FEDERAL REG

SOR/2017-114: Certain Department of Finance Regulations (Miscellaneous Program) — Regulations Amending Yukon Act Nunavut Act Northwest Territories Act

REGISTRATION OF FEDERAL REGULATION - VIA PART II OF THE GAZETTE

Registered
June 2, 2017


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Borrowing Limits Regulations, the Yukon Borrowing Limits Regulations, and the Nunavut Borrowing Limits Regulations have outdated refere... (Click for more)


Published on June 15, 2017

Bill Summary

SOR/2017-114: Certain Department of Finance Regulations (Miscellaneous Program) — Regulations Amending Yukon Act Nunavut Act Northwest Territories Act

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Borrowing Limits Regulations, the Yukon Borrowing Limits Regulations, and the Nunavut Borrowing Limits Regulations have outdated references to the CICA (Canadian Institute of Chartered Accountants) Public Sector Accounting Handbook. Objectives The objective of the amendments is to provide greater clarity by correcting these outdated references.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: [email protected] 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

This Bill does not amend any statutes.

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