Farm Income Protection Act (S.C. 1991, c. 22)

Act current to 2019-06-20 and last amended on 2013-03-01. Previous Versions

Accounts (continued)

Revenue Insurance Fund

Marginal note:Revenue Insurance Fund

  •  (1) Where an agreement provides for the establishment and administration by Canada of a revenue insurance program in respect of an agricultural product or class of agricultural products, there shall be established in the accounts of Canada an account, to be known as the Revenue Insurance Fund, in respect of that agricultural product or class.

  • Marginal note:Balance of Stabilization Accounts credited

    (2) The Stabilization Account for a particular agricultural commodity established in the accounts of Canada by section 13.1 of the Agricultural Stabilization Act, as that section read immediately before the coming into force of this Act, is hereby continued, and any balance standing to the credit of the Stabilization Account for that commodity shall be transferred to the Revenue Insurance Fund for the equivalent agricultural product or class of agricultural products.

  • Marginal note:Credits to Revenue Insurance Fund

    (3) There shall be paid into the Consolidated Revenue Fund and credited to the Revenue Insurance Fund established in respect of a particular revenue insurance program

    • (a) all amounts received by Her Majesty in right of Canada under an agreement in respect of the revenue insurance program as or on account of payments of premiums and interest; and

    • (b) all amounts returned or recovered pursuant to that agreement or section 155 of the Financial Administration Act as or on account of repayments of payments made pursuant to that agreement.

  • Marginal note:Amounts in Consolidated Revenue Fund to be credited to Revenue Insurance Fund

    (4) There shall be credited to a Revenue Insurance Fund and charged to the Consolidated Revenue Fund, at the times required by the agreement, an amount equal to Canada’s share of the premiums under the agreement to which that Revenue Insurance Fund relates, reduced in proportion to any unpaid portion of the share of the premiums payable by the provinces or by producers.

  • Marginal note:Annual adjustment

    (5) The Minister of Finance shall, as of the end of each fiscal year, credit or charge to a Revenue Insurance Fund such amount as will adjust the aggregate amount that has been credited to the Fund for that fiscal year pursuant to subsection (4) to the aggregate amount that should have been credited to the Fund for that fiscal year pursuant to that subsection.

  • Marginal note:Postponement of transfer of amounts

    (6) Notwithstanding subsections (4) and (5), the Minister of Finance may credit and charge the amounts to be credited and charged pursuant to those subsections, together with interest authorized under subsection (7) as if the amounts were credited and charged at the times referred to in those subsections, at such later time as the Minister of Finance may fix.

  • Marginal note:Interest

    (7) The Minister of Finance may authorize, in accordance with such terms and conditions and at such rates as the Minister of Finance may fix, after considering any advice furnished by the Minister, the payment of interest on the amount standing to the credit of a Revenue Insurance Fund, and that interest shall be credited to the Revenue Insurance Fund and charged to the Consolidated Revenue Fund.

  • Marginal note:Charges to Revenue Insurance Fund

    (8) There shall be paid out of the Consolidated Revenue Fund and charged to a Revenue Insurance Fund established in respect of a revenue insurance program all amounts paid under the agreement providing for that program.

  • 1991, c. 22, s. 16
  • 2007, c. 35, s. 160(F)

Advances

Marginal note:Advances out of Consolidated Revenue Fund

  •  (1) Where the amount standing to the credit of

    • (a) a Revenue Insurance Fund, or

    • (b) any account that is established by the laws of a province in respect of a revenue insurance program or gross revenue insurance program to be administered by the province

    is insufficient for the payment of amounts required to be charged to that Fund or account, the Minister of Finance may, when requested to do so by the Minister, authorize an advance to that Fund or account from the Consolidated Revenue Fund of an amount sufficient to meet the deficit or any portion of the deficit to be advanced by Canada under the terms of the agreement under which the Revenue Insurance Fund or account is established.

  • Marginal note:Advances payable

    (2) An amount advanced under subsection (1) shall be credited to the Revenue Insurance Fund or account referred to in that subsection and repaid in such manner and on such terms and conditions, including the payment of interest, as the Minister of Finance may fix, after considering any advice furnished by the Minister.

