Bill C-285: An Act to amend the Canada Mortgage and Housing Corporation Act (profits distributed to provinces)

C-285 First Session, Thirty-ninth Parliament, 55 Elizabeth II, 2006 HOUSE OF COMMONS OF CANADA BILL C-285 An Act to amend the Canada Mortgage and Housing Corporation Act (profits distributed to provinces) first reading, May 15, 2006 Ms. Gagnon 391296 SUMMARY This enactment requires the Canada Mortgage and Housing Corporation to distribute any surplus from its reserve fund to the provinces for social and affordable housing purposes, to encourage the supply of quality housing at affordable prices, to increase housing choices for the people in the provinces and to contribute to the creation and development of housing cooperatives. Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca .vis1 {position: absolute;display:block;} .vis2 {position: static;} 1st Session, 39th Parliament, 55 Elizabeth II, 2006 house of commons of canada BILL C-285 An Act to amend the Canada Mortgage and Housing Corporation Act (profits distributed to provinces) R.S., c. C-7 Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Subsections 29(2) and (3) of the Canada Mortgage and Housing Corporation Act are replaced by the following: Profits credited to fund (2) Subject to subsection (3), the profits of the Corporation in each fiscal year remaining after such provision — not exceeding 0.5% of the housing loans for which the Corporation provides insurance against risks — as the Board thinks proper for bad and doubtful debts, depreciation in assets, anticipated future losses and all other matters whatever that in the opinion of the Board should be provided for in carrying out the purposes of the Corporation shall be credited to the reserve fund established under subsection (1). Profits distributed to provinces (3) When the reserve fund established under subsection (1) has reached 10% of the Corporation’s equity, any profits of the Corporation that would be credited to the reserve fund and any profits that exceed 0.5% of the housing loans for which the Corporation provides insurance against risks shall, within two months after the end of each fiscal year, be distributed among the provinces in proportion to their population, to be used by them (a) for social and affordable housing purposes; (b) to encourage the supply of quality housing at affordable prices; (c) to increase housing choices for the people in the provinces; and (d) to contribute to the creation and development of housing cooperatives. Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services CanadaOttawa, Ontario K1A 0S5Telephone: (613) 941-5995 or 1-800-635-7943Fax: (613) 954-5779 or [email protected]://publications.gc.ca