GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Principal-protected Notes Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 459.4 a and 576.2 b of the Bank Act c , section 385.28 d of the Cooperative Credit Associations Act e and section 444.3 f of the Trust and Loan Companies Act g , hereby makes the annexed Principal Protected Notes Regulations . a S.C. 2007, c. 6, s. 37 b S.C. 2007, c. 6, s. 93 c S.C. 1991, c. 46 d S.C. 2007, c. 6, s. 170 e S.C. 1991, c. 48 f S.C. 2007, c. 6, s. 368 g S.C. 1991, c. 45
Principal-protected Notes Regulations — 1
Definitions 1 The following definitions apply in these Regulations. institution means (a) [Repealed, SOR/2021-181, s. 104] (b) [Repealed, SOR/2021-181, s. 104] (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act ; or (d) a company, as defined in section 2 of the Trust and Loan Companies Act . ( institution ) interest , in relation to a principal-protected note, includes any return payable under the note by an institution in respect of the principal. ( intérêt ) principal-protected note has the same meaning as in subsection 627.01(1) of the Bank Act . ( billet à capital protégé ) SOR/2011-98, s. 10 SOR/2021-181, s. 104 SOR/2024-212, s. 2 SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — (a)
institution means (a) [Repealed, SOR/2021-181, s. 104] (b) [Repealed, SOR/2021-181, s. 104] (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act ; or (d) a company, as defined in section 2 of the Trust and Loan Companies Act . ( institution )
Principal-protected Notes Regulations — Principal-protected Notes Regulations
interest , in relation to a principal-protected note, includes any return payable under the note by an institution in respect of the principal. ( intérêt )
Principal-protected Notes Regulations — Principal-protected Notes Regulations
principal-protected note has the same meaning as in subsection 627.01(1) of the Bank Act . ( billet à capital protégé )
Principal-protected Notes Regulations — 2
Clear and simple language 2 Any disclosure that is required to be made by an institution under these Regulations must be made in language that is clear and simple and in a manner that is not misleading.
Principal-protected Notes Regulations — 3
Information that must be disclosed 3 Subject to sections 4 to 6, an institution must provide — at least two days before entering into an agreement to issue a principal-protected note to an investor — a synopsis of the following information to the investor orally, by means of a person who is knowledgeable about the terms and conditions of the note, and in writing: (a) the term of the note, and how and when the principal is to be repaid and the interest, if any, is to be paid; (b) any charges and their impact on the interest payable; (c) how interest is accrued, and any limitations in respect of the interest payable; (d) any risks associated with the note, including, if applicable, the risk that no interest may accrue; (e) the distinction between principal-protected notes and fixed-rate investments with respect to the levels of risk and return; (f) the circumstances in which a principal-protected note could be an appropriate investment; (g) if the note relates to a deposit that is not eligible for deposit insurance coverage by the Canada Deposit Insurance Corporation, the fact that it is not eligible; (h) whether the note may be redeemed before its maturity and, if so, that redemption before maturity may result in the investor receiving less than the principal amount; (i) the terms and conditions of any secondary market offered by the institution; (j) whether the investor may cancel their purchase of the note and, if so, how the purchase may be cancelled; (k) whether the note provides that the institution may amend the note and, if so, in what circumstances; (l) whether the manner in which the note is structured or administered may place the institution in a conflict of interest; and (m) [Repealed, SOR/2020-47, s. 9] (n) that the information referred to in section 8 is available on request and that the information referred to in section 9 is available on request after the note is issued. SOR/2016-142, s. 3(F) SOR/2020-47, s. 9 SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 4
Exception — agreements entered into in person 4 The disclosure referred to in section 3 may be provided at any time before entering into the agreement for the issuance of a principal-protected note if the institution and the investor expressly consent to it and the agreement is entered into in person. SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 5
Exception — agreements entered into by electronic means 5 An institution, other than an institution referred in section 6, that enters into an agreement for the issuance of a principal-protected note by electronic means is not required to provide the oral disclosure referred to in section 3. However, at least two days before entering into the agreement the institution must disclose, in addition to the written disclosure referred to in section 3, the telephone number of a person who is knowledgeable about the terms and conditions of the note. SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 6
Institutions that have made a public commitment 6 The following rules apply in respect of an agreement to issue a principal-protected note that is entered into by electronic means or by telephone by an institution that has made a public commitment referred to in paragraph 3(2)(c) of the Financial Consumer Agency of Canada Act to allow an investor to cancel the purchase of a principal-protected note within two or more days after the day on which the agreement is entered into or, if it is later, the day on which the disclosure required by this section is provided: (a) if the agreement is entered into by electronic means, the institution is not required to make the oral disclosure referred to in section 3 but the institution must provide the written disclosure referred to in that section before entering into the agreement and must provide the telephone number of a person who is knowledgeable about the terms and conditions of the note before, or without delay after, entering into the agreement; and (b) if the agreement is entered into by telephone, the institution must provide the oral disclosure referred to in section 3 before entering into the agreement and must provide the written disclosure referred to in that section before, or without delay after, entering into the agreement. SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 7
Calculation of time — disclosure by mail 7 An institution that provides the written disclosure referred to in section 3 by mail is deemed to have provided the disclosure five business days after the postmark date.
