Employment Insurance Act - Part III - Premiums and Other Financial Matters
Current Version of the Employment Insurance Act
PREMIUMS AND OTHER FINANCIAL MATTERSEmployment Insurance Account
|
|
Employment Insurance Account established | 71. There shall be established in the accounts of Canada an account to be known as the Employment Insurance Account. |
Payment into Consolidated Revenue Fund | 72. There shall be paid into the Consolidated Revenue Fund(a) all amounts received under Parts I and III to IX, as or on account of premiums, fines, penalties, interest, repayment of overpaid benefits and benefit repayment; |
Credits to Employment Insurance Account | 73. There shall be credited to the Employment Insurance Account and charged to the Consolidated Revenue Fund(a) an amount in each year equal to the amount receivable as or on account of premiums payable for that year under this Act; |
Government premiums | 74. There shall be credited to the Employment Insurance Account and charged to the Consolidated Revenue Fund an amount equal to the premiums required to be paid by Her Majesty in right of Canada as employer's premiums for persons employed in insurable employment by Her Majesty in right of Canada. |
Other credits to Employment Insurance Account | 75. There shall be credited to the Employment Insurance Account all amounts paid into the Consolidated Revenue Fund that are(a) received as or on account of penalties imposed under section 38, 39 or 65.1 and repayments of overpaid benefits, except interest and penalties on benefit repayment; |
Interest | 76. The Minister of Finance may authorize the payment of interest on the balance in the Employment Insurance Account in accordance with such terms and conditions and at such rates as the Minister of Finance may establish and the interest shall be credited to the Employment Insurance Account and charged to the Consolidated Revenue Fund. |
Charges to the Account | 77. (1) There shall be paid out of the Consolidated Revenue Fund and charged to the Employment Insurance Account(a) all amounts paid as or on account of benefits under this Act; |
Payment by special warrants | (2) Notwithstanding the Financial Administration Act, amounts mentioned in paragraph (1)(a) shall be paid by special warrants drawn on the Receiver General and issued by the Commission by electronic means or bearing the printed signature of the Chairperson and Vice-Chairperson of the Commission, and amounts mentioned in paragraphs (1)(b) and (c) may be paid by the special warrants. |
No charge for negotiation | (3) The special warrants are negotiable without charge at any financial institution in Canada. 1996, c. 23, ss. 77, 189(E); 1999, c. 31, s. 79(E). |
Maximum amount that may be paid under Part II | 78. The total amount that may be paid out by the Commission under section 61 and paragraph 63(a) and charged to the Employment Insurance Account under this Part in a fiscal year must not exceed 0.8% of the insurable earnings of all insured persons from which the prescribed amount is deducted under subsection 82(1) in that year as or on account of employee's premiums, as estimated by the Commission and set out in the Main Estimates tabled in Parliament. |
Plan | 79. The Minister shall, with the concurrence of the Minister of Finance,(a) submit to the Treasury Board for approval a plan for each fiscal year estimating the amounts to be paid for that year under Part II; and |
Advances | 80. (1) If the amount standing to the credit of the Employment Insurance Account is not sufficient for the payment of amounts authorized to be charged to that Account, the Minister of Finance, when requested by the Commission, may authorize the advance to the Account from the Consolidated Revenue Fund of an amount sufficient to make the payment. |
Advances repayable | (2) The advance shall be credited to the Employment Insurance Account and be repaid in such manner and on such terms and conditions as the Minister of Finance may establish. |
Repayment | (3) The repayment of the amount advanced and the interest on it, if any, shall be charged to the Employment Insurance Account. |
Regulations — payment of interest | 80.1 (1) The Commission may, with the approval of the Governor in Council, make regulations respecting the payment of interest on amounts owing to Her Majesty under this Act, other than Parts IV and VII, including regulations prescribing(a) rates of interest, or the manner of calculating rates of interest, payable; |
Debt due to Her Majesty | (2) Interest payable under this section is a debt due to Her Majesty and may be recovered in the Federal Court or any other court of competent jurisdiction or in any other manner provided by this Act, including the manner in which an amount owing under Part I may be recovered under subsection 47(2) or section 126. |
Limitation | (3) No interest due under this section may be recovered more than 72 months after the day on which the liability to pay it arose. |
Exclusion of Financial Administration Act | (4) Section 155.1 of the Financial Administration Act does not apply in relation to amounts owing to Her Majesty under this Act, other than Parts IV and VII. |