107.1 The Minister may acquire money, securities or other property by gift, bequest or otherwise and shall dispose of such securities or other property subject to the terms, if any, on which such money, securities or other property is given, bequeathed or otherwise made available to the Minister.

1995, c. 33, s. 45.

108. (1) There is hereby established in the accounts of Canada an account to be known as the Canada Pension Plan Account.

(2) There shall be paid into the Consolidated Revenue Fund and credited to the Canada Pension Plan Account

(a) all amounts received under this Act as or on account of contributions or otherwise;

(b) all amounts required to be credited to the Canada Pension Plan Account pursuant to any agreement entered into under subsection 39(1) or 80(1) or pursuant to any regulation made under paragraph 89(1)(j) or subsection 107(3);

(c) all interest on securities purchased by the Minister of Finance under section 110 and all interest credited to the Canada Pension Plan Account under that section;

(d) any amount of money received under section 107.1 and any proceeds from the disposition of any securities or other property received under that section;

(e) all amounts charged for the use of resources that are associated with the administration of this Act;

(f) any interest or administrative charge collected in relation to money payable under this Act; and

(g) all amounts received pursuant to section 56 of the Canada Pension Plan Investment Board Act.

(2.1) There shall be credited to the Canada Pension Plan Account an amount held in the Consolidated Revenue Fund representing the costs of the administration of appeals to the Review Tribunal referred to in subsection 28(1) of the Old Age Security Act.

(3) There shall be paid out of the Consolidated Revenue Fund and charged to the Canada Pension Plan Account

(a) all amounts payable under this Act as or on account of benefits or otherwise;

(b) all amounts required to be charged to the Canada Pension Plan Account pursuant to any agreement entered into under subsection 39(1) or 80(1) or pursuant to any regulation made under paragraph 89(1)(j) or subsection 107(3);

(b.1) all amounts credited to the Canada Pension Plan Account pursuant to paragraph (2)(e);

(c) the costs of administration of this Act, under the authority of Parliament; and

(d) all amounts required to be charged to the Canada Pension Plan Account pursuant to section 57 of the Canada Pension Plan Investment Board Act.

(4) No payment shall be made out of the Consolidated Revenue Fund under this section in excess of the total of

(a) the amount of the balance to the credit of the Canada Pension Plan Account, and

(b) the fair market value of the assets of the Investment Board less its liabilities.

R.S., 1985, c. C-8, s. 108; 1995, c. 33, s. 46; 1997, c. 40, s. 89; 2003, c. 5, s. 2.

108.1 (1) Any amounts standing to the credit of the Canada Pension Plan Account that exceed the immediate obligations of that Account shall be transferred to the Investment Board, unless any agreement entered into under section 111.1 provides otherwise. The amounts shall be paid out of the Consolidated Revenue Fund and charged to the Canada Pension Plan Account.

(2) The Minister may, by notice, and in accordance with any agreement entered into under section 111.1, require the Investment Board to pay into the Consolidated Revenue Fund any amount necessary to offset amounts charged or required to be charged to the Canada Pension Plan Account under subsection 108(3) and any interest charged under subsection 110(2).

(3) The Minister of Finance shall credit interest to the Canada Pension Plan Account at market rates, as determined by that Minister, on any amount standing to the credit of that Account. The interest shall be paid out of the Consolidated Revenue Fund.

2003, c. 5, s. 3.

109. (1) There is hereby established in the accounts of Canada an account to be known as the Canada Pension Plan Investment Fund.

(2) There shall be paid out of the Consolidated Revenue Fund and charged to the Canada Pension Plan Account the cost of all securities purchased by the Minister of Finance under section 110, and there shall be paid into the Consolidated Revenue Fund and credited to the Canada Pension Plan Account the proceeds of redemption in whole or in part of any securities purchased by that Minister under that section.

(3) Where, on the maturity of a security of a province held to the credit of the Canada Pension Plan Investment Fund that was issued before January 1, 1998, the Minister of Finance does not purchase another security under subsection 110(3) or uses only a portion of the principal amount of the matured security to purchase another security, the principal amount of the matured security or the unused portion, as the case may be, shall be charged to the Canada Pension Plan Investment Fund.