Principal-protected Notes Regulations — 8
Detailed information 8 The information referred to in paragraphs 3(a) to (l) respecting the principal-protected notes offered by an institution must be disclosed by the institution in a full and complete manner (a) on its websites through which products or services are offered in Canada; and (b) in written format to be sent to any person who requests it. SOR/2020-47, s. 10 SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 9
Information — current value 9 An institution must disclose the following information to an investor who makes an inquiry concerning the value of their principal-protected note on a specified day: (a) the net asset value of the note on the specified day and how that value is related to the interest payable under the note; or (b) the last available measure, before the specified day, of the index or reference point on which the interest is determined and how that measure is related to the interest payable under the note. SOR/2020-47, s. 11 SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 10
Information — amendments 10 Before making an amendment to a principal-protected note that may have an impact on the interest payable under the note, the institution must disclose the amendment, and its potential impact on the interest payable, in writing to the investor. If it is not possible to disclose the amendment before making it, the institution must disclose it without delay after it is made. SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 11
Information — index or reference points 11 If a principal-protected note ceases to be linked to an index or reference point that was to be used to determine the interest payable under the note and, as a result, no interest will be paid, the institution must disclose that fact to the investor. SOR/2020-47, s. 12 SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 12
Information — early redemption 12 Before redeeming or purchasing a principal-protected note before its maturity on the request of an investor, an institution must disclose to the investor (a) the value of the note on the last business day before the day that the investor requests the redemption or purchase, or the value of the note based on the last available measure of the index or reference point on which the interest is determined; (b) the amount of any penalty or charge; (c) the net amount that the investor would have received for the redemption or purchase after deducting the amount referred to in paragraph (b) from the value of the note referred to in paragraph (a); and (d) when and how the value of the note will be calculated, and the fact that the value of the note may differ from the value referred to in paragraph (a). SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 13
Required content — all advertisements 13 (1) In each of its advertisements for principal-protected notes, an institution must disclose how the public may obtain information about the notes. Required content — advertisements referring to a note’s features or interest payable (2) In each of its advertisements that refer to features of principal-protected notes or the interest payable under them, an institution must also disclose (a) the manner in which interest is to be accrued, and any limitations in respect of the interest payable; (b) if the advertisement gives an example of a situation in which interest would be payable, an example of another situation in which no interest would be payable; (c) if the advertisement gives an example of a situation in which interest would be payable that is in addition to any minimum interest that is guaranteed, an example of another situation in which only the minimum interest would be payable; and (d) if the notes relate to deposits that are not eligible for deposit insurance coverage by the Canada Deposit Insurance Corporation, the fact that they are not eligible. Market performance (3) An institution that uses past market performance in an advertisement for a principal-protected note shall represent that performance fairly and, if hypothetical examples are used, the assumptions underlying those examples must be realistic and must be disclosed in the advertisement. The institution must also disclose in the advertisement that past market performance is not an indicator of future market performance. SOR/2024-212, s. 3(E)
Principal-protected Notes Regulations — 15
July 1, 2008 15 These Regulations come into force on July 1, 2008.
