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S-246
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Borrowing Authority Act
Explanatory Notes
First Session, Forty-second Parliament,
64-65-66-67 Elizabeth II, 2015-2016-2017-2018
SENATE OF CANADA
BILL S-246
An Act to amend the Borrowing Authority Act
FIRST READING, March 1, 2018
THE HONOURABLE SENATOR Day
4211712
SUMMARY
This enactment amends the Borrowing Authority Act to limit the circumstances in which the Governor in Council may authorize the borrowing of money without legislative approval.
Available on the Senate of Canada website at the following address:
www.sencanada.ca/en
1st Session, 42nd Parliament, 
64-65-66-67 Elizabeth II, 2015-2016-2017-2018
SENATE OF CANADA
BILL S-246
An Act to amend the Borrowing Authority Act
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
2017, c. 20, s. 103
Borrowing Authority Act
1 Section 3 of the Borrowing Authority Act is replaced by the following:
Borrowing authority
3 The Minister may, under and in accordance with an Act of Parliament, borrow money on behalf of Her Majesty in right of Canada, by way of the issue and sale of securities, as defined in section 2 of the Financial Administration Act, or otherwise.
2 The portion of section 4 of the Act before paragraph (a) is replaced by the following:
Maximum amount that may be borrowed
4 Despite any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $1,168,000,000,000:
3 (1) The portion of subsection 8(1) of the Act before paragraph (a) is replaced by the following:
Report to Parliament
8 (1) The Minister must cause to be tabled in each House of Parliament within one year after the day on which this section comes into force — or, if the House is not sitting on the last day of that one-year period, during the next 30 days that it is sitting — a report indicating
(2) Subsection 8(2) of the Act is replaced by the following:
Subsequent reports
(2) The Minister must cause to be tabled in each House of Parliament, on or before the May 31 that follows the end of each fiscal year — or, if the House is not sitting on that May 31, during the next 30 days that it is sitting — a report indicating the matters set out in paragraphs (1)‍(a) to (c).
Published under authority of the Senate of Canada
explanatory notes
Borrowing Authority Act
Clause 1: Existing text of section 3:
3 The Minister, with the authorization of the Governor in Council under subsection 44(1) of the Financial Administration Act and in accordance with that Act, may borrow money on behalf of Her Majesty in right of Canada, by way of the issue and sale of securities, as defined in section 2 of that Act, or otherwise.
Clause 2: Existing text of relevant portion of section 4:
4 Despite section 3 and any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $1,168,000,000,000:
Clause 3: (1) Existing text of relevant portion of subsection 8(1):
8 (1) The Minister must cause to be tabled in each House of Parliament within three years after the day on which this section comes into force — or, if the House is not sitting on the last day of that three-year period, during the next 30 days that it is sitting — a report indicating
(2): Existing text of subsection 8(2):
(2) The Minister must cause to be tabled in each House of Parliament, on or before the May 31 that follows the end of the third fiscal year after the fiscal year during which a report was previously tabled under this section — or, if the House is not sitting on that May 31, during the next 30 days that it is sitting — a report indicating the matters set out in paragraphs (1)‍(a) to (c).
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