(4) Where the Minister of Finance, under subsection 110(6.4), redeems a security in whole or in part before maturity, the principal amount of the redeemed security, or the amount of the part that is redeemed, shall be charged to the Canada Pension Plan Investment Fund.

R.S., 1985, c. C-8, s. 109; 2003, c. 5, s. 4.

110. (1) In this section and sections 113 to 117,

“appropriate provincial Minister”, in respect of a province, means the province’s minister of the Crown who has primary responsibility for that province’s finances;

“Investment Board”[Repealed, 2003, c. 5, s. 5]

“operating balance”[Repealed, 2003, c. 5, s. 5]

“province”[Repealed, R.S., 1985, c. 30 (2nd Supp.), s. 55]

“security” means

( a) an obligation

(i) that was held to the credit of the Canada Pension Plan Investment Fund before the coming into force of the Canada Pension Plan Investment Board Act,

(ii) that, as applied to Canada, is an obligation of the Government of Canada and, as applied to a province, is an obligation of the government of the province or an obligation of any agent of Her Majesty in right of the province that is guaranteed as to principal and interest by that government, and

(iii) that complies with the conditions that were set out in section 111 as that section read before the coming into force of the Canada Pension Plan Investment Board Act, or

( b) an obligation that

(i) is purchased by the Minister of Finance under this section after the coming into force of the Canada Pension Plan Investment Board Act, and

(ii) is an obligation of the government of a province or an obligation of any agent of Her Majesty in right of a province that is guaranteed as to principal and interest by that government.

(2) The Minister of Finance shall charge interest to the Canada Pension Plan Account at market rates, as determined by that Minister, on any amount paid out of the Consolidated Revenue Fund under subsection 108(3) that exceeds the balance to the credit of the Canada Pension Plan Account. Interest shall be charged for the period beginning on the day on which the amount is paid out of the Consolidated Revenue Fund under subsection 108(3) and ending on the day on which the Investment Board pays that amount into the Consolidated Revenue Fund under section 56 of the Canada Pension Plan Investment Board Act.

(2.1) Where an amount referred to in paragraph 108(3)( a) is charged to the Canada Pension Plan Account pursuant to subsection (3), interest shall, notwithstanding that the amount has been so charged, be credited to the Canada Pension Plan Account, at the prescribed time and in the prescribed manner, in respect of that amount until the amount is effectively paid out of the Consolidated Revenue Fund.

(3) On the maturity of a security of a province held to the credit of the Canada Pension Plan Investment Fund that was issued before January 1, 1998, the Minister of Finance shall purchase another security issued by the province if requested to do so, in writing, by the appropriate provincial Minister of that province at least 30 days before the date of maturity.

(4) The principal amount of the replacement security shall be not more than the principal outstanding under the maturing security.

(5) The replacement security shall be for a term of 20 years.

(6) The replacement security shall bear interest at a rate fixed by the Minister of Finance. In fixing that rate, the Minister of Finance shall choose a rate that is substantially the same as the interest rate that the province would be required to pay if it were to borrow the same amount for the same term through the issuance of a security on the public capital market.

(6.1) The replacement security shall be issued to or payable to the credit of the Canada Pension Plan Investment Fund and shall be expressed to be not negotiable and not transferable or assignable.

(6.2) and (6.3) [Repealed, 2003, c. 5, s. 5]

(6.4) The Minister of Finance shall redeem a security in whole or in part before maturity if

( a) the Minister of Finance is requested to do so, in writing, by the appropriate provincial Minister of a province at least 30 days before the proposed redemption date; and

( b) the appropriate provincial Minister has agreed to pay on the redemption date

(i) any payments of principal or interest due on or before the redemption date but not yet paid,

(ii) interest on the principal amount being redeemed accrued to the date of redemption, and

(iii) an amount equal to the present value of the remaining instalments of principal being redeemed and interest on that principal.

