(a) the person holds, directly or indirectly, 50% or more of the shares or ownership interests in the entity or 50% or more of the voting rights in the entity;
(b) the person is able, directly or indirectly, to change the composition or powers of the entity’s board of directors; or
(c) it is reasonable to conclude, having regard to all the circumstances, that the person is able, directly or indirectly and through any means, to direct the entity’s activities.
254 (1) Paragraph 4(1)(b) of the Act is replaced by the following:
(b) by order, cause to be seized or restrained in the manner set out in the order any property situated in Canada that is owned — or that is held or controlled, directly or indirectly — by a foreign state or a person who is identified in an order or regulation made under paragraph (1)(a).
(2) Paragraphs 4(2)(a) to (c) of the Act are replaced by the following:
(a) any dealing by any person in Canada or Canadian outside Canada in any property, wherever situated, that is owned — or that is held or controlled, directly or indirectly — by that foreign state, any person in that foreign state, a national of that foreign state who does not ordinarily reside in Canada or a person outside Canada who is not Canadian;
(b) the exportation, sale, supply or shipment by any person in Canada or Canadian outside Canada of any goods wherever situated to that foreign state, any person in that foreign state or a person outside Canada who is not Canadian, or any other dealing by any person in Canada or Canadian outside Canada in any goods wherever situated destined for that foreign state, any person in that foreign state or a person outside Canada who is not Canadian;
(c) the transfer, provision or communication by any person in Canada or Canadian outside Canada of any technical data to that foreign state, any person in that foreign state or a person outside Canada who is not Canadian;
(3) Paragraph 4(2)(e) of the Act is replaced by the following:
(e) the provision or acquisition by any person in Canada or Canadian outside Canada of financial services or any other services to, from or for the benefit of or on the direction or order of that foreign state, any person in that foreign state or a person outside Canada who is not Canadian;
(e.1) the transfer or provision by any person in Canada or Canadian outside Canada of property other than goods to that foreign state, any person in that foreign state, a national of that foreign state who does not ordinarily reside in Canada or a person outside Canada who is not Canadian;
(4) Paragraphs 4(2)(h) and (i) of the Act are replaced by the following:
(h) the docking in or passage through Canada by ships registered in that foreign state or used, leased or chartered, in whole or in part, by or on behalf of or for the benefit of that foreign state, any person in that foreign state or a person outside Canada who is not Canadian; and
(i) the landing in or flight over Canada by aircraft registered in that foreign state or used, leased or chartered, in whole or in part, by or on behalf of or for the benefit of that foreign state, any person in that foreign state or a person outside Canada who is not Canadian.
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