|Name:||Supporting Vulnerable Seniors and Strengthening Canada's Economy Act [S.C. 2011, c. 15].|
|Subject(s):||Old-age, invalidity and survivors benefit|
|Type of legislation:||Law, Act|
|Entry into force:|
|Bibliography:||Legislation on-line in French and English Department of Justice, Canada PDF of Act current to 20 June 2019 (consulted on 2012-01-12)
|Abstract/Citation:||Part 1 - Implements income tax measures and related measures proposed in the 2011 budget, and income tax measures referred to in that budget that were previously announced.
Part 2 - Amends the Excise Tax Act to introduce a 100% rebate of the goods and services tax and the harmonized sales tax paid by the Royal Canadian Legion on acquisitions of Remembrance Day poppies and wreaths. Also amends the Excise Act, 2001 and the Excise Tax Act to allow the sharing of information obtained under these statutes with countries or jurisdictions with which Canada has entered into a tax information exchange agreement.
Part 3 - Amends the Old Age Security Act to allow an amount to be added to the amount of benefits payable to certain low-income beneficiaries.
Part 4 - Authorizes payments to be made out of the Consolidated Revenue Fund for various purposes.
Part 5 - Amends the Auditor General Act to repeal a provision that provides for mandatory retirement.
Part 6 - Amends the Canada Student Financial Assistance Act to change the rules concerning interest paid by part-time students.
Part 7 - Enacts the Protection of Residential Mortgage or Hypothecary Insurance Act, which is designed to support the efficient functioning of the housing finance market and the stability of the financial system in Canada by authorizing the Minister of Finance to provide protection in respect of certain mortgage or hypothecary insurance contracts. It also makes consequential amendments to the National Housing Act and the Office of the Superintendent of Financial Institutions Act and repeals Part 9 of the Budget Implementation Act, 2006.
Part 8 - Amends the Federal-Provincial Fiscal Arrangements Act to authorize additional payments to certain provinces in respect of major transfers.
Part 9 - Amends the Insurance Companies Act to prohibit a federal mutual company from distributing its property or other benefits to policyholders and shareholders, until the Minister of Finance has approved a conversion proposal made in accordance with the regulations.
Part 10 - Amends the Assessment of Financial Institutions Regulations, 2001 to modify the assessment of financial institutions and validates amounts assessed after May 31, 2001.
Part 11 - Amends the Financial Administration Act to permit departments to enter into agreements respecting the provision of internal support services. It also authorizes the transfer of money when a power, duty or function or the control or supervision of a portion of the federal public administration, is transferred under section 2 or 3 of the Public Service Rearrangement and Transfer of Duties Act.
Part 12 - Amends the Canada Shipping Act, 2001 to allow the Governor in Council to make regulations exempting vessels, and authorizing the Minister of Transport to temporarily exempt vessels, from the registration requirements in Part 2 of that Act. This Part also amends the Act to allow for the registration of a group of vessels as a fleet in the small vessel register, under a single certificate of registry and single official number.