(6.5) For the purposes of subparagraph (6.4)( b)(iii), the present value shall be calculated by discounting the instalments of principal being redeemed and interest on that principal using an interest rate fixed by the Minister of Finance. In fixing that rate, the Minister of Finance shall choose a rate that

( a) if the security to be redeemed was issued before January 1, 1998, is substantially the same as the rate the Government of Canada would be required to pay if it were to borrow the principal amount being redeemed for a term equal to the remaining term of the security to be redeemed through the issuance of a security on the public capital market; or

( b) if the security to be redeemed was issued after January 1, 1998, is substantially the same as the rate the province would be required to pay if it were to borrow the principal amount being redeemed for a term equal to the remaining term of the security to be redeemed through the issuance of a security on the public market.

(7) At the request of the provincial treasurer or other similar officer of a province, the Minister of Finance may accept in the place of any series of securities of that province purchased by the Minister under this section during any consecutive period of not more than twelve months, on payment of any interest then accrued thereon, another security of that province in an amount equal to the aggregate amount then outstanding of the securities of that series, and bearing interest at a rate determined by the Minister of Finance to be the average of the rates of interest on each of the securities of that series weighted according to the amounts then outstanding of each of those securities.

(8) [Repealed, 2003, c. 5, s. 5]

R.S., 1985, c. C-8, s. 110; R.S., 1985, c. 30 (2nd Supp.), s. 55; 1997, c. 40, s. 90; 2000, c. 14, s. 45; 2003, c. 5, s. 5.

111. [Repealed, 2003, c. 5, s. 6]

111.1 (1) The Minister of Finance may, on terms and conditions satisfactory to the Minister, enter into an agreement with the Investment Board with respect to the administration of any matter referred to in sections 107.1 to 110, including the payment of amounts out of the Consolidated Revenue Fund to the Investment Board, and the payment of amounts by the Investment Board into the Consolidated Revenue Fund.

(2) The Minister of Finance may enter into an agreement with the Investment Board with respect to the administration of any matter referred to in section 113.

1997, c. 40, s. 91; 2003, c. 5, s. 7.

112. (1) The Minister shall, as soon as possible after the end of each fiscal year, prepare annual financial statements for the Canada Pension Plan in respect of that year setting out

(a) a statement of the amounts credited to or charged to the Canada Pension Plan Account and the Canada Pension Plan Investment Fund during the year;

(b) a statement consolidating the accounts of the Canada Pension Plan Account, the Canada Pension Plan Investment Fund and the Investment Board for the year; and

(c) any other accounts and information that the Minister considers appropriate to present fairly the financial transactions and the financial position of the Canada Pension Plan for the year.

(2) In preparing the annual financial statements, the Minister may rely on the annual financial statements prepared under subsection 39(4) of the Canada Pension Plan Investment Board Act.

(3) The annual financial statements of the Canada Pension Plan shall be audited annually by the Auditor General of Canada and a report of the audit shall be made to the Minister.

(4) The Investment Board and its auditor shall provide the Auditor General of Canada with any records, accounts, statements or other information that in the opinion of the Auditor General of Canada are necessary to audit the annual financial statements of the Canada Pension Plan.

R.S., 1985, c. C-8, s. 112; 1997, c. 40, s. 91.

113. (1) Where any regulation has been made under subsection 3(2) prescribing a province as a province described in paragraph (b) of the definition “province providing a comprehensive pension plan” in subsection 3(1),

(a) all obligations and liabilities accrued or accruing as described in that paragraph, for the assumption of which under the provincial pension plan of that province provision has been made by any law of that province, shall, from and after the day on which the regulation became effective, cease to be obligations or liabilities accrued or accruing with respect to the payment of benefits under this Act attributable to contributions made under this Act in respect of employment in that province or in respect of self-employed earnings of persons resident in that province; and

(b) the Minister of Finance shall pay an amount calculated as provided in subsection (2) to the government of that province, by the transfer to that government in the first instance and to the extent necessary for that purpose, of securities of that province held to the credit of the Canada Pension Plan Investment Fund, and in the second instance and to the extent necessary for that purpose, of securities of Canada held to the credit of that Fund, and by the payment to that government of any balance then remaining in such manner as may be prescribed.