  • Marginal note:Advance included in deficit

    (3) An amount advanced to a Revenue Insurance Fund or account referred to in subsection (1) and any interest thereon shall be included in any deficit estimated for the purpose of that Fund or account.

  • Marginal note:Repayment

    (4) The repayment of an amount advanced under subsection (1) shall be charged to the Revenue Insurance Fund or other account.

Regulations

Marginal note:Regulations

  •  (1) The Governor in Council may make regulations prescribing anything that under this Act is to be prescribed and any regulations that the Governor in Council deems necessary for carrying out the purposes and provisions of this Act, including, without limiting the generality of the foregoing, regulations

    • (a) respecting any of the provisions of an agreement referred to in section 5, 7 or 8 and requiring the inclusion in an agreement of additional provisions; and

    • (b) respecting the protection to be provided for the income of producers of those agricultural products or classes of products to which an agreement does not apply.

  • Marginal note:Amendment of regulations

    (2) No amendment of any regulation respecting an agreement shall be made until the Minister has consulted with each province that is a party to the agreement.

Payments Out of Consolidated Revenue Fund

Marginal note:Contributions or advances

 All payments on account of contributions or advances for the purposes of this Act or the regulations shall be paid out of the Consolidated Revenue Fund on the certificate of the Minister, but all such payments are subject to this Act and the regulations and to the observance of the covenants and undertakings contained in the agreement under which the payment is made.

Reports to Parliament

Marginal note:Review of Act

 A review of the operation of this Act shall be completed

  • (a) on any day before April 1, 1996, and

  • (b) on the expiration of every fifth year after that day

by the Minister, who may for the purpose of that review consult with representatives of such organizations as the Minister considers appropriate, and the Minister shall cause a report of the results of the review to be laid as soon as possible before each House of Parliament.

Marginal note:Annual report

 The Minister shall, as soon as possible after the termination of each fiscal year, cause to be laid before each House of Parliament a report respecting the operations for that year of the agreements made under this Act and the payments made to the provinces under each agreement.

Marginal note:Appointment of Auditor General

 The Auditor General may be appointed for the purposes of auditing the financial statements respecting any program established under an agreement.

Transitional

Marginal note:Transitional

  •  (1) Subject to subsection (3), any agreement entered into pursuant to section 13 of the Agricultural Stabilization Act that is in effect before the coming into force of this Act shall be deemed to have been entered into pursuant to this Act and shall, subject to this Act and any regulations made thereunder, have effect in accordance with its terms and conditions as if it had, by its terms, established a revenue insurance program and as if any reference in the agreement to the Agricultural Stabilization Board were a reference to the Minister.

  • Marginal note:Idem

    (2) Subject to subsection (3), any agreement entered into pursuant to the Crop Insurance Act that is in effect before the coming into force of this Act shall be deemed to have been entered into pursuant to this Act and shall, subject to this Act and any regulations made thereunder, have effect in accordance with its terms and conditions.

  • Marginal note:Idem

    (3) This Act and any regulations made thereunder apply in respect of agreements entered into under the Agricultural Stabilization Act or the Crop Insurance Act for periods beginning on or after April 1, 1991.

Marginal note:Transitional

  •  (1) The Agricultural Stabilization Act as it read immediately before the coming into force of this Act, and any regulations made thereunder, continue to apply

    • (a) in respect of any named commodity within the meaning of paragraph (c) or (d) of the definition “named commodity” in subsection 2(1) of that Act, if that named commodity was marketed during the crop year in respect of that named commodity beginning in the 1990 calendar year;

    • (b) in respect of wool, if the wool was marketed during the 1990 calendar year; and

    • (c) in respect of industrial milk and industrial cream in relation to which a percentage of the base price was prescribed under paragraph 10(1)(a) of that Act, during the fiscal year ending on March 31, 1992.

  • Marginal note:Idem

    (2) The Western Grain Stabilization Act as it read immediately before the coming into force of this Act, and any regulations made thereunder, continue to apply in respect of grain marketed during the crop year beginning on August 1, 1990 and ending on July 31, 1991.

  • Marginal note:Idem

    (3) For greater certainty, no stabilization payment is payable under the Western Grain Stabilization Act as it read immediately before the coming into force of this Act, or under any contract relating to or arising from that Act, in respect of any crop year beginning on or after August 1, 1991.

 
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