Canada Disability Savings Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Human Resources and Skills Development, pursuant to section 17 of the Canada Disability Savings Act a , hereby makes the annexed Canada Disability Savings Regulations . a S.C. 2007, c. 35, s. 136
Canada Disability Savings Regulations — 1
1 The following definitions apply in these Regulations. Act means the Canada Disability Savings Act . ( Loi ) assistance holdback amount means, at a particular time, (a) in the case of an RDSP that is, at the particular time, a specified disability savings plan, nil; and (b) in any other case, the total amount of bonds and grants paid into an RDSP within the 10-year period before the particular time, less any amount of bond or grant paid in that 10-year period that has been repaid to the Minister. ( montant de retenue ) bond means a Canada Disability Savings Bond. ( bon ) grant means a Canada Disability Savings Grant. ( subvention ) issuer agreement means an agreement entered into by the Minister and an issuer of an RDSP that relates to the payment of a grant or bond. ( convention d’émetteur ) RDSP means a registered disability savings plan under section 146.4 of the Income Tax Act . ( REEI ) 2011, c. 15, s. 7 2021, c. 23, s. 94(F)
Canada Disability Savings Regulations — Canada Disability Savings Regulations
Act means the Canada Disability Savings Act . ( Loi )
Canada Disability Savings Regulations — (a)
assistance holdback amount means, at a particular time, (a) in the case of an RDSP that is, at the particular time, a specified disability savings plan, nil; and (b) in any other case, the total amount of bonds and grants paid into an RDSP within the 10-year period before the particular time, less any amount of bond or grant paid in that 10-year period that has been repaid to the Minister. ( montant de retenue )
Canada Disability Savings Regulations — Canada Disability Savings Regulations
bond means a Canada Disability Savings Bond. ( bon )
Canada Disability Savings Regulations — Canada Disability Savings Regulations
grant means a Canada Disability Savings Grant. ( subvention )
Canada Disability Savings Regulations — Canada Disability Savings Regulations
issuer agreement means an agreement entered into by the Minister and an issuer of an RDSP that relates to the payment of a grant or bond. ( convention d’émetteur )
Canada Disability Savings Regulations — Canada Disability Savings Regulations
RDSP means a registered disability savings plan under section 146.4 of the Income Tax Act . ( REEI )
Canada Disability Savings Regulations — 2
2 The Minister may pay a grant into an RDSP in respect of a contribution made to and not withdrawn from the RDSP if (a) the issuer enters into an issuer agreement with the Minister that applies to the RDSP and includes the terms and conditions set out in section 4; (b) the issuer submits, at the request of the holder of the RDSP, an application for the grant to the Minister; (c) the beneficiary is less than 49 years of age at the end of the year preceding the year in which the contribution is made; (d) the total of the contribution and all other contributions made to an RDSP of the beneficiary does not exceed $200,000; (e) the beneficiary is a DTC-eligible individual in respect of the year in which the contribution is made, and in respect of the year or years to which the contribution is allocated; and (f) the issuer complies with the requirements of these Regulations and the terms and conditions of the issuer agreement that applies to the RDSP. SOR/2013-131, s. 1; SOR/2014-134, s. 1
Canada Disability Savings Regulations — 3
3 The Minister may pay a bond into an RDSP if (a) the issuer enters into an issuer agreement with the Minister that applies to the RDSP and includes the terms and conditions set out in section 4; (b) the holder requests, no later than December 31 of the year in which the beneficiary attains 49 years of age, that the issuer submit an application for the bond; (c) the issuer submits an application for the bond to the Minister; (d) the beneficiary is less than 49 years of age at the end of the year preceding the year for which the bond is payable; (e) the beneficiary is a DTC-eligible individual in respect of the year for which the bond is payable; and (f) the issuer complies with the requirements of these Regulations and the terms and conditions of the issuer agreement that applies to the RDSP. SOR/2013-131, s. 2; SOR/2014-134, s. 2
Canada Disability Savings Regulations — 4
4 Every issuer agreement shall include the following terms and conditions: (a) the issuer shall provide the Minister with any information that the Minister requires for the purposes of the Act and these Regulations; (b) the issuer shall maintain records and books of account that relate to the amounts paid under the Act in the form and containing any information that the Minister requires to ensure compliance with the Act and these Regulations; (c) the issuer shall allow the Minister access to all documents and other information that the Minister requires for auditing amounts paid or repaid under the Act and these Regulations; (d) the issuer shall report to the Minister annually or within any other period set out in the issuer agreement with respect to (i) all contributions, payments and transfers to, and all payments and transfers from, an RDSP, (ii) the assistance holdback amount, and (iii) any other information related to the RDSP that is specified in the issuer agreement; (e) the issuer shall submit all information to the Minister in a format and manner that is acceptable to the Minister; (f) the issuer shall not charge fees related to the RDSP against the assistance holdback amount of the RDSP; (g) the issuer shall, when transferring the property of the RDSP, provide to the issuer of the new plan all information that it is required to provide in accordance with paragraph 146.4(8)(c) of the Income Tax Act ; and (h) the issuer shall repay any amount required to be repaid to the Minister under these Regulations and shall do so within the period specified in the agreement. 2010, c. 12, s. 29; 2012, c. 31, s. 71
Canada Disability Savings Regulations — 5