(1.1) The Minister of Finance may, by notice, and in accordance with any agreement entered into under section 111.1, require the Investment Board to pay to that Minister any amount that the Minister considers necessary for the purposes of subsection (1).

(1.2) For greater certainty, where the Minister of Finance transfers to the government of a province a security of that province or of Canada, any right, title or interest of the Investment Board in the security is extinguished.

(2) For the purposes of subsection (1), the amount to be calculated as provided in this subsection in the case of any province shall be calculated by the Minister of Finance as the amount obtained by adding

(a) the total amount of all contributions credited to the Canada Pension Plan Account, to the day on which the regulation referred to in subsection (1) became effective, in respect of employment in that province or in respect of self-employed earnings of persons resident in that province, and

(b) the part of

(i) the net investment return of the Investment Board, and

(ii) all interest credited to or accrued to the credit of the Canada Pension Plan Account,

to the day on which the regulation referred to in subsection (1) became effective, that is derived from the contributions referred to in paragraph (a),

and subtracting from the total so obtained

(c) such part of all amounts paid as or on account of benefits under this Act as would not have been payable under this Act if that province had been a province described in paragraph (a) of the definition “province providing a comprehensive pension plan” in subsection 3(1), and

(d) such part of the costs of administration of this Act, to the day on which the regulation referred to in subsection (1) became effective, as is equal to the proportion of those costs that the total amount of the contributions referred to in paragraph (a) is of the total amount of all contributions credited to the Canada Pension Plan Account to that day.

(3) Where notice in writing has been given to the Minister by the government of a province as described in the definition “province providing a comprehensive pension plan” in subsection 3(1), the Minister, with the approval of the Governor in Council, may on behalf of the Government of Canada enter into an agreement with the government of that province,

(a) for the furnishing of that government under prescribed conditions with any information obtained under this Act, including records of any amounts that are shown in the Record of Earnings to the accounts of persons who have made contributions under this Act in respect of employment in that province or as persons resident in that province in respect of self-employed earnings; and

(b) generally for the making of all such arrangements as may be necessary to permit provision to be made for the assumption, under the provincial pension plan referred to in the notice, of all obligations and liabilities accrued or accruing as described in paragraph (b) of the definition “province providing a comprehensive pension plan” in subsection 3(1).

R.S., 1985, c. C-8, s. 113; 1997, c. 40, s. 92; 2003, c. 5, s. 9.

113.1 (1) Once every three years after 1997, the Minister of Finance and ministers of the Crown from the included provinces shall review the financial state of the Canada Pension Plan and may make recommendations as to whether benefits or contribution rates or both should be changed.

(2) [Repealed, 1997, c. 40, s. 94]

(3) If possible, the review in each three year period must be completed in time to permit the Minister of Finance to make recommendations to the Governor in Council before the end of the second year of the three year period.

(4) In conducting any review required by this section and in making any recommendations, ministers shall consider

(a) the most recent report prepared by the Chief Actuary pursuant to section 115 and any changes between that report and earlier reports prepared by the Chief Actuary;

(b) any more recent estimates of the Chief Actuary in respect of

(i) the outstanding balance of the Canada Pension Plan Account,

(ii) the projected revenues into and payments out of the Canada Pension Plan Account,

(iii) the ratio of the projected assets of the Canada Pension Plan over the projected expenditures of the Canada Pension Plan, and

(iv) the changes, if any, to the amounts and ratio projected at the previous review under this section attributable to changing demographic and economic circumstances or to changes to the Canada Pension Plan affecting payments or contributions thereunder;

(c) the financing objective of having a contribution rate that is no lower than the rate

(i) that, beginning with the year 2003, is the lowest constant rate that can be maintained over the foreseeable future, and

(ii) that results in the ratio of the projected assets of the Canada Pension Plan at the end of any given year over the projected annual expenditures of the Canada Pension Plan in the following year being generally constant; and

(d) that changes to the Act that increase benefits or add new benefits must be accompanied by a permanent increase in the contribution rates to cover the extra costs of the increased or new benefits and by a temporary increase in the contribution rates for a number of years that is consistent with common actuarial practice to fully pay any unfunded liability resulting from the increased or new benefits.

(5) On the completion of a review required by subsection (1), the Minister of Finance may recommend to the Governor in Council that the Governor in Council make regulations under subsection (6) to amend the schedule in accordance with that subsection to give effect to any recommendations made under subsection (1). Where the recommendations made under subsection (1) are that no changes be made to benefits or contribution rates, the Minister of Finance shall cause those recommendations to be published in the Canada Gazette.

(6) Subject to subsections (7) and (8), the Governor in Council may, on the recommendation of the Minister of Finance made under subsection (5), by regulation amend the schedule to change the contribution rate for employees, employers and self-employed persons for any or all of the years following the review.

(7) The following shall apply with respect to any adjustment and setting of contribution rates pursuant to subsection (6):

(a) the contribution rate for employees and employers for a year must be identical;

(b) the contribution rate for self-employed persons for a year must be equal to the sum of the contribution rates for employees and employers for that year;

(c) no contribution rate for employees and employers for a year may be increased by more than one-tenth of a percentage point above the contribution rate for the previous year; and

(d) no contribution rate for self-employed persons for a year may be increased by more than two-tenths of a percentage point above the contribution rate for the previous year.

(8) Where a review takes place in a three year period as required by subsection (1) and the Governor in Council before October 1 of the third year of that period makes a regulation under subsection (6), the regulation shall, by order made by the Governor in Council, come into force, or is deemed to have come into force, on January 1 of the year after that period.

(8.1) An order made under subsection (8) may not be made unless the lieutenant governor in council of each of at least two thirds of the included provinces, having in total not less than two thirds of the population of all of the included provinces, has, before the October 1 date referred to in that subsection, signified the consent of that province to the coming into force of the regulation.

(9) A regulation made pursuant to subsection (6) is exempt from the application of sections 3, 5 and 11 of the Statutory Instruments Act.

(10) Forthwith on the coming into force of any regulation made pursuant to subsection (6), the Minister of Finance shall cause a copy thereof to be published in the Canada Gazette.

(11) In subsections (11.01) to (11.03),

A is one half of the contribution rate most recently specified before October 1, 2000 under paragraph 115(1.1)(c) for self-employed persons for 2003; and

B is the contribution rate at October 1, 2000 for employees and employers for 2003.

(11.01) Subject to subsection (11.04), if neither A nor B is greater than 4.95% and A is greater than B, the schedule is deemed to have been amended as of October 2, 2000 to increase the contribution rate for employees and employers for each year after 2002 to A.

(11.02) Subject to subsection (11.04), if A is greater than 4.95% and B is less than or equal to 4.95%,

(a) the benefits payable in 2001, 2002 and 2003 shall be determined as if the ratios referred to in paragraphs 45(2)(b) and 56(2)(c), subsection 58(1.1) and subparagraph 59(c)(ii) were each 1; and

(b) the schedule is deemed to have been amended as of October 2, 2000

(i) to increase the contribution rate for employees and employers for each year after 2002 to the rate determined by the formula

4.95% + 1/2(A - 4.95%)

and

(ii) to increase the contribution rate for self-employed persons for each year after 2002 to twice the contribution rate determined by the formula in subparagraph (i).

(11.03) Subject to subsection (11.04), if subsections (11.01) and (11.02) do not apply and A is greater than B,

(a) the benefits payable in 2001, 2002 and 2003 shall be determined as if the ratios referred to in paragraphs 45(2)(b) and 56(2)(c), subsection 58(1.1) and subparagraph 59(c)(ii) were each 1; and

(b) the schedule is deemed to have been amended as of October 2, 2000

(i) to increase the contribution rate for employees and employers for each year after 2002 to the rate determined by the formula

B + 1/2(A - B)

and

(ii) to increase the contribution rate for self-employed persons for each year after 2002 to twice the contribution rate determined by the formula in subparagraph (i).

(11.04) Subsections (11.01) to (11.03) do not apply where

(a) a recommendation was made under subsection (1) after 1997 that the contribution rates for 2003 and subsequent years be increased and the rates were increased before October 1, 2000 by an Act of Parliament or by a regulation made under subsection (6) to give effect to that recommendation; or

(b) a recommendation was made under subsection (1) after 1997 that the contribution rates for 2003 and subsequent years not be increased and the Minister of Finance before October 1, 2000 has caused that recommendation to be published in the Canada Gazette.

(11.05) Subject to subsections (11.12) and (11.13), where, after 2002, at October 1 of the year before a three year period for which a review is required by subsection (1), the contribution rate for self-employed persons for the years in that three year period is less than the contribution rate most recently specified under paragraph 115(1.1)(c) for self-employed persons for those years,

(a) the benefits payable in the three year period shall be determined as if the ratios referred to in paragraphs 45(2)(b) and 56(2)(c), subsection 58(1.1) and subparagraph 59(c)(ii) were each 1; and

(b) the schedule is deemed to have been amended as of the next day after that October 1

(i) to increase the contribution rate for employees and employers for each year after that October 1 to the rate determined under subsections (11.07) to (11.11) for that year, and

(ii) to increase the contribution rate for self-employed persons for each year after that October 1 to twice the contribution rate determined under subsections (11.07) to (11.11) for employers for that year.

(11.06) In subsections (11.07) to (11.11),

A is one half of the contribution rate most recently specified under paragraph 115(1.1)(c) for self-employed persons for the years in the three year period referred to in subsection (11.05); and

B is the contribution rate for employees and employers on October 1 of the third year of the last three year period for which contribution rates were set for employees and employers, by an Act of Parliament or by a regulation made under subsection (6), on the recommendation of ministers under subsection (1).

(11.07) If neither A nor B is greater than 4.95% and A is greater than B, the contribution rate for employees and employers for each year after the October 1 date referred to in subsection (11.05) is A.

(11.08) If A is greater than 4.95%, B is less than or equal to 4.95% and the percentage determined by the formula

1/2(A - B)

is less than or equal to 0.1%, the contribution rate for employees and employers for each year after the October 1 date referred to in subsection (11.05) is the rate determined by the formula

4.95% + 1/2(A - 4.95%)

(11.09) If A is greater than 4.95%, B is less than or equal to 4.95% and the percentage determined by the formula

1/2(A - B)

is greater than 0.1%, the contribution rate for employees and employers is

(a) for the first year after the October 1 referred to in subsection (11.05), the rate determined by the formula

4.95% + 1/6(A - 4.95%)

(b) for the next year, the rate determined by the formula

4.95% + 1/3(A - 4.95%)

and

(c) for each subsequent year, the rate determined by the formula

4.95% + 1/2(A - 4.95%)

(11.1) If subsections (11.07) to (11.09) do not apply and the percentage determined by the formula

1/2(A - B)

is less than or equal to 0.1%, the contribution rate for employees and employers for each year after the October 1 date referred to in subsection (11.05) is the rate determined by the formula

B + 1/2(A - B)

(11.11) If subsections (11.07) to (11.1) do not apply, the contribution rate for employees and employers is

(a) for the first year after the October 1 referred to in subsection (11.05), the rate determined by the formula

B + 1/6(A - B)

(b) for the next year, the rate determined by the formula

B + 1/3(A - B)

and

(c) for each subsequent year, the rate determined by the formula

B + 1/2(A - B)

(11.12) Paragraph (11.05)(a) does not apply if subsection (11.07) applies.

(11.13) Subsection (11.05) does not apply where

(a) a recommendation was made under subsection (1) in the three years before the three year period referred to in subsection (11.05) that the contribution rates for one or more of the years in that three year period be increased and the rates were increased before October 1 of the year before that three year period, by an Act of Parliament or by a regulation made under subsection (6), to give effect to that recommendation; or

(b) a recommendation was made under subsection (1) in the three years before the three year period referred to in subsection (11.05) that the contribution rates for the years in that three year period not be increased and the Minister of Finance before October 1 of the year before that three year period has caused that recommendation to be published in the Canada Gazette.

(11.14) If a contribution rate determined under any of subsections (11.01) to (11.03) and (11.07) to (11.11) is not a multiple of 0.005%, the contribution rate is to be rounded to the nearest multiple of 0.005%.

(11.15) The Minister of Finance shall publish in the Canada Gazette any amendment to the schedule deemed to have been made under this section.

(12) For greater certainty, subsection 114(2) does not apply to any amendments to the schedule made pursuant to subsection (6) or (11).

(13) In this section, “included province” has the same meaning as in subsection 114(1).

R.S., 1985, c. 30 (2nd Supp.), s. 56; 1991, c. 44, s. 27; 1997, c. 40, s. 94.

114. (1) In this section, "included province" means a province other than Yukon, the Northwest Territories or Nunavut, except a province providing a comprehensive pension plan unless at the time in respect of which the description is relevant there is in force an agreement entered into under subsection 4(3) with the government of that province.

(2) Where any enactment of Parliament contains any provision that alters, or the effect of which is to alter, either directly or indirectly and either immediately or in the future, the general level of benefits provided by this Act or the contribution rate for employees, employers or self-employed persons for any year, it shall be deemed to be a term of that enactment, whether or not it is expressly stated in the enactment, that the provision shall come into force only on a day to be fixed by order of the Governor in Council, which day shall not in any case be earlier than the first day of the third year following the year in which any notice of intention to introduce a measure containing a provision to that effect was laid before Parliament.

(3) A notice of intention described in subsection (2) shall be in such form as is sufficient to indicate the nature of the provision contained or proposed to be contained in the measure referred to in subsection (2) to the effect described in that subsection, and on any such notice being laid before Parliament the Minister shall forthwith cause a copy thereof to be sent to the lieutenant governor in council of each included province.

(4) Where any enactment of Parliament contains any provision that alters, or the effect of which is to alter, either directly or indirectly and either immediately or in the future,

(a) the general level of benefits provided by this Act,

(b) the classes of benefits provided by this Act,

(c) the contribution rate for employees, employers or self-employed persons for any year,

(d) the formulae for calculating the contributions and benefits payable under this Act,

(e) the management or operation of the Canada Pension Plan Account or the Canada Pension Plan Investment Fund, or

(f) the Canada Pension Plan Investment Board Act,

it shall be deemed to be a term of that enactment, whether or not it is expressly stated in the enactment, that the provision shall come into force only on a day to be fixed by order of the Governor in Council, which order may not be made and shall not in any case have any force or effect unless the lieutenant governor in council of each of at least two thirds of the included provinces, having in the aggregate not less than two thirds of the population of all of the included provinces, has signified the consent of that province to the enactment.

(4.1) Subsections (2) and (4) do not apply in respect of changes under subsection 113.1(11) to benefits or contribution rates.

(5) For the purposes of this section, the population of a province at any time in a year in respect of which the determination thereof is relevant means the population thereof on June 1 of that year, as estimated by the Chief Statistician of Canada.

R.S., 1985, c. C-8, s. 114; R.S., 1985, c. 30 (2nd Supp.), s. 57; 1993, c. 28, s. 78; 1997, c. 40, s. 95; 2002, c. 7, s. 111(E).

115. (1) The Chief Actuary of the Office of the Superintendent of Financial Institutions shall, during the first year of each three year period for which a review is required by subsection 113.1(1), prepare a report setting out, as at a date not earlier than December 31 of the year before the three year period, the results of an actuarial examination of the operation of this Act based on the state of the Canada Pension Plan Account and the investments of the Investment Board.

(1.1) The Chief Actuary shall, in the report,

(a) state the estimated revenues of the Canada Pension Plan Account and the estimated investment income of the Investment Board for each of the 30 years immediately following the date of the examination, and the estimated amount of all payments under subsection 108(3) in each of those 30 years;

(b) state, for each fifth year of a period of not less than 75 years from the date of the examination, an estimate of the percentage of total contributory salaries and wages and contributory self-employed earnings that would be required to provide for all payments under subsection 108(3) in that year if there were no balance in the Canada Pension Plan Account at the commencement of that year and the Investment Board had no investments;

(c) specify a contribution rate, calculated in the prescribed manner, in respect of self-employed persons for years after the 3 year period in which the report is prepared; and

(d) set out the manner in which that contribution rate was calculated.

(1.2) For the purpose of the calculation referred to in paragraph (1.1)(c),

(a) the contribution rate for employees and employers for a year must be identical; and

(b) the contribution rate for self-employed persons for a year must be equal to the sum of the contribution rates for employees and employers for that year.

(1.3) Subsection 114(4) applies, with such modifications as the circumstances require, to the making of the regulations prescribing the manner of the calculation referred to in paragraph (1.1)(c) and to the making of any regulation changing that manner of calculation.

(2) In addition to any report required under this section, and in accordance with a request of the Minister of Finance, the Chief Actuary shall, whenever any Bill is introduced in or presented to the House of Commons to amend this Act in a manner that would in the opinion of the Chief Actuary materially affect any of the estimates contained in the most recent report under this section made by the Chief Actuary, prepare, using the same actuarial assumptions and basis as were used in that report, a report setting forth the extent to which such Bill would, if enacted by Parliament, materially affect any of the estimates contained in that report.

(3) to (7) [Repealed, 1997, c. 40, s. 96]

(8) Forthwith on the completion of any report under this section, the Chief Actuary shall transmit the report to the Minister of Finance, who shall cause the report to be laid before the House of Commons forthwith on its receipt if Parliament is then sitting, or if Parliament is not then sitting, on any of the first five days next thereafter that Parliament is sitting, and if at the time any report under this section is received by the Minister of Finance Parliament is then dissolved, the Minister of Finance shall forthwith cause a copy of the report to be published in the Canada Gazette.

R.S., 1985, c. C-8, s. 115; R.S., 1985, c. 13 (2nd Supp.), s. 10, c. 30 (2nd Supp.), s. 58, c. 18 (3rd Supp.), s. 32; 1997, c. 40, s. 96.

116. [Repealed, 1997, c. 40, s. 97]

117. (1) The Minister of Finance and the Minister of Social Development shall, as soon as possible after the end of each fiscal year, together prepare a report on the administration of this Act during that year, including

(a) the annual financial statements for that year prepared under section 112 and the report of the Auditor General of Canada on those statements;

(b) the number of contributors during that year and the number of persons to whom benefits were payable during that year; and

(c) any other information that the Ministers, and the appropriate provincial Ministers of the participating provinces, as defined in section 2 of the Canada Pension Plan Investment Board Act, consider appropriate.

(2) The Ministers shall cause the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the report is prepared.

(3) As soon as possible after the report is prepared, the Ministers shall send the report to the appropriate provincial Minister of every province.

R.S., 1985, c. C-8, s. 117; 1997, c. 40, s. 97; 2005, c. 35, s. 67.

118. (1) There shall be charged to the Consolidated Revenue Fund and credited to the Canada Pension Plan Account an amount equal to

(a) the contributions required to be made by Her Majesty in right of Canada as employer’s contributions under this Act, and

(b) the amount required by subsection 21(2) to be paid by Her Majesty in right of Canada as a result of the failure to deduct and remit, in accordance with this Act, the required amount as or on account of the employee’s contributions,

in respect of persons in employment under Her Majesty in right of Canada that is not excepted employment under this Act.

(2) There shall be charged to the Consolidated Revenue Fund and paid to the appropriate authority in a province with which an agreement has been entered into under subsection 4(3) an amount equal to

(a) the contributions required to be paid by Her Majesty in right of Canada under that agreement as employer’s contributions, and

(b) the amount required to be paid by Her Majesty in right of Canada as a result of the failure to deduct and remit, in accordance with the agreement, the required amount as or on account of the employee’s contributions,

in respect of persons employed by Her Majesty in right of Canada in employment designated in the agreement.

R.S., c. C-5, s. 119; 1974-75-76, c. 4, s. 54.

R.S., 1985, c. 30 (2nd Supp.), s. 60; 1991, c. 44, s. 28; SOR/91-455; 1997, c. 40, s. 98.