Vol. 151, No. 12 — June 14, 2017

Registration

SOR/2017-114 June 2, 2017

NUNAVUT ACT YUKON ACT NORTHWEST TERRITORIES ACT

Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program)

P.C. 2017-573 June 2, 2017

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, makes the annexed Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program) pursuant to:

• (a) subsection 27(5) (see footnote a) of the Nunavut Act (see footnote b);
• (b) subsection 23(5) (see footnote c) of the Yukon Act (see footnote d); and
• (c) subsection 28(5) of the Northwest Territories Act (see footnote e).

Regulations Amending Certain Department of Finance Regulations (Miscellaneous Program)

Nunavut Act

Nunavut Borrowing Limits Regulations

1 The Nunavut Borrowing Limits Regulations (see footnote 1) are amended by replacing “CICA Public Sector Accounting Handbook” with “CPA Canada Public Sector Accounting Handbook” in the following provisions:

• (a) section 1; and
• (b) paragraphs 3(b) and (c).

Yukon Act

Yukon Borrowing Limits Regulations

2 The Yukon Borrowing Limits Regulations (see footnote 2) are amended by replacing “CICA Public Sector Accounting Handbook” with “CPA Canada Public Sector Accounting Handbook” in the following provisions:

• (a) section 1; and
• (b) paragraphs 3(b) and (c).

Northwest Territories Act

Northwest Territories Borrowing Limits Regulations

3 The portion of subsection 2(1) of the Northwest Territories Borrowing Limits Regulations (see footnote 3) before paragraph (a) is replaced by the following:

Meaning

2 (1) Subject to subsection (2), for the purposes of subsections 28(2) and (4) of the Northwest Territories Act, each of the following constitutes or is deemed to constitute borrowing:

4 The portion of section 3 of the Regulations before paragraph (a) is replaced by the following:

Manner to determine value of borrowing

3 For the purposes of subsections 28(2) and (4) of the Northwest Territories Act,

5 The Regulations are amended by replacing “CICA Public Sector Accounting Handbook” with “CPA Canada Public Sector Accounting Handbook” in the following provisions:

• (a) section 1; and
• (b) paragraphs 3(b) and (c).

Coming into Force

6 These Regulations come into force on the day on which they are registered.

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Issues

The Northwest Territories Borrowing Limits Regulations contain incorrect references to provisions of the Northwest Territories Act. In addition, the Northwest Territories Borrowing Limits Regulations, the Yukon Borrowing Limits Regulations, and the Nunavut Borrowing Limits Regulations have outdated references to the CICA (Canadian Institute of Chartered Accountants) Public Sector Accounting Handbook.

Objectives

The objective of the amendments is to provide greater clarity by correcting these outdated references.

Description

The amendments apply to the Northwest Territories Borrowing Limits Regulations, the Yukon Borrowing Limits Regulations, and the Nunavut Borrowing Limits Regulations.

The Northwest Territories Borrowing Limits Regulations, the Yukon Borrowing Limits Regulations and the Nunavut Borrowing Limits Regulations include provisions that prescribe, pursuant to the Northwest Territories Act, the Yukon Act, and the Nunavut Act, respectively, what constitutes “borrowing;” the definition of “government” for the purposes of these three regulations; and, the manner in which the value of any borrowing is determined.

• (1) The Northwest Territories Borrowing Limits Regulations contain incorrect references to the provisions of the Northwest Territories Act. The Northwest Territories Act was amended in 2014 to implement certain provisions of the Northwest Territories Lands and Resources Devolution Agreement, which has resulted in the re-numbering of certain sections of the Act. Consequently, two references to section 20 of the Act in subsection 2(1) and paragraph 3 of the Northwest Territories Borrowing Limit Regulations, both English and French versions, are no longer accurate and should be updated to reflect the re-numbering of the Act. Specifically, in subsection 2(1) and paragraph 3 of the Regulations, the references to subsections 20(2) and (4) should read subsections 28(2) and (4).
• (2) In 2013, the CICA Board approved the renaming of the CICA Public Sector Accounting Handbook to the CPA (Chartered Professional Accountants) Canada Public Sector Accounting Handbook. Consequently, the references to the CICA Public Sector Accounting Handbook in section 1, and paragraphs 3(b) and 3(c) of the English and French versions of each of the Northwest Territories Borrowing Limits Regulations, the Yukon Borrowing Limits Regulations, and the Nunavut Borrowing Limits Regulations are changed to reference the CPA Canada Public Sector Accounting Handbook.

“One-for-One” Rule

The “One-for-One” Rule does not apply to these amendments, as there is no change in administrative costs or burden to business.

Small business lens

The small business lens does not apply to these amendments, as there are no costs to small business.

Rationale

These amendments are minor, technical in nature and only serve to correct outdated references; these changes improve the clarity of the regulatory texts. Accordingly, no costs nor any impact on stakeholders are anticipated in association with these amendments.

Consultation

Territorial government officials were consulted and are aware of these amendments; no concerns have been raised.

Contact

Jamila Bourgeois
Economist
Federal-Provincial Relations and Social Policy Branch
Department of Finance
90 Elgin Street
Ottawa, Ontario
K1A 0G5
Telephone: 613-369-4111
Email: Jamila.Bourgeois@canada.ca

• Footnote a
  S.C. 2012, c. 19, s. 215(2)
• Footnote b
  S.C. 1993, c. 28
• Footnote c
  S.C. 2012, c. 19, s. 216(2)
• Footnote d
  S.C. 2002, c. 7
• Footnote e
  S.C. 2014, c. 2, s. 2
• Footnote 1
  SOR/2013-40
• Footnote 2
  SOR/2013-38
• Footnote 3
  SOR/2013-39