p42 s1 bill 269 b269rep e.pdf

Ontario — Bills

1ST SESSION, 42ND LEGISLATURE, ONTARIO 70 ELIZABETH II, 2021 Bill 269

An Act to implement Budget measures and to enact and amend various statutes The Hon. P. Bethlenfalvy Minister of Finance Government Bill 1st Reading March 24, 2021 2nd Reading April 1, 2021 3rd Reading Royal Assent (Reprinted as amended by the Standing Committee on Finance and Economic Affairs and as reported to the Legislative Assembly April 19, 2021) (The provisions in this Bill will be renumbered after 3rd Reading)

This reprint of the Bill is marked to indicate the changes that were made in Committee. The changes are indicated by underlines for new text and a strikethrough for deleted text. ______________ EXPLANATORY NOTE

SCHEDULE 1 CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994 Subsection 276 (2) of the Credit Unions and Caisses Populaires Act, 1994 is amended to provide that the Deposit Insurance Reserve Fund may be used to pay for fees in respect of credit agreements entered into by the Financial Services Regulatory Authority of Ontario to provide financial assistance to the credit union sector.

SCHEDULE 2 CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020 Subsection 224 (2) of the Credit Unions and Caisses Populaires Act, 2020 is amended to provide that the Deposit Insurance Reserve Fund may be used to pay for fees in respect of credit agreements entered into by the Financial Services Regulatory Authority of Ontario to provide financial assistance to the credit union sector.

SCHEDULE 3 ELECTRICITY ACT, 1998 The

Schedule repeals subsection 50 (5) of the Electricity Act, 1998. Currently, subsection 50 (5) of the Act provides that if an agent of Her Majesty in right of Ontario is paid dividends from Hydro One Limited shares, the agent must pay the dividends to the Ontario Electricity Financial Corporation less any amount of payment obligations assumed by the agent or Her Majesty in right of Ontario under clause 122 (1) (

a) of the Act.

SCHEDULE 4 FINANCIAL PROFESSIONALS TITLE PROTECTION ACT, 2019 Subsection 5 (2) of the Financial Professionals Title Protection Act, 2019, which is not yet in force, provides that a credentialing body approved under the Act is required to collect certain authorized fees from individuals holding approved credentials it has issued and remit the fees to the Financial Services Regulatory Authority of Ontario. The

Schedule re-enacts subsection 5 (2) of the Act and amends the Act to provide that approved credentialing bodies are required to pay any fees required under the rules made by the Financial Services Regulatory Authority of Ontario. Related rule-making powers in the Act are also repealed. Consequential amendments are made to the Financial Services Regulatory Authority of Ontario Act, 2016 respecting the power of the Financial Services Regulatory Authority of Ontario to make rules governing fees in relation to credentialing bodies approved under the Financial Professionals Title Protection Act, 2019.

SCHEDULE 5 INSURANCE ACT The Insurance Act is amended to change certain references to the regulations to refer instead, or also, to the Authority rules.

Section 445 of the Act is amended to include a new definition of “requirement established under this Act”.

SCHEDULE 6 INVEST ONTARIO ACT, 2021 The Invest Ontario Act, 2021 is enacted. The Act continues the corporation known in English as Invest Ontario and in French as Investissements Ontario. The Act includes provisions respecting the Corporation’s objects, the composition of the board of directors, by-law making provisions, the Chief Executive Officer and employees of the Corporation, the powers of the Corporation and requirements relating to financial record-keeping, annual and other reports, and audits.

SCHEDULE 7 MINISTRY OF ECONOMIC DEVELOPMENT AND TRADE ACT The Ministry of Economic Development and Trade Act is amended to provide that the annual report required under the Act shall detail the outcomes and highlights of the Ministry’s economic development funding programs and funding agreements. A related regulation-making power is added.

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SCHEDULE 8 ONTARIO LOAN ACT, 2021 The Ontario Loan Act, 2021 is enacted. Subsection 1 (1) of the Act authorizes the Crown to borrow a maximum of $40.1 billion.

SCHEDULE 9 SECURITIES COMMISSION ACT, 2021 The

Schedule enacts the Securities Commission Act, 2021. The Act continues the Ontario Securities Commission and establishes a new Capital Markets Tribunal as a division of the Commission. The Tribunal has exclusive jurisdiction to exercise the powers conferred on it under the Securities Act and the Commodity Futures Act and to determine all questions of fact or law in any proceeding before it under those Acts.

The Commission’s objects are to administer and enforce the Securities Act and the Commodity Futures Act, and to carry out the powers, duties and functions given to the Commission under the Securities Commission Act, 2021 or any other Act. The Act provides for the governance of the Commission. The board of directors is appointed by the Lieutenant Governor in Council on the recommendation of the Minister. The role of the board of directors is to manage or supervise the management of the Commission’s affairs, other than matters relating to the Tribunal’s adjudicative functions.

The Lieutenant Governor in Council, on the recommendation of the Minister, designates a director as chair of the board of directors. The board of directors appoints a Chief Executive Officer of the Commission. However, the Lieutenant Governor in Council appoints the Chief Executive Officer during the first two years after the new Act comes into force. The Chief Executive Officer is responsible for the management and administration of the Commission, other than matters relating to the adjudicative functions of the Tribunal.

