Of course, yes.
Evidence of meeting #51 for Finance in the 43rd Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was agreed.
A video is available from Parliament.
Evidence of meeting #51 for Finance in the 43rd Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was agreed.
A video is available from Parliament.
8:30 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Of course, yes.
8:30 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 140 carry on division?
(Clause 140 agreed to on division)
(On clause 141)
8:30 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
The changes in clause 141 go beyond unclaimed amounts to include unclaimed assets in federal pension plans. The proposal in clause 141 is to establish a legislative framework similar to the one dealing with unclaimed assets in financial institutions. It therefore includes requirements for transfers, claims and for publishing information.
8:35 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 141 carry?
(Clause 141 agreed to on division)
(On clause 142)
8:35 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Clause 142 is a consequential amendment to clause 141, but this time, it deals with subsection 39(1) of the Pension Benefits Standards Act, 1985.
8:35 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 142 carry on division?
(Clause 142 agreed to on division)
(On clause 143)
8:35 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Clause 143 deals with the Trust and Loan Companies Act. It actually amends subsection 424(1) to include deposits in foreign currency. At the moment, only deposits in Canadian currency are allowed. The intent therefore is to broaden the program to include foreign currencies.
The intent is also to ensure that, after the period of inactivity, financial institutions transfer to the Bank of Canada the social insurance numbers and dates of birth of those who hold those accounts.
Finally, financial institutions are also to transfer copies of signature cards and signing authorities to the Bank of Canada.
Once again, these are clarifications to make sure that information will not be lost and that it will be transferred to the Bank of Canada, which can then use it to find people as quickly as possible and connect with those who may be looking for lost deposits.
8:35 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 143 carry?
(Clause 143 agreed to on division)
(On clause 144)
8:35 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Clause 144 is another amendment to the Trust and Loan Companies Act.
Currently, the program only holds the mailing address of forgotten account holders. So we want to broaden the program by asking for email addresses as well. As you know, these days it's much easier to find people by their email address than by their mailing address alone. That's what is requested in clause 144.
8:35 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 144 carry on division?
(Clause 144 agreed to on division)
(On clause 145)
8:35 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Clause 145 is once again similar to those I presented earlier and makes changes to the Trust and Loan Companies Act.
This clause is to ensure that changes to the subsection will include foreign currency bank accounts and that the information will be provided to the Bank of Canada. That includes addresses, social insurance numbers and dates of birth, for example, and any other type of information.
8:35 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 145 carry on division?
(Clause 145 agreed to on division)
(On clause 146)
8:35 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Clause 146 is again very similar to another clause I presented. The purpose of this clause is to ensure that email addresses will be transferred from banking institutions to the Bank of Canada.
8:35 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 146 carry on division?
(Clause 146 agreed to on division)
(On clause 147)
8:35 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Clause 147 is again very similar to what I presented earlier, but it applies to foreign banks. I talked about trust companies and banks, but foreign banks will be subject to the same regulations in terms of transferring information and accepting accounts held in foreign currency.
8:35 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 147 carry on division?
(Clause 147 agreed to on division)
(On clause 148)
8:40 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
I feel like I'm repeating myself, but clause 148 is again very similar to the previous clauses. It allows foreign banks to release the email addresses of people who have forgotten or lost their accounts.
8:40 p.m.
Liberal
The Chair Liberal Wayne Easter
That's okay, Mr. Moreau; we don't repeat ourselves very often on this committee.
Shall clause 148 carry?
(Clause 148 agreed to on division)
8:40 p.m.
Conservative
Tamara Jansen Conservative Cloverdale—Langley City, BC
I am hoping there'll be some money coming my way once we put this all in place.
8:40 p.m.
Liberal
8:40 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Clause 149 is a coordinating amendment clause. Amendments made in 2007 will take precedence or not, depending on when the amendments we have presented come into force.
8:40 p.m.
Conservative
Ed Fast Conservative Abbotsford, BC
Do we have any idea what those clauses are? They go back to 2007. Do we know what those amendments are?
8:40 p.m.
Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
Yes. I cannot provide you full details, but some of them are linked to the information that needs to be transferred to the Bank of Canada. Some of it was not even required before. They do have it, but we are adding to it with this new amendment. I don't have the full details, but some of it is associated with the information that's transferred to the bank.