Economic Recovery Act (stimulus)

Contents

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1Short title#

This Act may be cited as the Economic Recovery Act (stimulus).

Part 1 · Amendments Related to Income Tax

18Maximum payment of $2,500,000,000#

(1)For the purpose of Canada’s contribution to the Multilateral Debt Relief Initiative, or for making contributions towards multilateral debt relief, there may, in respect of fiscal years in the period that begins on April 1, 2009 and ends on March 31, 2054, be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, sums, not exceeding in the aggregate $200 million in each fiscal year, to international organizations in order to make debt payments on behalf of eligible countries. No more than a total of $2.5 billion may be paid out under this subsection.

(2)The Minister of Finance may enter into arrangements or agreements with international organizations for the purpose of the payments referred to in subsection (1).

Payment to Nova Scotia — Offshore Petroleum Resources

19Payment of $174,500,000#

Before April 1, 2010, there may be paid to Nova Scotia out of the Consolidated Revenue Fund, on the requisition of the Minister of Natural Resources, $174,500,000.

Bretton Woods and Related Agreements Act

20 #

[Amendments]

21 #

[Amendments]

22 #

[Amendment]

Broadcasting Act

23 #

[Amendment]

Budget Implementation Act, 2009

Coming into Force

43Subsection 114(2) of the Canada Pension Plan does not apply#

(1)Subsection 114(2) of the Canada Pension Plan does not apply in respect of the amendments to that Act contained in sections 25 to 42.

*(2)Sections 25 to 42 come into force, in accordance with subsection 114(4) of the Canada Pension Plan, on a day or days to be fixed by order of the Governor in Council.