The Chief Executive Officer also has the powers, duties and functions given to the Chief Executive Officer of the Commission under the Securities Act, the Commodity Futures Act and any other Act. Various matters relating to employment and funding are provided for. The Commission may collect and enforce the payment of any fees that are authorized under the Securities Act or the Commodity Futures Act.

Those fees, and other funds specified in the Act, do not form part of the Consolidated Revenue Fund and are to be applied to carrying out the Commission’s powers, duties and functions, with certain specified exceptions. The Act sets out certain requirements respecting the Commission’s business plans and annual reports, which are to be provided to the Minister of Finance and made available to the public. The Commission is required to allocate sufficient funding for the proper operation of the Tribunal in each fiscal year.

The Act provides for the composition of the new Tribunal and for the appointment of adjudicators. The Lieutenant Governor in Council, on the recommendation of the Minister of Finance, designates a Chief Adjudicator from among the appointed adjudicators. The Commission has the power to collect personal information for the purpose of carrying out its duties and exercising its powers. Certain protections are provided to the Commission and its current and former directors, employees, Chief Executive Officers and adjudicators with respect to personal immunity and non-compellability in civil proceedings.

The Lieutenant Governor in Council is given the power to make regulations governing transitional matters arising from the enactment of the Act. Consequential amendments are made to the Securities Act, the Commodity Futures Act and the Canadian Public Accountability Board Act (Ontario), 2006. The amendments primarily reflect the continuation of the Commission under the new Securities Commission Act, 2021 and the establishment of the Capital Markets Tribunal.

In particular, the Securities Act and the Commodity Futures Act are amended to set out the adjudicative functions of the Capital Markets Tribunal under those Acts. The purposes of the Securities Act and the Commodity Futures Act are also amended to include the fostering of competitive markets and of capital formation.

SCHEDULE 10 TAXATION ACT, 2007 Currently, under

section 97.1 of the Taxation Act, 2007, qualifying corporations may claim a regional opportunities investment tax credit in respect of eligible expenditures, which are certain expenditures incurred in respect of the acquisition of eligible property. Eligible property is defined as property that, among other things, is located within the qualifying region. Amendments are made to enhance the amount of the credit that may be claimed in respect of special expenditures, which are defined as eligible expenditures in respect of property that is considered to have become available for use during the period that commences on March 24, 2021 and ends on December 31, 2022.

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Section 103.0.2 of the Act currently sets out the Ontario childcare access and relief from expenses tax credit. New subsection 103.0.2 (2.1) provides for a 20 per cent enhancement of the credit for a taxation year beginning after December 31, 2020 and ending before January 1, 2022. New

section 103.0.4 of the Act sets out the Ontario jobs training tax credit. The credit is refundable and is available to eligible individuals in respect of a taxation year that ends after December 31, 2020 and before January 1, 2022. Only an individual who has a positive federal training credit limit for the year is eligible for the credit. Eligible expenses for the credit are based on expenses that may be claimed in respect of the Canada training credit under the Income Tax Act (Canada), which are based on certain expenses that are eligible for the tuition tax credit under that Act. Consequential amendments are made to sections 84 and 176 of the Act.

Bill 269 2021

An Act to implement Budget measures and to enact and amend various statutes CONTENTS 1. Contents of this Act 2. Commencement 3.

Short title

Schedule 1 Credit Unions and Caisses Populaires Act, 1994

Schedule 2 Credit Unions and Caisses Populaires Act, 2020

Schedule 3 Electricity Act, 1998

Schedule 4 Financial Professionals Title Protection Act, 2019

Schedule 5 Insurance Act

Schedule 6 Invest Ontario Act, 2021

Schedule 7 Ministry of Economic Development and Trade Act

Schedule 8 Ontario Loan Act, 2021

Schedule 9 Securities Commission Act, 2021

Schedule 10 Taxation Act, 2007 Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: Contents of this Act 1 This Act consists of this section, sections 2 and 3 and the Schedules to this Act. Commencement 2

(1) Subject to subsections (2) and (3), this Act comes into force on the day it receives Royal Assent.

(2) The Schedules to this Act come into force as provided in each Schedule.

(3) If a

Schedule to this Act provides that any provisions are to come into force on a day to be named by proclamation of the Lieutenant Governor, a proclamation may apply to one or more of those provisions, and proclamations may be issued at different times with respect to any of those provisions.

Short title 3 The

short title of this Act is the Protecting the People of Ontario Act (Budget Measures), 2021.

SCHEDULE 1 CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994 1 Subsection 276 (2) of the Credit Unions and Caisses Populaires Act, 1994 is amended by adding the following paragraph: 6. Fees in respect of credit agreements entered into by the Authority to provide financial assistance to the credit union sector. Commencement 2 This

Schedule comes into force on the day the Protecting the People of Ontario Act (Budget Measures), 2021 receives Royal Assent.

SCHEDULE 2 CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020 1 Subsection 224 (2) of the Credit Unions and Caisses Populaires Act, 2020 is amended by adding the following paragraph: 6. Fees in respect of credit agreements entered into by the Authority to provide financial assistance to the credit union sector. Commencement 2 This S

Document details

Collection	Ontario — Bills
Citation	p42 s1 bill 269 b269rep e.pdf
Type	bill
Volume / chapter	p42 s1 bill 269 b269rep e.pdf
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	e1ac61014c3cf950acca6b2bddf917d5af384e00

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