Vol. 135, No. 22 — October 24, 2001

Registration
SOR/2001-442 15 October, 2001

CANADA DEPOSIT INSURANCE CORPORATION ACT

By-Law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-Law

The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(f) (see footnote a) of the Canada Deposit Insurance Corporation Act, hereby makes the annexed By-Law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-Law.

October 10, 2001

BY-LAW AMENDING THE CANADA DEPOSIT INSURANCE CORPORATION DEPOSIT INSURANCE INFORMATION BY-LAW

AMENDMENT

1. The last paragraph under the heading "Registered Plans" and before the heading "Example" in Schedule II to the Canada Deposit Insurance Corporation Deposit Insurance Information By-Law (see footnote 1) is replaced by the following:

• Contributions you make to a plan for your spouse or common-law partner are combined with other deposits held in plans under the name of your spouse or common-law partner with the same member institutions, not with deposits in your plans.

COMING INTO FORCE

2. This By-law comes into force on December 31, 2001.

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the By-law.)

Description

The Board of Directors of the Canada Deposit Insurance Corporation made the Canada Deposit Insurance Corporation Deposit Insurance Information By-Law (the "By-Law") on December 4, 1996 pursuant to section 11(2)(f) of the Canada Deposit Insurance Corporation Act. The By-law came into force on March 1, 1997 (with the exception of sections 7 and 8 of the By-law which came into force on March 1, 1998).

As a result of recent human rights decisions, the federal government is amending all references to "spouse" in statutes, regulations, guidelines and policy papers. It is being replaced with "spouse or common-law partner" and in French "conjoint" is being replaced by "époux ou conjoint de fait". The By-law is considered to be a regulation pursuant to the federal Interpretation Act and therefore is being amended in accordance with the federal government policy. Schedule II to the By-law (the text of the CDIC brochure entitled Protecting Your Deposits) contains the phrase "spousal plan".

Amendments to the Income Tax Act contained in the Modernizing Benefits and Obligations Act, Statutes of Canada 2000, Chapter 12, change references to spousal plans to include references to plans that are in the name of the contributor's common-law partner. In the circumstances, Schedule II to the By-law is to be amended to include a reference to a plan that is in the name of the contributor's common-law partner. The By-Law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-Law (the "Amending By-law") will ensure that the language used in the brochure is consistent with the language used in the Income Tax Act.

Alternatives

There are no available alternatives. If the reference to "spousal plans" in the CDIC brochure entitled Protecting Your Deposits is not amended in the manner suggested, it would be inconsistent with recent amendments to the Income Tax Act.

Benefits and Costs

The Amending By-law will change the text of the CDIC brochure entitled Protecting Your Deposits and will therefore result in expense, both to CDIC and its member institutions, arising from the printing and distribution of this text that is required under the By-law to be included in each member institution's deposit register or delivered with the register. However, the change to the brochure contained in the Amending By-law will ensure that the correct terminology is used in the brochure.

Consultation

CDIC has reviewed the Amending By-law with the Department of Justice, Regulations Section. The CDIC Board of Directors directed that the Amending By-law be exempt from pre-publication in the Canada Gazette, Part I in light of the fact that the amendment was a minor technical change that was necessitated by changes to the Income Tax Act. No external consultations were required.

Compliance and Enforcement

There are no compliance or enforcement issues.

Contact

Sandra Chisholm
Director, Standards and Insurance
Canada Deposit Insurance Corporation
17th Floor , 50 O'Connor Street
Ottawa, Ontario
K1P 5W5
Telephone: (613) 943-1976
FAX: (613) 580-3017
E-mail: schisholm@cdic.ca

Footnote a

S.C. 1992, c. 26, s. 4

Footnote 1

SOR/96-542

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