Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)

R.S., c. W-11; 1996, c. 6, s. 134Consequential Amendment to the Winding-up and Restructuring Act

• 608 (1) The portion of section 10.1 of the Winding-up and Restructuring Act before paragraph (e) is replaced by the following:

  Marginal note:Other winding-up circumstances

  10.1 If the Superintendent has taken control of a financial institution or of the assets of a financial institution under any of paragraphs 648(1)(b) or (1.11)(b) to (d) of the Bank Act, paragraph 442(1)(b) of the Cooperative Credit Associations Act, any of paragraphs 679(1)(b) or (1.21)(b) to (d) of the Insurance Companies Act or any of paragraphs 510(1)(b) or (1.11)(b) to (d) of the Trust and Loan Companies Act or, in the case of an authorized foreign bank, has taken control of its assets under paragraph 619(1)(b) or (2.1)(b) or (c) of the Bank Act or, in the case of a foreign insurance company, has taken control of its assets under subparagraph 679(1)(b)(i) or (ii) or paragraph 679(1.21)(b) or (c) of the Insurance Companies Act, a court may make a winding-up order in respect of the financial institution, authorized foreign bank or insurance business in Canada of the foreign insurance company if the court is of the opinion that for any reason it is just and equitable that the financial institution, authorized foreign bank or insurance business in Canada of the foreign insurance company should be wound up or if, in the case of

  • (a) a bank to which the Bank Act applies, the control was taken on a ground referred to in paragraph 648(1.1)(a), (c), (e) or (f) of that Act or for reasons related to national security;

  • (a.1) an authorized foreign bank, control of its assets was taken on a ground referred to in paragraph 619(2)(a), (b), (d) or (f) of the Bank Act or for reasons related to national security;

  • (b) a company to which the Trust and Loan Companies Act applies, the control was taken on a ground referred to in paragraph 510(1.1)(a), (c), (e) or (f) of that Act or for reasons related to national security;

  • (c) an insurance company to which the Insurance Companies Act applies, other than a foreign insurance company, the control was taken on a ground referred to in paragraph 679(1.1)(a), (c), (e) or (f) of that Act or for reasons related to national security;

  • (d) a foreign insurance company to which the Insurance Companies Act applies, the control of its assets was taken on a ground referred to in paragraph 679(1.2)(a), (c) or (e) of that Act or for reasons related to national security; or

• (2) Paragraph 10.1(e) of the French version of the Act is replaced by the following:

  • e) en raison de l’alinéa 442(1.1)a), c), e) ou f) de la Loi sur les associations coopératives de crédit, dans le cas d’une association assujettie au régime de cette loi.

Coming into Force

Marginal note:January 1, 2024

609 Section 518, subsections 523(1) and (3), sections 539 and 543, subsections 544(1) and (3) and 556(1) and (3), sections 568, 578, 582 and 583, subsections 585(1) and (3) and section 598 come into force on January 1, 2024.

DIVISION 34R.S., c. C-46Criminal Code

Amendments to the Act

• 610 (1) The definition criminal rate in subsection 347(2) of the Criminal Code is replaced by the following:

  criminal rate

  criminal rate means an annual percentage rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds 35 per cent on the credit advanced; (taux criminel)

• (2) Subsection 347(4) of the Act is replaced by the following:

  • Marginal note:Proof of annual percentage rate

    (4) In any proceedings under this section, a certificate of a Fellow of the Canadian Institute of Actuaries stating that they have calculated the annual percentage rate of interest on any credit advanced and setting out the calculations and the information on which they are based is, in the absence of evidence to the contrary, proof of the annual percentage rate of interest without proof of the signature or official character of the person appearing to have signed the certificate.

611 The Act is amended by adding the following after section 347:

• 612 (1) Subsection 347.1(2) of the Act is amended by adding the following after paragraph (a):

  • (a.1) the total cost of borrowing under the agreement does not exceed the limit fixed by regulation;

• (2) Section 347.1 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Regulation — limit

    (2.1) For the purposes of paragraph (2)(a.1), the Governor in Council may, by regulation, on the recommendation of the Minister of Justice and after that Minister’s consultation with the Minister of Finance, fix the limit.

