Evidence of meeting #52 for Finance in the 43rd Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was clauses.
A video is available from Parliament.
5:20 p.m.
Liberal
The Chair Liberal Wayne Easter
We expect that Finance will give an answer to the clerk and we'll give it to the committee at some point, Ted.
Ed.
5:20 p.m.
Conservative
Ed Fast Conservative Abbotsford, BC
Yes, Mr. Chair, and I would recommend to Ms. Wrye that she get a defined broadband plan.
5:20 p.m.
Voices
Oh, oh!
5:20 p.m.
Liberal
The Chair Liberal Wayne Easter
Oh well, these things happen.
Are there any other questions on clause 189?
(Clause 189 agreed to on division)
(On clause 190)
5:20 p.m.
Conservative
5:20 p.m.
Acting Director, Pensions Policy, Financial Crimes and Security Division, Financial Sector Policy Branch, Department of Finance
Clause 190 amends subsection 10.1(2) of the Pension Benefits Standards Act, which sets out the rules with respect to plan amendments. This amendment carves out negotiated contribution plans from the existing rules and requires that amendments to negotiated contribution plans will be null and void if they don't meet the requirements set out in the regulations.
Pretty much what it's saying is that we're going to make the rules slightly different with relation to plan amendments and what the threshold is at which they would not be approved. The details will be set out in regulations.
5:25 p.m.
Liberal
The Chair Liberal Wayne Easter
All right. Shall clause 190 carry?
(Clause 190 agreed to on division)
(On clause 191)
5:25 p.m.
Acting Director, Pensions Policy, Financial Crimes and Security Division, Financial Sector Policy Branch, Department of Finance
Yes. Thank you.
Clause 191 supports the previous clause, 190, by providing the authority to prescribe in regulations the rules associated with amendments to negotiated contribution plans.
5:25 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 191 carry on division?
(Clause 191 agreed to on division)
(On clause 192)
5:25 p.m.
Acting Director, Pensions Policy, Financial Crimes and Security Division, Financial Sector Policy Branch, Department of Finance
Clause 192 sets out that the amendments in clauses 189 to 192 with respect to negotiated contribution plans come into force on order of the Governor in Council. This is because regulatory amendments are also required, so in this way we'll make sure that the legislative and regulatory amendments come into force on the same date.
5:25 p.m.
Acting Director, Pensions Policy, Financial Crimes and Security Division, Financial Sector Policy Branch, Department of Finance
(Clause 192 agreed to on division)
(On clause 193)
5:25 p.m.
Liberal
The Chair Liberal Wayne Easter
We're on clause 193 of division 10. I believe we're done with division 9.
Thank you, Ms. O'Brien, Ms. Wrye and Mr. Mackinnon. That finishes that section.
You're done, for now anyway. Get this thing done in less than two years, though. Thank you.
5:25 p.m.
Director General, Financial Services Division, Financial Sector Policy Branch, Department of Finance
I'll do my best. Keep my feet to the fire.
5:25 p.m.
Liberal
The Chair Liberal Wayne Easter
All right. We're going to division 10, the First Nations Fiscal Management Act.
The lead on that is Ms. Dwivedi.
5:25 p.m.
Garima Dwivedi Director General, Indigenous Institutions and Governance Modernization, Resolution and Partnerships, Department of Crown-Indigenous Relations and Northern Affairs
Thank you, Mr. Chair.
5:25 p.m.
Liberal
The Chair Liberal Wayne Easter
Go ahead. You'll have to pronounce your name for me. I'm terrible at names. I apologize.
5:25 p.m.
Director General, Indigenous Institutions and Governance Modernization, Resolution and Partnerships, Department of Crown-Indigenous Relations and Northern Affairs
That's okay. So am I.
My name is Garima Dwivedi. I'm the director general of indigenous institutions and governance modernization at Crown-Indigenous Relations and Northern Affairs Canada. I can speak to division 10, clause 193.
I'd first like to acknowledge that I'm on the unceded territory of the Algonquin Anishinabe nation.
I'd also like to express my profound sadness at the horrific discoveries at the Tk'emlúps First Nation last week.
Clause 193 is an amendment to the First Nations Fiscal Management Act to remove a barrier that currently exists for first nations to use certain types of their own revenues, such as the first nations goods and services tax or the first nations sales tax, for loans under the First Nations Finance Authority. This amendment would enable first nations that choose to use these revenues to be able to secure capital to meet their communities' infrastructure or economic development needs.
The specific amendment proposed would provide an exemption to section 67 of the Financial Administration Act, which prevents the assignment of Crown debt as borrowing. Using these types of revenues for loans had been considered to constitute such an assignment of debt. The wording of the exemption was designed to parallel similar exemptions in other statutes.
Mr. Chair, would you be able to invite my colleagues, Ms. Leane Walsh and Mr. Jeffrey Clark, for support in responses to any questions? Thank you.
5:25 p.m.
Liberal
The Chair Liberal Wayne Easter
Yes.
If you could, Mr. Clerk, you can let them in from the waiting room.
All right. Are there any questions on this clause from anyone?
Ms. Jansen.
5:25 p.m.
Conservative
Tamara Jansen Conservative Cloverdale—Langley City, BC
I just want to make sure I understood your explanation. What you're saying is that normally you would not be able to take a loan on those sorts of revenues, like GST and so forth. Is that what you were saying?
5:25 p.m.
Director General, Indigenous Institutions and Governance Modernization, Resolution and Partnerships, Department of Crown-Indigenous Relations and Northern Affairs
That's correct.
Currently, first nations cannot use revenues from, for example, the FNGST, the first nations goods and services tax, or the sales tax, to secure capital through the market, through the First Nations Finance Authority. This would remove a barrier for them to do that.