5 (1) Subject to section 5.1, an issuer of an RDSP shall repay to the Minister, within the period set out in the issuer agreement, the amount referred to in subsection (2) if (a) the RDSP is terminated; (b) the plan ceases to be an RDSP as a result of the application of paragraph 146.4(10)(a) of the Income Tax Act ; or (c) [Repealed, 2021, c. 23, s. 95] (d) the beneficiary dies. (2) The amount that must be repaid as a result of the occurrence of an event described in subsection (1) is the lesser of (a) the fair market value, immediately before the occurrence, of the property held by the RDSP, and (b) the assistance holdback amount of the RDSP immediately before the occurrence. (3) Despite subsections (1) and (2), if the beneficiary of an RDSP that is a specified disability savings plan dies, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, any portion of an amount paid into the RDSP as a grant or bond within the 10-year period preceding the time of the death that remains in the RDSP at that time. (4) This section does not apply if the event described in subsection (1) or (3) occurs after the calendar year in which the beneficiary attains 59 years of age. 2011, c. 15, s. 8; 2012, c. 31, s. 72 2021, c. 23, s. 95
Canada Disability Savings Regulations — 5.1
5.1 If an event described in paragraph 5(1)(a), (b) or (d) occurs while the beneficiary of an RDSP is no longer a DTC-eligible individual, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, the lesser of (a) the fair market value, immediately before the occurrence of the event, of the property held by the RDSP, and (b) the amount determined by the formula A + B – C where A is (i) if the event occurs before the calendar year in which the beneficiary attains 51 years of age, the total amount of grants and bonds paid into the RDSP within the 10-year period before the day on which the beneficiary ceased to be a DTC-eligible individual, less any portion of that amount that was repaid to the Minister within that period, (ii) if the event occurs after the calendar year in which the beneficiary attains 50 years of age but before the calendar year in which they attain 60 years of age and the beneficiary ceased to be a DTC-eligible individual before the calendar year in which they attained 50 years of age, the total amount of grants and bonds paid into the RDSP within the period (expressed in number of years) determined by the following formula that ended before the day on which the beneficiary ceased to be a DTC-eligible individual, less any portion of that amount that was repaid to the Minister within that period: 60 – n where n is the beneficiary’s age on — or the age that they would have attained by — December 31 of the calendar year in which the event occurs, (iii) if the event occurs after the calendar year in which the beneficiary attains 50 years of age but before the calendar year in which they attain 60 years of age and the beneficiary ceased to be a DTC-eligible individual after the calendar year in which they attained 49 years of age, the total amount of grants and bonds paid into the RDSP during the period beginning on January 1 of the year that is 10 years before the year in which the event occurs and ending on the day preceding the day on which the beneficiary ceased to be a DTC-eligible individual, less any portion of that amount that was repaid to the Minister within that period, or (iv) if the event occurs after the calendar year in which the beneficiary attains 59 years of age, nil, B is the amount of any grant or bond that is paid into the RDSP during the period beginning on the day on which the beneficiary ceased to be a DTC-eligible individual and ending on the day on which the event occurs, and C is the amount of any grant or bond that has been repaid since the day on which the beneficiary ceased to be a DTC-eligible individual. 2012, c. 31, s. 73 2021, c. 23, s. 96
Canada Disability Savings Regulations — 5.3
5.3 (1) Subject to section 5.4, if a disability assistance payment is made, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, the least of the following amounts: (a) $3 for every $1 of disability assistance payment made, (b) the fair market value, immediately before the making of the disability assistance payment, of the property held by the RDSP, and (c) the assistance holdback amount of the RDSP immediately before the making of the disability assistance payment. (2) An issuer that repays the amount referred to in paragraph (1)(a) is to do so from the grants and bonds that were paid into the RDSP within the 10-year period preceding the making of the disability assistance payment, in the order in which they were paid into it. (3) Subsection (1) does not apply in respect of any disability assistance payment made after the calendar year in which the beneficiary attains 59 years of age. 2012, c. 31, s. 73 2021, c. 23, s. 98
Canada Disability Savings Regulations — 6
6 (1) An issuer of an RDSP shall repay to the Minister, within the period set out in the issuer agreement, any portion of an amount paid into the RDSP as a grant or bond to which there was no entitlement under the Act or these Regulations. (2) A beneficiary of an RDSP shall repay to the Minister any portion of a disability assistance payment attributable to a grant payment or bond payment to which the beneficiary was not entitled under the Act or these Regulations.
Canada Disability Savings Regulations — 7
7 For the purposes of calculating an amount to be repaid under these Regulations with respect to amounts that are transferred from a prior RDSP to a new RDSP in accordance with subsection 146.4(8) of the Income Tax Act , all amounts of bonds, grants and contributions transferred are considered to have been paid into or made to the new RDSP as of the day on which the amounts were paid into or made to the prior RDSP.
Canada Disability Savings Regulations — 8
8 For the purposes of section 11 of the Act, the Minister may waive the requirement in subparagraph 6(2)(a)(i) or 7(2)(a)(i) or (b)(i) of the Act that the individual be at least 18 years of age on December 31 of the year preceding the particular year if the beneficiary is not a qualified dependant of an eligible individual. SOR/2013-131, s. 3