  • Marginal note:Clarification

    (2.2) If section 347 does not apply to a person by reason of subsection (2) immediately before a regulation made under subsection (2.1) comes into force, that section continues not to apply to the person if the total cost of borrowing under the agreement did not exceed the limit that applied immediately before the regulation came into force.

Transitional Provisions

Marginal note:Words and expressions

613 The words and expressions used in sections 614 and 615 have the same meaning as in sections 347 and 347.1 of the Criminal Code.

Marginal note:Subsection 347(1) of Criminal Code

614 For the purposes of subsection 347(1) of the Criminal Code, the definition criminal rate in subsection 347(2) of that Act, as it reads on the day on which subsection 610(1) comes into force, does not apply in respect of any receipt of a payment or partial payment of interest that, on or after that day, is interest at a criminal rate, if the payment arises from an agreement or arrangement to receive interest that was entered into before that day and the interest that arises from that agreement or arrangement would not have been at a criminal rate, as defined in subsection 347(2) of the Criminal Code, as that subsection 347(2) read before that day.

Marginal note:Paragraph 347.1(2)(a.1) of Criminal Code

615 Paragraph 347.1(2)(a.1) of the Criminal Code, as it reads on the day on which subsection 612(1) comes into force, does not apply to a person who

• (a) entered into a payday loan agreement to receive interest before that day; or

• (b) on or after that day, receives any payment or partial payment of interest, if the payment arises from a payday loan agreement to receive interest that was entered into before that day.

Coming into Force

Marginal note:Order in council

616 Sections 610 to 612 come into force on a day or days to be fixed by order of the Governor in Council.

DIVISION 351996, c. 23 Employment Insurance Act

617 Subparagraph 12(2.3)(a)(i) of the Employment Insurance Act is replaced by the following:

DIVISION 361999, c. 33Canadian Environmental Protection Act, 1999

Amendments to the Act

• 618 (1) Subsections 272.2(3) and (4) of the Canadian Environmental Protection Act, 1999 are replaced by the following:

  • Marginal note:Compliance units

    (3) If a person is convicted of an offence under subsection (1) by reason of having failed to comply with a provision that requires the remission or the cancellation of compliance units described in regulations made under section 326, the court shall, in addition to any other punishment that may be imposed under that subsection, make an order requiring the person to remit or cancel compliance units of the type and number determined in accordance with regulations made under subsection (4) or, if there are no regulations made under subsection (4), in accordance with subsection (5). In the case of an order to remit, the court shall specify in the order the name of the person or entity to whom the compliance units are to be remitted.

  • Marginal note:Regulations

    (4) The Governor in Council may make regulations prescribing the types of compliance units described in regulations made under section 326 that a person may be required to remit or cancel in an order made under subsection (3) and the manner of determining the number of those compliance units that the person may be required to remit or cancel.

• (2) Subsection 272.2(5) of the English version of the Act is replaced by the following:

  • Marginal note:Absence of regulations

    (5) If there are no regulations made under subsection (4), the court shall require the person to remit or cancel compliance units of a type and in the number that, in the court’s opinion, the person failed to remit or cancel.

619 Paragraph 322(b) of the Act is replaced by the following:

• 620 (1) The portion of section 326 of the Act before paragraph (a) is replaced by the following:

  Marginal note:Regulations for compliance units systems

  326 The Governor in Council may, in the exercise of a regulation-making power under section 93, 118, 140, 167, 177 or 209, make regulations respecting systems relating to compliance units, including regulations providing for, or imposing requirements respecting,

• (2) Paragraph 326(c) of the Act is replaced by the following:

  • (c) the description and nature of a compliance unit, including allowances, credits or coupons;

• (3) Paragraph 326(d) of the French version of the Act is replaced by the following:

  • d) à des fins de comparaison et de contrôle, le seuil et le plafond du mécanisme et la façon de les établir;

• (4) Paragraph 326(e) of the Act is replaced by the following:

  • (e) the conditions related to the creation, distribution, trade, sale, use, variation or cancellation of a compliance unit;

• (5) Paragraph 326(g) of the French version of the Act is replaced by the following:

  • g) les conditions d’adhésion et de participation au mécanisme, et notamment les restrictions d’environnement ou de temps;

621 The portion of section 327 of the Act before paragraph (a) is replaced by the following:

622 The Act is amended by adding the following after section 327: