Bill 2 — 2010: Budget Measures Implementation Act, 2010

HONOURABLE COLIN HANSEN
MINISTER OF FINANCE AND
DEPUTY PREMIER

BILL 2 — 2010

BUDGET MEASURES IMPLEMENTATION ACT, 2010

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

SECTION 1: [Advanced Education Statutes Amendment Act, 2003, sections 6 and 33] repeals not-in-force provisions.

1 Sections 6 and 33 of the Advanced Education Statutes Amendment Act, 2003, S.B.C. 2003, c. 48, are repealed.

SECTION 2: [British Columbia Railway Act, section 1] removes a cross-reference rendered unnecessary by the amendment of section 29 of the Act by this Bill.

2 Section 1 of the British Columbia Railway Act, R.S.B.C. 1996, c. 36, is amended in the definition of "minister" by striking out "29 (b),".

SECTION 3: [British Columbia Railway Act, section 29] provides for the shares of the company to be registered in the name of and held by the BC Transportation Financing Authority.

3 Section 29 is amended by repealing paragraphs (a) and (b) and substituting the following:

(a) must be registered in the name of and held by the BC Transportation Financing Authority, and .

SECTION 4: [British Columbia Railway Act, section 33.1] provides that the company must make payments to the government or a government organization as directed by the Treasury Board and must cause its subsidiaries to provide the company with any funds necessary for those payments.

Payments

33.1 Despite any other provision of this or any other enactment, the company must

(i) to the government or a government organization, within the meaning of the Budget Transparency and Accountability Act, as directed by Treasury Board, and

(b) promptly after receiving a direction under paragraph (a), take all actions necessary to cause the company's subsidiaries to make such payments, if any, to the company as may be necessary to allow the company to comply with the direction.

SECTION 5: [Budget Transparency and Accountability Act, section 4] reduces the minimum number of Economic Forecast Council members from 12 to 10.

5 Section 4 (2) of the Budget Transparency and Accountability Act, S.B.C. 2000, c. 23, is amended by striking out "12" and substituting "10".

SECTION 6: [Budget Transparency and Accountability Act, section 11] is consequential to the amendments made to section 23.1 of the Act by this Bill.

(a) by adding "or adopts alternate standards or guidelines under section 23.1 (2)" after "policies", and

(b) by striking out "the change" wherever it appears and substituting "the change or adoption".

SECTION 7: [Budget Transparency and Accountability Act, section 23] authorizes the Treasury Board to make regulations and directives respecting accounting policies and practices for government organizations.

(ii) by striking out "and" at the end of paragraph (a) and by adding the following paragraph:

(a.1) despite any other Act, accounting policies and practices for a government organization or a class of government organizations, and , and

(3) A government organization must comply with a regulation or directive under subsection (1) (a.1).

SECTION 8: [Budget Transparency and Accountability Act, section 23.1] provides that accounting policies and practices for the government reporting entity, the government as reported through the consolidated revenue fund, and government organizations must conform to generally accepted accounting principles.

Generally accepted accounting principles

23.1 (1) Despite any other Act, all accounting policies and practices for the government reporting entity, the government as reported through the consolidated revenue fund, and government organizations must conform to

(a) the set of standards and guidelines that comprise generally accepted accounting principles for senior governments in Canada, or

(b) if the Treasury Board makes a regulation under subsection (2), the set of standards and guidelines that comprise generally accepted accounting principles for senior governments in Canada as modified by the alternate standard or guideline or part thereof adopted in the regulation.

(2) The Treasury Board may make regulations to adopt all or part of an alternate standard or guideline

(a) for a government organization, from the set of standards and guidelines that comprise the generally accepted accounting principles referred to in subsection (1) (a) that apply to the government as reported through the consolidated revenue fund, and

(b) for the government reporting entity, the government as reported through the consolidated revenue fund or a government organization, from the set of standards and guidelines that comprise either or both of the following:

(i) generally accepted accounting principles for organizations in Canada other than senior governments;

(ii) generally accepted accounting principles applicable in a jurisdiction outside Canada that have been set by a recognized standard setting organization in that jurisdiction.

SECTION 9: [Business Practices and Consumer Protection Act, section 142.1] is consequential to the dissolution of the Homeowner Protection Office and the transfer of some of its functions to BC Housing.

9 Section 142.1 of the Business Practices and Consumer Protection Act, S.B.C. 2004, c. 2, is amended

SECTION 10: [College and Institute Act, section 31] defines revenue and expenditure for the purpose of the limitation on expenditures for colleges and institutes.

10 Section 31 of the College and Institute Act, R.S.B.C. 1996, c. 52, is amended

"expenditure" includes amortization, allowances for doubtful accounts and other non-cash expenses;

SECTION 11: [College and Institute Act, section 32] updates a cross-reference, consequential to the amendment to section 31 of the Act made by this Bill.

11 Section 32 is amended by striking out "section 31 (1)," and substituting "section 31 (1.1),".

SECTION 12: [Financial Administration Act, section 1] adds a definition of "government organization".

12 Section 1 of the Financial Administration Act, R.S.B.C. 1996, c. 138, is amended by adding the following definition:

"government organization" means a government organization as defined in the Budget Transparency and Accountability Act; .

SECTION 13: [Financial Administration Act, section 9.1] provides that, on the direction of the Treasury Board, the Comptroller General has certain powers and duties respecting government organizations.

Comptroller General authority respecting government organizations

9.1 (1) When directed to do so by directive or regulation of the Treasury Board with respect to a government organization or a class of government organizations, the Comptroller General must, in accordance with the directive or regulation,

(a) develop and issue policies and guidelines and establish procedures for the recording and reporting of the revenues, expenditures, assets, liabilities and equity of the government organization or class of government organizations,

(b) issue directives respecting the methods by which the accounts of the government organization or class of government organizations are kept,

(c) evaluate financial management throughout the government organization or class of government organizations and recommend to the Treasury Board improvements considered necessary,

(d) examine and report to the Treasury Board on any or all of the financial and accounting operations of a government organization, or

(e) perform other duties with respect to the government organization or class of government organizations assigned to the Comptroller General by the Treasury Board.

(2) For the purposes of subsection (1), the Comptroller General, in addition to the powers given to the Comptroller General under this or any other Act,

(a) has access at all times to all government organizations and to their records, and

(b) may require from any officer or employee of a government organization information and explanations necessary for the performance of the Comptroller General's duties.

(3) A government organization must comply with a policy, procedure, directive or other requirement of the Comptroller General under this section.

(4) A policy, procedure, directive or other requirement of the Comptroller General under this section must be consistent with section 23.1 of the Budget Transparency and Accountability Act.

SECTION 14: [Financial Administration Act, section 23] allows for recoveries from a vote to be based on funds received in previous fiscal periods.

(a) in subsection (3) by repealing paragraph (c) and substituting the following:

(i) the actual credits or recoveries as described in that appropriation that are recognized, in accordance with the accounting policies determined by the Treasury Board under section 4, as revenue of the government for the fiscal year to which the appropriation relates

(ii) the estimated credits or recoveries set out in the details related to that appropriation. , and

(b) in subsection (9) by repealing paragraph (b) and substituting the following:

(i) the actual receipts as described in that appropriation that are recognized, in accordance with the accounting policies determined by the Treasury Board under section 4, as receipts of the government for the fiscal year to which that appropriation relates

(ii) the estimated receipts set out in the details related to that appropriation.

SECTION 15: [Financial Administration Act, section 56.1] is consequential to the definition of "government organization" added to the Act by this Bill.

15 Section 56.1 is amended by striking out ", as defined in the Budget Transparency and Accountability Act,".

SECTION 16: [Financial Information Act, Schedule 2] is consequential to the dissolution of the Homeowner Protection Office by this Bill.

16 Schedule 2 of the Financial Information Act, R.S.B.C. 1996, c. 140, is amended by striking out "Homeowner Protection Office".

SECTION 17: [Financial Information Act, Schedule 2] amends the schedule to delete the Vancouver Convention Centre Expansion Project Ltd. from the definition of "corporation" under the Act.

17 Schedule 2 is amended by striking out "Vancouver Convention Centre Expansion Project Ltd."

SECTION 18: [Freedom of Information and Protection of Privacy Act, Schedule 2] removes the Homeowner Protection Office as a public body consequential to its dissolution by this Bill.

18 Schedule 2 of the Freedom of Information and Protection of Privacy Act, R.S.B.C. 1996, c. 165, is amended by striking out the following entry:

SECTION 19: [Freedom of Information and Protection of Privacy Act, Schedule 2] removes the Vancouver Convention Centre Expansion Project Ltd. from the list of public bodies consequential to its deletion from Schedule 2 of the Financial Information Act by this Bill.

SECTION 20: [Homeowner Protection Act, section 1] repeals definitions of terms that will no longer be used in the Act after the amendments made by this Bill, repeals and replaces the definition of "chief executive officer", amends the definition of "compliance officer" and adds a definition of "BC Housing".

20 Section 1 of the Homeowner Protection Act, S.B.C. 1998, c. 31, is amended

(a) by repealing the definitions of "advisory council", "director of research and education", "office" and "program",

"BC Housing" means the British Columbia Housing Management Commission continued under section 10 (1) (b) of the Ministry of Lands, Parks and Housing Act; ,

(c) by repealing the definition of "chief executive officer" and substituting the following:

"chief executive officer" means the chief executive officer of BC Housing appointed under section 5 (1) of the British Columbia Housing Management Commission Regulation, B.C. Reg. 490/79; , and

(d) in the definition of "compliance officer" by striking out "appointed under section 5 (1)" and substituting "designated under section 7 (1)".

SECTION 21: [Homeowner Protection Act, section 2] replaces the administration of the reconstruction program as a purpose of the Act with the administration of the reconstruction loan portfolio.

(2) A further purpose of this Act is the administration of the reconstruction loan portfolio, as defined in section 24.1, in accordance with Part 9.

SECTION 22: [Homeowner Protection Act, Part 2] repeals Part 2.

SECTION 23: [Homeowner Protection Act, Part 3 heading] repeals and replaces the heading to Part 3.

SECTION 24: [Homeowner Protection Act, section 7] gives BC Housing the duty to designate a registrar and compliance officers for the purposes of the Act.

SECTION 25: [Homeowner Protection Act, section 10]

authorizes BC Housing to apply fees, other than section 26 (1) fees, for its purposes under the Act;
provides that the registrar collects section 26 (1) fees as agent for the Minister of Finance and that BC Housing holds those fees as agent for the Minister of Finance.

(a) in subsection (1) by striking out "including assessments" and substituting "including fees", and

(2) Money collected under subsection (1), except fees prescribed under section 26 and interest payable on those fees, must be paid to the credit of BC Housing and applied to defray the expenses incurred in carrying out its functions under this Act.

(a) are collected by the registrar under subsection (1) as agent for the Minister of Finance, and

(b) are held by BC Housing as agent for the Minister of Finance and, except for amounts that by agreement under section 27.2 (3) may be deducted, must be paid to the Minister of Finance in accordance with an agreement under that section, or, if there is no such agreement, at the times and in the manner the Minister of Finance directs.

SECTION 26: [Homeowner Protection Act, section 10.1]

authorizes the registrar to collect section 26 (1) fees as if they were a judgment of the Supreme Court by filing a certificate with the court;
authorizes the registrar to take actions in relation to the builder's licence for non-payment of a section 26 (1) fee;
authorizes the registrar to refund fees paid under section 26 (1) in respect of a new home if satisfied the new home will not be constructed.

Recovery and refunds of section 26 fees

10.1 (1) If a residential builder defaults in the payment of a fee prescribed under section 26 (1) that is due and payable, the registrar may

(a) issue a certificate stating the amount due, the amount remaining unpaid, including prescribed interest, and the name of the person by whom it is payable, and

and, when filed, the certificate has the same force and effect, and all proceedings may be taken on it, as if it were a judgment of the court for the recovery of a debt for the amount stated in the certificate against the person named in it.

(2) In addition to any other remedy available, failure to pay a fee prescribed under section 26 (1) in the amount and at the time required may be cause for the registrar to refuse to issue or renew, or to suspend, cancel or impose restrictions on, the licence of a residential builder.

(3) If the registrar is satisfied that the new home for which a residential builder paid a fee prescribed under section 26 (1) will not be constructed, the registrar may refund to the residential builder the amount of the fee and any interest paid on the fee.

(4) If the registrar pays a refund under subsection (3), the amount refunded may be deducted, in accordance with an agreement under section 27.2 (3), from amounts payable to the Minister of Finance under section 10 (2.1) (b).

SECTION 27: [Homeowner Protection Act, Part 3.1] adds Part 3.1 establishing the Industry and Consumer Advisory Council to advise BC Housing on matters coming within its responsibility under the Act.

Industry and Consumer Advisory Council

10.2 (1) An advisory council is established to be known as the Industry and Consumer Advisory Council consisting of the members appointed under subsection (2).

(2) The chief executive officer may appoint as members of the advisory council under subsection (1)

(a) participants from the residential construction industry, including architects and engineers,

(3) The chief executive officer may designate one of the members as chair of the advisory council and another member as vice chair.

(4) The chief executive officer may rescind, at any time, an appointment made under subsection (2) or a designation made under subsection (3).

(5) The purpose of the Industry and Consumer Advisory Council is to provide advice to BC Housing and the chief executive officer on all matters coming within their areas of responsibility under this Act.

SECTION 28: [Homeowner Protection Act, Part 4 heading] repeals and replaces the heading to Part 4.

SECTION 29: [Homeowner Protection Act, sections 11 to 13] repeals sections 11 to 13 and re-enacts section 12 setting out BC Housing's responsibilities in relation to research and education.

Research and education responsibilities

(a) establishing and maintaining expertise in building science, especially as it applies to British Columbia and the British Columbia Building Code;

(b) conducting research into cost effective building techniques, processes and materials appropriate for use in British Columbia;

(c) cooperating with other organizations to establish what constitutes the best practice for building and retrofitting housing in British Columbia;

SECTION 30: [Homeowner Protection Act, section 16] is consequential to the dissolution of the Homeowner Protection Office as a corporation.

30 Section 16 (2) is amended by striking out "the office." and substituting "the registrar."

SECTION 31: [Homeowner Protection Act, Part 9 heading] repeals and replaces the heading to Part 9.

SECTION 32: [Homeowner Protection Act, sections 24, 24.1 and 24.2] repeals the authority for the reconstruction program, adds a definition section for the purposes of Part 9 and requires the Minister of Finance to administer Part 9.

Definitions

"Homeowner Protection Office" means the corporation established under section 3 of this Act as that section read immediately before its repeal by the Budget Measures Implementation Act, 2010;

"initial application" does not include an application, based on a reassessment of the costs of home reconstruction, for an increase in the amount of financial assistance previously approved for an eligible homeowner under the reconstruction program;

"reconstruction loan portfolio" means, subject to an order under section 56 (3) of the Budget Measures Implementation Act, 2010, the rights, property and assets and the obligations and liabilities, including contingent liabilities, of the Homeowner Protection Office related to the reconstruction program as of the date this section comes into force, and includes, without limitation, amounts received by the Minister of Finance, and liabilities incurred by, or accruing or accrued to, the Minister of Finance, for the purposes of this Part on and after that date;

"reconstruction program" means the program established under section 24 of this Act as that section read immediately before its repeal by the Budget Measures Implementation Act, 2010.

Reconstruction loan portfolio

24.2 The Minister of Finance must administer the reconstruction loan portfolio in accordance with this Part.

SECTION 33: [Homeowner Protection Act, sections 25 and 26] repeals section 25 and repeals and replaces section 26 consequential to the replacement of the reconstruction program with the reconstruction loan portfolio.

Reconstruction loan portfolio fee

26 (1) The Lieutenant Governor in Council may make regulations prescribing for the purposes of the reconstruction loan portfolio a fee that must be paid with a licence fee under section 14 (2) by a residential builder in relation to prescribed categories of new homes.

(2) For the purposes of subsection (1), the Lieutenant Governor in Council may prescribe formulas for calculating the amount of the fee prescribed under subsection (1) and the time for payment of that fee.

SECTION 34: [Homeowner Protection Act, section 27] repeals and replaces the section to

authorize the Minister of Finance or BC Housing as the Minister of Finance's agent to approve applications for reassessments for previously approved homeowners;
authorize the Minister of Finance to pay out of the consolidated revenue fund reconstruction loans approved before the amendments by this Bill come into force and amounts authorized on a reassessment of the costs of reconstruction;
establish amounts owing to the government in respect of the reconstruction program as debts due to the government;
deem applications to the reconstruction program received after July 31, 2009 as not made or received.

Payments from consolidated revenue fund in
relation to the reconstruction loan portfolio

27 (1) The Minister of Finance or BC Housing as agent for the Minister of Finance may approve an application for a reassessment of financial assistance previously approved for an eligible homeowner only if the homeowner's initial application to the reconstruction program was received by the Homeowner Protection Office on or before July 31, 2009.

(2) Despite section 21 (3) of the Financial Administration Act, the Minister of Finance may pay the following amounts out of the consolidated revenue fund:

(a) financial assistance in the amount approved by the Homeowner Protection Office for an eligible homeowner whose initial application to the reconstruction program was received by the Homeowner Protection Office on or before July 31, 2009;

(b) financial assistance in the amount approved on an application under subsection (1).

(a) amounts outstanding in respect of loans made to a homeowner under the reconstruction program and interest payable on those amounts;

(b) amounts outstanding in respect of loans made by the Minister of Finance under subsection (2) and interest payable on those amounts;

(c) amounts paid out under the terms of a guarantee given under the reconstruction program to another person in respect of a loan made to a homeowner and interest payable on those amounts;

(d) amounts paid out under the terms of a guarantee given by the Minister of Finance to another person in respect of a loan made to a homeowner and interest payable on those amounts;

(e) any other amounts payable to the government in relation to the reconstruction loan portfolio.

(4) An initial application to the reconstruction program for financial assistance for home reconstruction that was received by the Homeowner Protection Office after July 31, 2009 is conclusively deemed not to have been made or received.

SECTION 35: [Homeowner Protection Act, sections 27.1 and 27.2]

authorizes the Minister of Finance to enforce a debt due to the government as a judgment by filing a certificate in the Supreme Court;
authorizes the Minister of Finance to enter into an information-sharing agreement with BC Housing to share personal information as necessary for the administration of the reconstruction loan portfolio;
authorizes the Minister of Finance to enter into an administration agreement with BC Housing.

Collections

27.1 (1) Amounts referred to in section 27 (3) that are not paid when due may be recovered by the Minister of Finance by

(2) A certificate filed under subsection (1) (b) is of the same force and effect, and all proceedings may be taken on it, as if it were a judgment of the court for the recovery of a debt in the amount stated in the certificate against the person named in it.

Agreements with BC Housing

27.2 (1) In this section, "information-sharing agreement" means an agreement to exchange personal information in relation to eligible homeowners who were approved by the Homeowner Protection Office to receive financial assistance from the reconstruction program on initial applications received on or before July 31, 2009.

(2) The Minister of Finance may enter into an information-sharing agreement with BC Housing authorizing the exchange of personal information as necessary for the administration of the reconstruction loan portfolio.

(3) The Minister of Finance may enter into an agreement with BC Housing respecting the reconstruction loan portfolio, including, without limitation,

(a) the role of BC Housing, its chief executive officer and the registrar in the administration of the reconstruction loan portfolio, and

(b) accounting matters between BC Housing and the Minister of Finance in respect of the reconstruction loan portfolio.

(4) Without limiting subsection (3), an agreement under that subsection may provide, despite the Financial Administration Act, for BC Housing deducting from amounts payable to the Minister of Finance under section 10 (2.1) (b)

(a) an amount or proportion as remuneration for all services performed under this Act or the agreement by BC Housing in relation to the reconstruction loan portfolio, and

SECTION 36: [Homeowner Protection Act, section 28] repeals the section consequential to the transfer of the reconstruction loan portfolio to the Minister of Finance.

SECTION 37: [Homeowner Protection Act, section 28.3] is consequential to the dissolution of the Homeowner Protection Office and the transfer of some of its functions to BC Housing.

37 Section 28.3 (7) and (8) is amended by striking out "the office" and substituting "BC Housing".

SECTION 38: [Homeowner Protection Act, section 29.5] is consequential to the dissolution of the Homeowner Protection Office and the transfer of some of its functions to BC Housing.

38 Section 29.5 (2) is amended by striking out "at the office by any person during the regular business hours of the office." and substituting "at any location of BC Housing during regular business hours."

SECTION 39: [Homeowner Protection Act, section 31] removes the chief executive officer's authority under the section.

39 Section 31 (1) is amended by striking out "the chief executive officer or".

SECTION 40: [Homeowner Protection Act, section 32] is consequential to the housekeeping amendments made to section 26 of the Act by this Bill.

(a) in paragraph (i) by striking out "on an assessment made under section 26;" and substituting "on a fee prescribed under section 26 (1);",

(b) in paragraphs (j) and (j.1) by striking out "collect assessments under section 26" and substituting "collect fees prescribed under section 26 (1)", and

(c) in paragraph (m) by striking out "operation of the program." and substituting "administration of the reconstruction loan portfolio."

SECTION 41: [Hydro and Power Authority Act, section 32] adds proposed section 9.1 of the Financial Administration Act to the list of provisions that apply to the British Columbia Hydro and Power Authority and the British Columbia Transmission Corporation.

41 Section 32 (7) (k) of the Hydro and Power Authority Act, R.S.B.C. 1996, c. 212, is amended by adding "9.1," after "4.1,".

SECTION 42: [Insurance Corporation Act, section 1] adds a definition of "MCT guideline".

42 Section 1 of the Insurance Corporation Act, R.S.B.C. 1996, c. 228, is amended by adding the following definition:

"MCT guideline" means the Guideline for Minimum Capital Test (MCT) for Federally Regulated Property and Casualty Insurance Companies issued by the Office of the Superintendent of Financial Institutions Canada as that guideline is amended or replaced from time to time; .

SECTION 43: [Insurance Corporation Act, section 8.4] clarifies that the reserve requirements of the corporation may be qualified by the orders of the Lieutenant Governor in Council under section 26 of the Act.

43 Section 8.4 is amended by striking out "regulations and" and substituting "regulations, including, without limitation, orders of the Lieutenant Governor in Council under section 26, and".

SECTION 44: [Insurance Corporation Act, section 13] harmonizes a cross-reference with the replacement of section 26 of the Act effected by this Bill.

44 Section 13 (3) is amended by striking out "26 (1)" and substituting "26 (2)".

SECTION 45: [Insurance Corporation Act, section 26] allows the Lieutenant Governor in Council to direct that the corporation make payments to the government out of the corporation's optional capital available.

Disposition of surplus

"capital available" means capital available as that term is described in the MCT guideline;

"capital required" means capital required as that term is described in the MCT guideline;

(b) the margin, determined by the corporation's actuary and validated by the independent actuary appointed by the board of the corporation, that

(i) reflects the corporation's risk profile in relation to the corporation's optional vehicle insurance business and its ability to respond to adverse events that arise from those risks, and

(B) the Guideline on Stress Testing issued by the Office of the Superintendent of Financial Institutions Canada as it is amended or replaced from time to time;

"optional capital available" means the capital available in relation to the corporation's optional vehicle insurance business;

"optional capital required" means the capital required in relation to the corporation's optional vehicle insurance business;

"Treasury Board" has the same meaning as in the Financial Administration Act.

(2) Subject to subsection (3) and despite any other enactment, the Lieutenant Governor in Council may, by order, direct the corporation to make payments to the government at such times, in such amounts or circumstances, on such bases and in such manners as the Lieutenant Governor in Council may order and to record the required payments as liabilities in the corporation's financial statements.

(3) The corporation must, in relation to each payment it is directed to make under subsection (2), comply with that direction as follows:

(b) the payment must not result in the ratio of the corporation's optional capital available to the corporation's optional capital required falling below the ratio that is the management target.

(4) In making an order under subsection (2), the Lieutenant Governor in Council may

(a) rely on or incorporate, with or without modification, any or all of the provisions of any code, guideline or regulation as they may be amended or replaced from time to time before or after the making of the order, including, without limitation, any or all of the provisions of the Guideline on Stress Testing issued by the Office of the Superintendent of Financial Institutions Canada, and

(b) allow Treasury Board, for each calendar year, to approve a deduction from the amount that would otherwise be payable for that calendar year under this section.

SECTION 46: [Insurance Corporation Act, section 47] allows the Lieutenant Governor in Council, when making directions under section 47 of the Act, to apply or otherwise refer to codes, guidelines or regulations.

(4) The powers of the Lieutenant Governor in Council under subsection (1) include the power, by regulation, to issue directions that apply, rely on or incorporate, with or without modification, any or all of the provisions of any code, guideline or regulation as they may be amended or replaced from time to time before or after the making of the Lieutenant Governor in Council's regulation, including, without limitation, any or all of the provisions of the MCT guideline.

SECTION 47: [Land Title Act, section 383.2] authorizes the registrar of land titles to update the land title register to reflect transfers of interests in real property made by this Bill.

47 The Land Title Act, R.S.B.C. 1996, c. 250, is amended by adding the following section:

Homeowner Protection Act amendments

383.2 (1) Without limiting any other power of the registrar under this or any other enactment, the registrar may amend any part of the register to reflect

(a) the transfer to and vesting in the British Columbia Housing Management Commission of restrictive covenants registered under section 219 of this Act effected by section 54 (2) (c) of the Budget Measures Implementation Act, 2010, and

(b) the transfer to and vesting in the government of all interests in land registered in the name of the Homeowner Protection Office, except restrictive covenants registered under section 219 of this Act, effected by section 56 (2) (a) of the Budget Measures Implementation Act, 2010.

(2) In making an amendment under subsection (1), the registrar must not erase or render illegible the original words.

(3) The registrar must affix the registrar's signature to the amendment and the date on which the amendment was made.

(4) Subsections (2) and (3) do not apply to an amendment made to records stored by electronic means.

(5) Without limiting section 54 (3) or 56 (2) (c) of the Budget Measures Implementation Act, 2010, an amendment under this section is valid and effective as of April 1, 2010.

SECTION 48: [Members' Remuneration and Pensions Act, section 2] provides that the annual compensation adjustment for MLAs will not occur in 2010 and 2011.

48 Section 2 of the Members' Remuneration and Pensions Act, R.S.B.C. 1996, c. 257, is amended by adding the following subsection:

(2.1) Despite subsection (2), no adjustment is to be made under that subsection with respect to the fiscal years commencing on April 1, 2010 and April 1, 2011.

SECTION 49: [Ministry of Lands, Parks and Housing Act, section 10] clarifies that BC Housing's jurisdiction extends to powers and duties given under other statutes.

49 Section 10 of the Ministry of Lands, Parks and Housing Act, R.S.B.C. 1996, c. 307, is amended by adding the following subsection:

(2.1) The British Columbia Housing Management Commission is authorized to exercise the powers and perform the duties given to it under this or another enactment.

SECTION 50: [Royal Roads University Act, section 16] provides that section 29 of the University Act applies to Royal Roads University.

50 Section 16 of the Royal Roads University Act, R.S.B.C. 1996, c. 409, is amended by adding "29," after "Sections".

SECTION 51: [University Act, section 29] defines revenue and expenditure for the purpose of the limitation on expenditures for universities.

"expenditure" includes amortization, allowances for doubtful accounts and other non-cash expenses;

SECTION 52: [British Columbia Railway Act transition]

provides for the transfer of the company's shares to the BC Transportation Financing Authority;
provides that the share transfer effected by this Bill will not constitute a breach or contravention of any security agreements or other agreements or records, and will not entitle any person to damages or compensation or to terminate any security agreement or other agreement or record.

British Columbia Railway Act transition

52 (1) The shares of the British Columbia Railway Company are transferred from the Minister of Finance to, and are vested in, the BC Transportation Financing Authority without an appropriation other than this section.

(2) Despite any provision to the contrary in a security agreement or other agreement or record, the transfer of shares referred to in subsection (1) does not constitute a breach or contravention of, or a default under, the security agreement or other agreement or record and, without limiting this, does not entitle any party to any security agreement or other agreement or record to claim any damages or compensation or to terminate the security agreement or other agreement or record.

SECTION 53: [Homeowner Protection Act transition — regulation making authority] authorizes regulations to eliminate any transitional issues that may arise in the dissolution of the Homeowner Protection Office and the transfer to BC Housing and the Minister of Finance of the powers and duties of that office. These regulations cease to have effect at the end of the next session of the Legislature.

Homeowner Protection Act transition — regulation making authority

53 (1) Despite this Act and the Homeowner Protection Act, the Lieutenant Governor in Council may make regulations as follows:

(a) respecting any matter that the Lieutenant Governor in Council considers is not provided for, or is not sufficiently provided for, by this Act in relation to the amendments to the Homeowner Protection Act;

(b) making amendments to any enactments as the Lieutenant Governor in Council considers necessary or advisable for the purpose of more effectively bringing the amendments to the Homeowner Protection Act made by this Act into operation;

(c) making provisions as the Lieutenant Governor in Council considers necessary or advisable for the purpose of preventing, minimizing or otherwise addressing any transitional difficulties encountered in bringing into operation the amendments to the Homeowner Protection Act made by this Act, including provisions providing an exception to or a modification of a provision in an Act or providing for the continued application of a previous enactment;

(d) resolving any errors, inconsistencies or ambiguities in the Homeowner Protection Act or another Act that may arise in relation to this Act.

(2) A regulation under subsection (1) may be made retroactive to a date not earlier than April 1, 2010.

(3) In the event of a conflict between a regulation under subsection (1) and another enactment, the regulation prevails to the extent of the conflict.

(4) A regulation under subsection (1) ceases to have effect after the last day of the next session of the Legislative Assembly after the regulation is made.

SECTION 54: [Homeowner Protection Act transition — Homeowner Protection Office]

dissolves the Homeowner Protection Office and terminates its board members;
transfers to and vests in BC Housing the assets and liabilities of the Homeowner Protection Office that are unrelated to the reconstruction program;
requires that records related to the transferred assets and liabilities also be given to BC Housing.

Homeowner Protection Act transition — Homeowner Protection Office

"BC Housing" has the same meaning as in section 1 of the Homeowner Protection Act;

"Homeowner Protection Office" has the same meaning as in section 24.1 of the Homeowner Protection Act;

"reconstruction program" has the same meaning as in section 24.1 of the Homeowner Protection Act.

(b) the appointment of each member of the board of the Homeowner Protection Office is rescinded,

(c) all of the rights, property and assets of the Homeowner Protection Office, except those relating to the reconstruction program, are transferred to and vested in BC Housing,

(d) BC Housing assumes all obligations and liabilities of the Homeowner Protection Office except those related to the reconstruction program, and

(e) BC Housing must be given the records of the Homeowner Protection Office as necessary for BC Housing to exercise its powers and perform its duties under the Homeowner Protection Act, including, without limitation, records referred to in subsection (3) and records containing personal information as defined in the Freedom of Information and Protection of Privacy Act, except those records relating to the reconstruction program.

(3) On and after the repeal of Part 2 of the Homeowner Protection Act by this Act, a reference to the Homeowner Protection Office in any commercial paper, contract, lease, licence, mortgage, permit, bill of exchange, security agreement, payment instrument or other instrument or document, except those relating to the reconstruction program, is deemed to be a reference to BC Housing.

SECTION 55: [Homeowner Protection Act transition — Provincial Advisory Council on Homeowner Protection] dissolves the Provincial Advisory Council on Homeowner Protection and terminates its members.

Homeowner Protection Act transition — Provincial Advisory Council
on Homeowner Protection

(b) the appointment of each member of the Provincial Advisory Council on Homeowner Protection is rescinded.

SECTION 56: [Homeowner Protection Act transition — reconstruction program]

transfers to and vests in the government the assets and liabilities of the Homeowner Protection Office that are related to the reconstruction program;
requires that records related to the reconstruction program be given to the Minister of Finance;
authorizes the Lieutenant Governor in Council to vest assets and liabilities previously vested in the government in BC Housing;
authorizes the Lieutenant Governor in Council to prescribe a date after which a homeowner whose application for financial assistance was approved but not paid by the Homeowner Protection Office is no longer entitled to the approved loan unless the homeowner has provided the specified documents to BC Housing.

Homeowner Protection Act transition — reconstruction program

56 (1) In this section, "Homeowner Protection Office", "initial application", "reconstruction loan portfolio" and "reconstruction program" have the same meanings as in section 24.1 of the Homeowner Protection Act.

(2) On and after the repeal of section 24 of the Homeowner Protection Act by this Act,

(a) all of the rights, property and assets of the Homeowner Protection Office that relate to the reconstruction program are transferred to and vested in the government,

(b) the government assumes all obligations and liabilities of the Homeowner Protection Office related to the reconstruction program,

(c) a reference to the Homeowner Protection Office in any commercial paper, contract, lease, licence, mortgage, permit, bill of exchange, security agreement, payment instrument or other instrument or document related to the reconstruction program is deemed to be a reference to the government, and

(d) the Minister of Finance must be given the records of the Homeowner Protection Office relating to the reconstruction program, including, without limitation, records referred to in paragraph (c) and records containing personal information as defined in the Freedom of Information and Protection of Privacy Act.

(3) The Lieutenant Governor in Council, by order made on or before December 31, 2010, may transfer to and vest in BC Housing any of the rights, property, assets, obligations or liabilities referred to in subsection (2) (a) or (b).

(a) the reconstruction loan portfolio does not include the rights, property, assets, obligations or liabilities transferred under the order, and

(b) a reference deemed by subsection (2) (c) to be to the government is deemed to be a reference to BC Housing.

(5) On or before the prescribed date, an eligible homeowner whose initial application for financial assistance was approved by the Homeowner Protection Office, and in respect of which no funds have been advanced, must

(a) satisfy the conditions of the approval under which funding instructions may be provided, and

(b) provide to BC Housing, as agent for the Minister of Finance, a building permit respecting the reconstruction for which the financial assistance was approved.

(6) If an eligible homeowner does not comply with subsection (5) on or before the date prescribed for the purposes of that subsection, for all purposes, including the purposes of section 27 (2) (a) of the Homeowner Protection Act,

(a) the application in relation to which the approval was given is conclusively deemed not to have been made or received, and

(7) The Lieutenant Governor in Council may prescribe a date for the purposes of subsection (5).

SECTION 57: [Homeowner Protection Act transition — dealings with transferred assets] authorizes the government and BC Housing to deal with the assets and liabilities transferred to them and authorizes the registrars of registries to give the same effect to records executed by the government or BC Housing as they would to records executed by the Homeowner Protection Office.

Homeowner Protection Act transition — dealings with transferred assets

57 If a right, property or asset referred to in section 54 (2) (c) or 56 (2) (a) of this Act is registered or recorded in the name of the Homeowner Protection Office,

(i) effect a transfer, charge, encumbrance or other dealing with the right, property or asset, and

(ii) execute any record required to give effect to that transfer, charge, encumbrance or other dealing, and

(i) who has authority over a registry or other office, including, without limitation, the personal property registry and a land title office, in which title to or an interest in the right, property or asset is registered or recorded, and

(ii) to whom a record referred to in paragraph (a) (ii), executed by or on behalf of the government or BC Housing, as applicable, is submitted in support of the transfer, charge, encumbrance or other dealing

must give the record the same effect as if it had been duly executed by the Homeowner Protection Office.

SECTION 58: [Homeowner Protection Act transition — transfer is not a default] provides that the transfer of assets and liabilities is not a default in respect of those assets and liabilities.

Homeowner Protection Act transition — transfer is not a default

58 Despite any provision to the contrary in a record referred to in section 54 (3) or 56 (2) (c) of this Act, the transfer to the government or BC Housing, as applicable, of a right, property, asset, obligation or liability under either of those sections and an amendment to a register under section 57 of this Act does not constitute a breach or contravention of, or an event of default under, the record, and, without limiting this, does not entitle any person who has an interest in the right, property, asset, obligation or liability to claim any damages, compensation or other remedy.

SECTION 59: [Assessment Act, section 20.3]

clarifies that the actual value of designated port land is the actual value as determined in accordance with the regulations;
clarifies that a designation of eligible port land is to be by assessment roll number as at the date specified in the designation regulation;
provides for the timing of the effective date of designations and rescissions of designations in specified circumstances.

(2) The actual value of designated port land is the actual value as determined in accordance with the regulations. ,

(b) in subsection (4) (a) by adding "as at a date specified in the regulation" after "assessment roll number",

(d) in subsection (6) by striking out "If land" and substituting "Despite section 74 (5), if land", and

(a) an entry is made on a supplementary roll under section 26 (5) (b) with respect to land that is designated under subsection (3) (a) of this section, and

the rescission, regardless of when the regulation rescinding the designation comes into force, is effective for that portion of the taxation year on and after the date that the assessor made the entry on the supplementary roll.

SECTION 60: [Budget Measures Implementation Act, 2008, sections 4 to 7, 9, 11 to 17 and 47 and Schedule] is consequential to the repeal of the Corporation Capital Tax Act by this Bill.

60 Sections 4 to 7, 9, 11 to 17 and 47 of and the Schedule to the Budget Measures Implementation Act, 2008, S.B.C. 2008, c. 10, are repealed.

SECTION 61: [Carbon Tax Act, section 15] requires that a vendor must be appointed a collector before the vendor sells propane.

61 Section 15 (2) of the Carbon Tax Act, S.B.C. 2008, c. 40, is amended by striking out "and propane".

SECTION 62: [Carbon Tax Act, sections 18, 19, 28, 33, 38 and 59] deletes references to propane in these sections, because propane will be part of the security scheme established by the Carbon Tax Act and a retail dealer of propane will no longer be required to remit tax on its sale.

62 Sections 18, 19 (1) (a) and (2), 28 (1), 33 (1) and (2), 38 (5) and (7) and 59 (1) and (3) are amended by striking out "or propane" wherever it appears.

SECTION 63: [Carbon Tax Act, section 47] permits the imposition of penalties if a vendor, contrary to section 15 of the Act, sells fuel when the vendor is not a collector.

63 Section 47 is amended by renumbering the section as section 47 (1) and by adding the following subsections:

(2) If the director is satisfied that a vendor sold fuel contrary to section 15, the director must impose on the vendor a penalty equal to the security that the vendor would have been required to pay if the vendor, at the time of the sale, had been a collector.

(3) If the director is satisfied that a vendor wilfully sold fuel contrary to section 15, the director may impose on the vendor, in addition to any other penalty, a penalty equal to the amount of security that the vendor would have been required to pay if the vendor, at the time of the sale, had been a collector who was not exempt from the requirement to pay security under section 30.

SECTION 64: [Carbon Tax Act, Schedule 1] clarifies that acid gas and waste gas that have been removed from other components of natural gas through processing are natural gas.

64 The definition of "natural gas" in section 1 (1) of Schedule 1 is repealed and the following substituted:

"natural gas" means natural gas that occurs naturally or results from processing, whether or not the natural gas contains gas liquids, and includes acid gas and waste gas that, as a part of processing, have been removed from other components of natural gas, but does not include refinery gas; .

SECTION 65: [Carbon Tax Act, Schedule 1] changes the rate of tax for kerosene so that kerosene has the same tax rate as jet fuel, commencing on July 1, 2010.

65 Schedule 1 is amended by deleting item 5 of the Table and substituting the following as indicated:

SECTION 66: [Corporation Capital Tax Act, repeal] is self-explanatory.

SECTION 67: [Home Owner Grant Act, section 1] adds a definition for "northern and rural area" as the area of the Province outside the boundaries of the Greater Vancouver, Capital and Fraser Valley Regional Districts.

67 Section 1 of the Home Owner Grant Act, R.S.B.C. 1996, c. 194, is amended by adding the following definition:

"northern and rural area" means the area of the Province outside the boundaries of the Greater Vancouver Regional District, the Capital Regional District and the Fraser Valley Regional District; .

SECTION 68: [Home Owner Grant Act, section 2] increases the amount of the home owner grant that a qualifying owner of an eligible residence in the northern and rural area is entitled to receive.

(a) in subsection (1) by striking out "owner of an eligible residence is entitled" and substituting "owner of an eligible residence outside the northern and rural area is entitled",

(1.1) An owner of an eligible residence in the northern and rural area is entitled to a grant in the amount set out in Schedule 3 if the owner meets all of the requirements set out in paragraphs (a) to (c) of subsection (1). ,

(c) in subsection (2) by striking out "owner who qualifies under subsection (1)" and substituting "owner of an eligible residence outside the northern and rural area who meets all of the requirements set out in paragraphs (a) to (c) of subsection (1)",

(2.1) An owner of an eligible residence in the northern and rural area is entitled to the amount set out in Schedule 4, rather than Schedule 3, if

(a) the owner meets all of the requirements set out in paragraphs (a) to (c) of subsection (1), and

(b) during the current tax year, the owner meets one or more of the requirements set out in paragraphs (a) to (d) of subsection (2). ,

(e) in subsection (3) by striking out "Despite subsections (1) and (2)," and substituting "Despite subsections (1) to (2.1),",

(f) in subsection (6) (d) by striking out "met the requirements under subsection (1)" and substituting "met all of the requirements set out in either subsection (1) or (1.1)",

(g) in subsection (8) by striking out "to receive a Schedule 2 grant" in both places and substituting "to receive a Schedule 2 grant or a Schedule 4 grant", and

SECTION 69: [Home Owner Grant Act, section 3] increases the amount of the home owner grant that a qualifying owner of an eligible building in the northern and rural area is entitled to receive.

(a) in subsection (1) by striking out "under subsections (2) and (3)." and substituting "under subsections (2) to (3.1).",

(b) in subsection (2) by striking out "The owner referred to in subsection (1)" and substituting "An owner of an eligible building outside the northern and rural area",

(2.1) An owner of an eligible building in the northern and rural area is entitled to the amount set out in Schedule 3 in respect of each eligible apartment or eligible housing unit in that eligible building that is occupied by an eligible occupant who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2). ,

(d) in subsection (3) by striking out everything before paragraph (a) and substituting "An owner of an eligible building outside the northern and rural area is entitled to the amount set out in Schedule 2, rather than Schedule 1, in respect of each eligible apartment or eligible housing unit that is occupied by an eligible occupant who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2) and, during the current tax year,",

(3.1) An owner of an eligible building in the northern and rural area is entitled to the amount set out in Schedule 4, rather than Schedule 3, in respect of each eligible apartment or eligible housing unit that is occupied by an eligible occupant

(a) who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2), and

(b) who, during the current tax year, meets one or more of the requirements set out in paragraphs (a) to (d) of subsection (3). ,

(f) in subsection (4) by striking out "Despite subsections (1) to (3)," and substituting "Despite subsections (1) to (3.1),",

(g) in subsection (5) by striking out "under subsections (2), (3) and (4)," and substituting "under subsections (2) to (4),",

(h) in subsection (5) (a) by striking out "referred to in Schedules 1 and 2," and substituting "referred to in Schedules 1 to 4,", and

(i) in subsection (6) by striking out "referred to in subsection (2) or (3)" and substituting "referred to in subsection (2), (2.1), (3) or (3.1)".

SECTION 70: [Home Owner Grant Act, section 4] increases the amount of the home owner grant that a qualifying owner of a land cooperative in the northern and rural area is entitled to receive.

(a) in subsection (1) by striking out "under subsections (2) and (3)." and substituting "under subsections (2) to (3.1).",

(b) in subsection (2) by striking out "The owner referred to in subsection (1)" and substituting "An owner of a land cooperative outside the northern and rural area that contains eligible land cooperative residences",

(2.1) An owner of a land cooperative in the northern and rural area that contains eligible land cooperative residences is entitled to the amount set out in Schedule 3 in respect of each eligible land cooperative residence that is occupied by an eligible occupant who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2). ,

(d) in subsection (3) by striking out everything before paragraph (a) and substituting "An owner of a land cooperative outside the northern and rural area that contains eligible land cooperative residences is entitled to the amount set out in Schedule 2, rather than Schedule 1, in respect of each eligible land cooperative residence that is occupied by an eligible occupant who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2) and, during the current tax year,",

(3.1) An owner of a land cooperative in the northern and rural area that contains eligible land cooperative residences is entitled to the amount set out in Schedule 4, rather than Schedule 3, in respect of each eligible land cooperative residence that is occupied by an eligible occupant

(a) who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2), and

(b) who, during the current tax year, meets one or more of the requirements set out in paragraphs (a) to (d) of subsection (3). ,

(f) in subsection (4) by striking out "Despite subsections (1) to (3)," and substituting "Despite subsections (1) to (3.1),",

(g) in subsection (5) by striking out "under subsections (2), (3) and (4)," and substituting "under subsections (2) to (4),",

(h) in subsection (5) (a) by striking out "referred to in Schedules 1 and 2," and substituting "referred to in Schedules 1 to 4,", and

(i) in subsection (6) by striking out "referred to in subsection (2) or (3)" and substituting "referred to in subsection (2), (2.1), (3) or (3.1)".

SECTION 71: [Home Owner Grant Act, section 5] increases the amount of the home owner grant that a qualifying owner of a multi dwelling leased parcel in the northern and rural area is entitled to receive.

(a) in subsection (1) by striking out "under subsections (2) and (3)." and substituting "under subsections (2) to (3.1).",

(b) in subsection (2) by striking out "The owner referred to in subsection (1)" and substituting "An owner of a multi dwelling leased parcel outside the northern and rural area that contains eligible multi dwelling leased parcel residences",

(2.1) An owner of a multi dwelling leased parcel in the northern and rural area that contains eligible multi dwelling leased parcel residences is entitled to the amount set out in Schedule 3 in respect of each eligible multi dwelling leased parcel residence that is occupied by an eligible occupant who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2). ,

(d) in subsection (3) by striking out everything before paragraph (a) and substituting "An owner of a multi dwelling leased parcel outside the northern and rural area that contains eligible multi dwelling leased parcel residences is entitled to the amount set out in Schedule 2, rather than Schedule 1, in respect of each eligible multi dwelling leased parcel residence that is occupied by an eligible occupant who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2) and, during the current tax year,",

(3.1) An owner of a multi dwelling leased parcel in the northern and rural area that contains eligible multi dwelling leased parcel residences is entitled to the amount set out in Schedule 4, rather than Schedule 3, in respect of each eligible multi dwelling leased parcel residence that is occupied by an eligible occupant

(a) who meets all of the requirements set out in paragraphs (a) to (c) of subsection (2), and

(b) who, during the current tax year, meets one or more of the requirements set out in paragraphs (a) to (d) of subsection (3). ,

(f) in subsection (4) by striking out "Despite subsections (1) to (3)," and substituting "Despite subsections (1) to (3.1),",

(g) in subsection (5) by striking out "under subsections (2), (3) and (4)," and substituting "under subsections (2) to (4),",

(h) in subsection (5) (a) by striking out "referred to in Schedules 1 and 2," and substituting "referred to in Schedules 1 to 4,", and

(i) in subsection (6) by striking out "referred to in subsection (2) or (3)" and substituting "referred to in subsection (2), (2.1), (3) or (3.1)".

SECTION 72: [Home Owner Grant Act, section 7] makes consequential amendments to cross-references.

(a) in paragraph (a) by striking out "the requirements set out in section 3 (3) (a) to (d)," and substituting "the requirements set out in paragraphs (a) to (d) of section 3 (3),",

(b) in paragraph (b) by striking out "the requirements set out in section 4 (3) (a) to (d)," and substituting "the requirements set out in paragraphs (a) to (d) of section 4 (3),", and

(c) in paragraph (c) by striking out "the requirements set out in section 5 (3) (a) to (d)," and substituting "the requirements set out in paragraphs (a) to (d) of section 5 (3),".

SECTION 73: [Home Owner Grant Act, section 19] repeals a spent provision.

SECTION 74: [Home Owner Grant Act, Schedules 3 and 4] adds Schedules 3 and 4, increasing the amount of the home owner grant that a qualifying owner in the northern and rural area is entitled to receive.

SECTION 75: [Income Tax Act, section 4.721] extends to the end of 2014 the date that an expense can be a BC flow-through mining expenditure for the purposes of calculating the BC mining flow-through share tax credit.

75 Section 4.721 of the Income Tax Act, R.S.B.C. 1996, c. 215, is amended

(a) in subsection (1) in paragraph (d) of the definition of "BC flow-through mining expenditure" by striking out "2011" and substituting "2014", and

(b) in subsection (1.1) by striking out "2011" in both places and substituting "2014".

SECTION 76: [Income Tax Act, section 25.1] consequential to the amendment made to section 4.721 of the Act by this Bill, prevents an expense from being claimed under both the mining exploration tax credit and the mining flow-through share tax credit.

76 Section 25.1 (1) is amended in paragraph (f.2) of the definition of "excluded expense"

(a) in subparagraph (i) by striking out "January 1, 2011" and substituting "January 1, 2014", and

(b) in subparagraph (ii) by striking out "after December 31, 2010 and before January 1, 2012" and substituting "after December 31, 2013 and before January 1, 2015".

SECTION 77: [Income Tax Act, section 79] provides for an additional 12% of production costs in the formula used to determine qualified BC labour expenditures in respect of film or video productions for which principal photography begins after February 28, 2010.

77 Section 79 (1) is amended in paragraph (b) of the definition of "qualified BC labour expenditure"

(a) if principal photography of the production begins before March 1, 2010, 48%, or

(b) if principal photography of the production begins after February 28, 2010, 60%, .

SECTION 78: [Income Tax Act, section 81.2] provides for an additional digital animation or visual effects tax credit in the amount of 2.5% of the amount determined by the formula in that section of the Act in respect of eligible productions for which principal photography begins after February 28, 2010.

(4) In addition to the tax credit that may be claimed under subsection (2) but subject to subsection (5), the amount of the tax credit that may be claimed by a qualifying corporation under this section is 2.5% of the amount determined by the formula in subsection (2).

(5) For a qualifying corporation to claim a tax credit in the amount determined under subsection (4) in respect of an eligible production, the following rules apply:

(a) in addition to the other requirements in subsection (1), principal photography of the production must begin after February 28, 2010;

(b) the references to "March 31, 1998" in the definition of "BC labour expenditure" in section 79 (1) must be read as "February 28, 2010".

SECTION 79: [Income Tax Act, section 82.1] provides for an additional production services tax credit in the amount of 8% of the accredited qualified BC labour expenditure in respect of accredited productions for which principal photography begins after February 28, 2010.

(9) In addition to the tax credits that may be claimed under subsections (2), (5) and (7) but subject to subsection (10), the amount of the tax credit that may be claimed by an accredited production corporation under this section is 8% of the accredited qualified BC labour expenditure of the corporation for the taxation year in respect of the accredited production.

(10) For an accredited production corporation to claim a tax credit in the amount determined under subsection (9) in respect of an accredited production, the following rules apply:

(a) in addition to the other requirements in subsection (1), principal photography of the production must begin after February 28, 2010;

(b) despite paragraph (a) in the definition of "accredited BC labour expenditure" in section 79 (1), the references to "March 31, 1998" in the definition of "BC labour expenditure" in section 79 (1) must be read as "February 28, 2010".

SECTION 80: [Income Tax Act, section 82.3] clarifies the rule in that section.

80 Section 82.3 (3) is amended by adding "despite paragraph (a) in the definition of "accredited BC labour expenditure" in section 79 (1)," after "subsection (2),".

SECTION 81: [Income Tax Act, section 82.3] provides for an additional digital animation or visual effects production services tax credit in the amount of 2.5% of the accredited qualified BC labour expenditure in respect of accredited productions for which principal photography begins after February 28, 2010.

(4) In addition to the tax credit that may be claimed under subsection (2) but subject to subsection (5), the amount of the tax credit that may be claimed by an accredited production corporation under this section is 2.5% of the amount of the corporation's accredited qualified BC labour expenditure for the taxation year directly attributable to prescribed digital animation or visual effects activities for the accredited production.

(5) For an accredited production corporation to claim a tax credit in the amount determined under subsection (4) in respect of an accredited production, the following rules apply:

(a) in addition to the other requirements in subsection (1), principal photography of the production must begin after February 28, 2010;

SECTION 82: [Land Tax Deferment Act, section 1] adds a definition of "dependent child", as required for amendments proposed in this Bill extending the property tax deferment program to owners who are responsible for the financial support of children under the age of 18 years.

82 Section 1 of the Land Tax Deferment Act, R.S.B.C. 1996, c. 249, is amended by adding the following definition:

(a) at any time in the calendar year in which an application is made, under the age of 18 years, and

(d) lives at least part time with the owner in the eligible property under a shared custody arrangement,

(e) does not live with the owner in the eligible property, and the owner pays support for the child, or

(f) is a person in a class of persons that is included in this definition by regulation under section 18 (2) (h),

but does not include a person in a class of persons excluded from this definition by regulation under section 18 (2) (h).

SECTION 83: [Land Tax Deferment Act, section 5] adds provisions permitting an owner who is providing financial support for a child under the age of 18 years to request that the minister enter into an agreement to defer payment of property taxes, provided certain requirements are met, beginning in the 2010 taxation year.

(2.3) By filing an application in accordance with section 12 and the regulations, an owner of eligible property may request the minister to enter an agreement for the purpose referred to in section 2 in respect of tax payable for the 2010 and subsequent taxation years if the following requirements are met:

(a) the eligible property includes a building used for residential purposes as the owner's principal residence;

(b) the owner has been ordinarily resident in British Columbia for not less than one year immediately before the date the owner applies under this Act;

(c) the owner is a Canadian citizen or a permanent resident as defined in the Immigration and Refugee Protection Act (Canada);

(d) the owner declares that the owner is, at the time of the application, paying financial support for a dependent child;

(2.4) Subsection (2.3) applies also to an owner of eligible property that is or that includes a manufactured home, if the owner

(b) meets the qualifications set out in paragraphs (b) to (e) of that subsection.

(2.5) An owner to whom subsection (2.3) applies must, on request, provide evidence, satisfactory to the minister, that the owner is paying financial support for a dependent child.

SECTION 84: [Land Tax Deferment Act, section 7] adds cross-references relating to the tax deferral programs for owners experiencing financial hardship and those providing financial support to dependent children.

84 Section 7 (2) is amended by striking out "5 (2)" and substituting "5 (2), (2.2) or (2.4)".

SECTION 85: [Land Tax Deferment Act, sections 8 and 9] clarifies that deferred taxes under the proposed new program are subject to the simple interest rate prescribed by the minister.

85 Sections 8 (3.1) and 9 (5) are amended by adding "or (2.3)" after "section 5 (2.1)".

SECTION 86: [Land Tax Deferment Act, section 18] adds regulation making powers in relation to the proposed new program.

(a) in paragraph (f) by striking out "5 (1) and (2.1)" and substituting "5 (1), (2.1) and (2.3)",

(b) in paragraph (g) by striking out "(2.1) (e)" and substituting "(2.1) (e), (2.3) (e)", and

(h) including classes of persons in, or excluding classes of persons from, the definition of "dependent child" in section 1.

SECTION 87: [Miscellaneous Statutes Amendment Act, 2004, section 6] is consequential to the repeal of the Corporation Capital Tax Act by this Bill.

87 Section 6 of the Miscellaneous Statutes Amendment Act, 2004, S.B.C. 2004, c. 23, is repealed.

SECTION 88: [Motor Fuel Tax Act, section 28] removes the obligation that a vendor be a collector with respect to natural gas, propane and hydrogen.

88 Section 28 of the Motor Fuel Tax Act, R.S.B.C. 1996, c. 317, is amended by adding the following subsection:

(5) This section does not apply to the sale of natural gas, propane or hydrogen.

SECTION 89: [Motor Fuel Tax Act, section 45] permits the imposition of penalties if a person sells fuel contrary to section 28 (4) of the Act.

89 Section 45 is amended by renumbering the section as section 45 (1) and by adding the following subsections:

(2) If the director is satisfied that a vendor sold fuel contrary to section 28 (4), the director must impose on the vendor a penalty equal to the security that the vendor would have been required to pay if the vendor, at the time of the sale, had been a collector.

(3) If the director is satisfied that a vendor wilfully sold fuel contrary to section 28 (4), the director may impose on the vendor, in addition to any other penalty, a penalty equal to the amount of security that the vendor would have been required to pay if the vendor, at the time of the sale, had been a collector who was not exempt from the requirement to pay security under section 38.

SECTION 90: [Ports Property Tax Act, section 2] provides for the timing of the effective date of designations and rescissions of designations in specified circumstances.

90 Section 2 of the Ports Property Tax Act, S.B.C. 2004, c. 7, is amended

(3) Subject to subsections (4) and (5), in order to apply for the purposes of assessment and taxation for a taxation year, a regulation under subsection (1) must be in force on or before December 31 in the preceding year. ,

(b) in subsection (4) by striking out "If property" and substituting "Despite section 74 (5) of the Assessment Act, if property", and

(a) an entry is made on a supplementary assessment roll under section 26 (5) (b) [assessment of Crown land that ceases to be held or occupied by others] of the Assessment Act with respect to property that is designated under subsection (1) of this section, and

the rescission, regardless of when the regulation rescinding the designation comes into force, is effective for the purposes of assessment and taxation for the taxation year for which the supplementary assessment roll was prepared.

SECTION 91: [Ports Property Tax Act, sections 5, 6 and 7] repeals spent provisions.

SECTION 92: [Property Transfer Tax Act, section 3]

provides that words and expressions used in section 3 (3.21) of the Act have the same meaning as in section 14 (3) (p.3);
provides a method for calculating the tax payable by a transferee in respect of the registration of a taxable transaction relating to the amendment of a strata plan if the condition set out in section 14 (3) (p.3) of the Act is not fulfilled.

92 Section 3 of the Property Transfer Tax Act, R.S.B.C. 1996, c. 378, is amended

(a) in subsection (3.1) by striking out "section 14 (3) (j)" and substituting "section 14 (3) (j) and (p.3)", and

(3.21) If the exemption set out in paragraph (p.3) of section 14 (3) is not available to a transferee only because the condition set out in that paragraph is not fulfilled, the tax payable by the transferee must be calculated as if all of the taxable transactions in relation to the amendment of the strata plan were a single taxable transaction with a fair market value calculated

(a) firstly, by determining the difference between the following 2 percentages by subtracting from the percentage under subparagraph (i) the percentage under subparagraph (ii):

(i) the transferee's proportionate share, expressed as a percentage, of the fair market value of all the parcels involved in the amendment, calculated using the fair market values as they were immediately after the amendment;

(ii) the transferee's proportionate share, expressed as a percentage, of the fair market value of all the parcels involved in the amendment, calculated using the fair market values as they were immediately before the amendment, and

(b) secondly, by multiplying the total fair market value of all of the parcels involved in the amendment, calculated at the time of the application to register the transfer to the transferee, by the difference determined under paragraph (a), to obtain the fair market value that is subject to tax.

SECTION 93: [Property Transfer Tax Act, section 3.1]

provides for the determination of the tax payable for a correcting transaction if there was a specified error in the original transaction that was registered;
provides that tax paid in respect of the original transaction is deemed to be tax paid in respect of the correcting transaction.

Tax payable on registration of correcting transaction

"correcting transaction" means a taxable transaction that is a transfer made for the purpose of transferring land that was intended to be transferred to the transferee when the original transaction was registered;

"original transaction" means a taxable transaction in which land was transferred to a transferee and

(b) an error was made in the description or survey under which title to the land was registered.

(2) Despite section 3 (1), the tax payable under this Act for a correcting transaction is the tax payable determined under section 3 (1) as if the fair market value of the correcting transaction were determined at the date of registration of the original transaction.

(3) On the registration of a correcting transaction, the amount of tax paid under this Act by a transferee in respect of the original transaction is deemed to be tax

SECTION 94: [Property Transfer Tax Act, section 14]

provides for an exemption from the payment of tax in respect of the registration of a taxable transaction relating to the amendment of a strata plan if a specified condition is met;
makes this section consistent with section 3.1 of the Act proposed by this Bill and removes the requirement for an administrator's certificate.

(ii) the provisions of Division 1 of Part 15 of the Strata Property Act in combination with either or both of section 80 or 253 of that Act,

if the transferee's proportionate share of the fair market value of all the parcels that are involved in the amendment, calculated using the fair market values as they were immediately after the amendment, does not exceed the transferee's proportionate share of the fair market value of all the parcels that are involved in the amendment, calculated using the fair market values as they were immediately before the amendment; , and

(ii) in respect of which an error was made in the description or survey under which title to the land was registered; .

SECTION 95: [Property Transfer Tax Act, section 18] provides a limitation period for the issuance of a notice of assessment in relation to an exemption applied for under section 14 (3) (p.3) of the Act.

(6.11) If an exemption has been applied for under section 14 (3) (p.3), the notice of assessment must be issued within 24 months after the date of the last of the transfers to facilitate the amendment of the strata plan. , and

(b) in subsection (6.4) by striking out "(6.1) or" and substituting "(6.1), (6.11) or".

SECTION 96: [Property Transfer Tax Act, section 23] provides for the payment of a refund if there is an overpayment of tax in the specified circumstances.

(3) If a person is deemed to have paid tax under section 3.1 (3) in respect of a correcting transaction and the tax payable on that transaction is less than the amount deemed to have been paid, the administrator must, in accordance with the Financial Administration Act, refund out of the consolidated revenue fund the overpaid tax including any interest relating to the amount overpaid calculated in the manner prescribed in the regulations.

SECTION 97: [School Act, section 119] adds a requirement that the notice sent by the minister to the collector of a municipality must include the total amount of the provincial farm land tax credits to which owners in the municipality are entitled.

97 Section 119 (6) (b.1) of the School Act, R.S.B.C. 1996, c. 412, is repealed and the following substituted:

(b.1) the total amount of credits to which owners in that municipality are entitled under sections 131.2 [provincial industrial property tax credit] and 131.3 [provincial farm land tax credit], .

SECTION 98: [School Act, section 128] adds a requirement that the tax notice must set out the amount of the provincial farm land tax credit and the net amount of school taxes payable after the deduction of the provincial farm land tax credit.

(a.2) the amount of any credit to which the assessed owner is entitled under section 131.3 [provincial farm land tax credit] of this Act, , and

(ii) the amounts of the credits referred to in paragraphs (a.1) and (a.2) of this subsection, and .

SECTION 99: [School Act, section 131.2] increases the provincial industrial property tax credit to 60% of the school taxes levied in the 2011 and subsequent taxation years.

(a) in subsection (2) by striking out "2009 and subsequent taxation years," and substituting "2009 and 2010 taxation years,",

(2.1) For the 2011 and subsequent taxation years, an owner of class 4 property or class 5 property is entitled to a credit equal to 60% of the school taxes levied in the taxation year on the class 4 property or class 5 property. , and

(c) in subsection (3) by adding "or (2.1)" after "a credit under subsection (2)".

SECTION 100: [School Act, section 131.3] for owners of land in class 9, establishes a tax credit of 50% of the school taxes levied in the 2011 and subsequent taxation years.

Provincial farm land tax credit

131.3 (1) In this section, "class 9 property" means land that is assessed as property in the class 9 property class under the Assessment Act.

(2) For the 2011 and subsequent taxation years, an owner of class 9 property is entitled to a credit equal to 50% of the school taxes levied in the taxation year on the class 9 property.

(3) For the purpose of calculating the school taxes payable under this Act by an owner entitled to a credit under subsection (2), the collector for the municipality or the Surveyor of Taxes must deduct the amount of the credit from the school taxes otherwise payable under this Act by the owner.

SECTION 101: [School Act, section 137] provides that section 131.3 of the Act does not apply to the assessment, levy, collection, recovery and payment of school referendum taxes.

101 Section 137 (6) is amended by striking out "other than sections 124 (10) and 131.2," and substituting "other than sections 124 (10), 131.2 and 131.3,".

SECTION 102: [Tobacco Tax Act, section 1]

adds a definition of "retail price" in relation to a cigar;
provides that the term "consumer" in the definition of "retail price" includes a "consumer" as defined in section 3 (1) of the Act.

"retail price", in relation to a cigar, means the price for which the cigar was purchased by a consumer, including a price in money and also the value of services rendered and other consideration accepted by the person who sold the cigar to the consumer as or on account of the price of the cigar, excluding tax imposed under Part IX of the Excise Tax Act (Canada); , and

SECTION 103: [Tobacco Tax Act, section 2]

adds a definition of "taxable price" in relation to a retail sale of a cigar, which is the retail price if the retail dealer who sells the cigar also manufactured the cigar in Canada or imported the cigar into Canada, or otherwise is the wholesale price of the cigar plus 30% of the wholesale price;
provides that a consumer purchasing a cigar must pay tax at the rate of 77% of the taxable price at the time of purchasing the cigar, to a maximum of $6 per cigar;
provides a method for determining the wholesale price of a cigar for the purpose of the definition of "taxable price";
provides that the tax payable on cigars must be calculated separately on the taxable price of each cigar, whether or not it is sold in a package.

(a) the retail price of the cigar, if the retail dealer who sells the cigar also manufactured the cigar in Canada or imported the cigar into Canada, or

(i) the wholesale price of the cigar determined in accordance with subsection (1.2), (1.3) or (1.4), and

(b) in subsection (1.1) by striking out "retail price" and substituting "taxable price" and by striking out "$5 per cigar" and substituting "$6 per cigar",

(1.2) Subject to subsections (1.3) and (1.4), for the purposes of paragraph (b) (i) of the definition of "taxable price" in subsection (1), the wholesale price of a cigar is the total of the following:

(a) a price in money and also the value of services rendered and other consideration accepted by the person who sold the cigar to the retail dealer as or on account of the price of the cigar;

(b) the cost of, or charges for, mailing, delivery or transportation, and customs, whether or not they are shown separately in the books of the person who sold the cigar to the retail dealer or on any invoice or in the computation of the price, and whether or not title has passed to the retail dealer before delivery to the retail dealer;

(1.3) If the director considers that the wholesale price of a cigar determined under subsection (1.2) of this section is lower than a reasonable wholesale price, the director may determine the wholesale price of the cigar, and, subject to subsection (1.4), the amount determined is deemed to be the wholesale price of the cigar for the purposes of paragraph (b) (i) in the definition of "taxable price" in subsection (1).

(1.4) If a determination by the director under subsection (1.3) is varied on appeal under section 23 or 24, the wholesale price as varied is deemed to be the wholesale price of the cigar for the purposes of paragraph (b) (i) in the definition of "taxable price" in subsection (1). , and

(d) in subsection (5) by striking out "retail price" and substituting "taxable price".

SECTION 104: [Tobacco Tax Act, section 3] provides that the amount of tax payable by a consumer who brings or sends a cigar into British Columbia or acquires or receives delivery of a cigar in British Columbia is 77% of the retail price of the cigar to a maximum of $6 per cigar.

(a) in subsection (2) (c) by striking out "pay to the government" and substituting "subject to subsection (2.1), pay to the government", and

(2.1) For the purposes of subsection (2) (c) of this section, in the case of tobacco in the form of cigars, the taxable price referred to in section 2 (1.1) and (5) is deemed to be equal to the retail price of the cigar.

SECTION 105: [Tobacco Tax Act, section 23] provides that a determination by the director of the wholesale price of a cigar may be appealed to the minister.

(b.1) a determination by the director of the wholesale price of a cigar under section 2 (1.3), .

SECTION 106: [Tobacco Tax Act, section 44] authorizes the Lieutenant Governor in Council to make regulations respecting an annual fee payable by a holder of a retail authorization or an applicant for a retail authorization.

(i.5) respecting an annual fee payable by a holder of a retail authorization, including a suspended retail authorization, or an applicant for a retail authorization, including, without limitation, the following:

(ii) prescribing the amount of the fee, or a method for calculating the amount of the fee;

(iii) prescribing the time and manner of payment of the fee and authorizing the director to permit late payment of the fee or a different manner of payment of the fee in specified circumstances;

(iv) prescribing circumstances in which no fee, a portion of the fee or the entire fee is payable;

(v) prescribing circumstances in which a full or partial refund of a fee is payable or is not payable;

SECTION 107: [Tourist Accommodation (Assessment Relief) Act, section 1] amends the definition of "designated Act" to add the Police Act, the School Act, the South Coast British Columbia Transportation Authority Act and the University Endowment Land Act.

107 Section 1 of the Tourist Accommodation (Assessment Relief) Act, R.S.B.C. 1996, c. 454, is amended by repealing the definition of "designated Act" and substituting the following:

"designated Act" means the Assessment Authority Act, the British Columbia Transit Act, the Community Charter, the Hospital District Act, the Islands Trust Act, the Local Government Act, the Municipal Finance Authority Act, the Police Act, the School Act, the South Coast British Columbia Transportation Authority Act, the Taxation (Rural Area) Act, the Treaty First Nation Taxation Act, the University Endowment Land Act or the Vancouver Charter; .

SECTION 108: [Assessment Act transition — retroactive regulations for 2010 taxation year] provides that a regulation may be made under section 20.3 of the Act applicable for the purposes of the 2010 taxation year, provided the regulation is made on or before December 31, 2010.

Assessment Act transition — retroactive regulations for 2010 taxation year

108 (1) Despite section 74 (5) of the Assessment Act, the Lieutenant Governor in Council may make regulations under section 20.3 of that Act retroactive to the extent necessary to apply for the purposes of the 2010 taxation year.

(2) A regulation may not be made under subsection (1) of this section after December 31, 2010.

SECTION 109: [Carbon Tax Act transition — appointment of collectors for propane] provides that the director may, before July 1, 2010, appoint a vendor as a collector for propane, effective July 1, 2010.

Carbon Tax Act transition — appointment of collectors for propane

109 Despite section 15 of the Carbon Tax Act, the director may, before July 1, 2010, exercise the director's powers under section 16 of that Act to appoint a vendor to be a collector for propane effective July 1, 2010.

SECTION 110: [Carbon Tax Act transition — remittance of tax by retail dealers of propane] clarifies that propane sold by a retail dealer before July 1, 2010 is still subject to the requirements of section 28 of the Act after July 1, 2010.

Carbon Tax Act transition — remittance of tax by retail dealers of propane

110 Despite the amendment to section 28 of the Carbon Tax Act made by this Act, section 28 of that Act, as that section read immediately before July 1, 2010, applies on and after July 1, 2010 to propane sold by a retail dealer before July 1, 2010.

SECTION 111: [Carbon Tax Act transition — refunds to and recoveries by retail dealers of propane] provides the following:

the rules set out in section 38 (3) and (4) of the Act apply to a retail dealer of propane with respect to amounts that are written off as uncollectable before July 1, 2010;
if a retail dealer of propane recovers on or after July 1, 2010 an amount written off as collectable, the retail dealer must make the payments required under section 38 (6) of the Act with respect to that recovered amount.

Carbon Tax Act transition — refunds to and recoveries by retail dealers of propane

111 (1) Despite the amendment to section 38 (5) of the Carbon Tax Act made by this Act, section 38 (3) and (4) of that Act applies to a retail dealer of propane with respect to amounts, related to sales of propane, that the retail dealer has written off as unrealizable or uncollectable before July 1, 2010.

(2) Despite section 38 (7) of the Carbon Tax Act, as that section read immediately before July 1, 2010, if a retail dealer of propane recovers on or after July 1, 2010 some or all of the amount

SECTION 112: [Carbon Tax Act transition — payment of security] requires a retail dealer or wholesale dealer who is an owner of propane on July 1, 2010 to provide an inventory of that propane to the director and to pay security on that inventory, and sets out the circumstances in which a person is deemed to be an owner of propane.

Carbon Tax Act transition — payment of security

112 (1) If a wholesale dealer who is not a collector on July 1, 2010 or a retail dealer who is not a collector on July 1, 2010 owns propane on July 1, 2010, the wholesale dealer or retail dealer must provide to the director, by July 15, 2010, an inventory of that propane in accordance with the instructions of the director.

(2) For the purposes of subsection (1), if, before July 1, 2010, a retail dealer entered into an agreement to sell propane to a purchaser and the purchaser has not received delivery before July 1, 2010, the retail dealer is deemed to own the propane.

(3) For the purposes of subsection (1), a wholesale dealer or retail dealer, as the case may be, is deemed to own propane on July 1, 2010 if

(a) the wholesale dealer or retail dealer has entered into an agreement to buy the propane and the agreement provides that the wholesale dealer, collector or retail dealer owns the propane on July 1, 2010,

(b) the wholesale dealer or retail dealer has not received delivery of the propane before July 1, 2010, and

(c) the wholesale dealer or retail dealer has not entered into an agreement with another person that provides that the other person owns the propane on July 1, 2010.

(4) Subject to section 113 of this Act, a wholesale dealer or retail dealer who is required to provide an inventory under subsection (1) of this section must pay to the director, by July 15, 2010, security on the propane included in the inventory equal to the tax that would be collectable if the propane were sold to a purchaser on July 1, 2010.

SECTION 113: [Carbon Tax Act transition — inventory allowances for propane] sets out the inventory allowance that may be payable to a wholesale dealer or retail dealer of propane who provided the inventories as required under section 112 of this Bill.

Carbon Tax Act transition — inventory allowances for propane

113 (1) Subject to subsection (2), the director may pay an inventory allowance in the amount of $250 to a wholesale dealer or retail dealer who provides an inventory under section 112 of this Act by July 15, 2010.

(2) Subject to subsection (4), if the amount of security payable under section 112 of this Act

(a) is greater than $250, the amount of security payable under section 112 of this Act is reduced by $250 and the director must not pay an inventory allowance under subsection (1) of this section, or

(b) is less than $250, the amount of security is not payable under section 112 of this Act and the director must pay an inventory allowance in the amount of the difference between $250 and the amount of security payable under section 112 of this Act.

(3) Subsections (1) and (2) do not apply to a wholesale dealer or retail dealer if, at the time an inventory is due, the wholesale dealer or retail dealer does not have the capacity in the ordinary course of business to store at least 1 000 litres of propane in total.

(4) The director must not pay an inventory allowance to a wholesale dealer or retail dealer under subsection (2) (b) if the difference between $250 and the additional amount of security is less than $10.

(5) If a wholesale dealer or retail dealer is required to provide an inventory for propane under section 112 of this Act and an inventory of other fuel under section 35 of the Carbon Tax Act, the total allowance payable for all inventory returns is $250.

SECTION 114: [Community Charter transition — retroactive regulations for 2010 taxation year] provides that a regulation may be made under section 223 of the Act in relation to eligible port property as defined in the Ports Property Tax Act applicable for the purposes of the 2010 taxation year, provided the regulation is made on or before December 31, 2010.

Community Charter transition — retroactive regulations for 2010 taxation year

114 (1) The Lieutenant Governor in Council may make regulations under section 223 of the Community Charter in relation to eligible port property as defined in the Ports Property Tax Act retroactive to the extent necessary to apply for the purposes of the 2010 taxation year.

(2) A regulation may not be made under subsection (1) of this section after December 31, 2010.

SECTION 115: [Corporation Capital Tax Act transition] provides for the continued application of the Act and the regulations under the Act for taxation years that began before April 1, 2010 and end on or after April 1, 2010.

Corporation Capital Tax Act transition

115 Despite this Act, the Corporation Capital Tax Act and the regulations under that Act as they read on March 31, 2010 continue to apply to a financial corporation for a taxation year that began before April 1, 2010 and ends on or after April 1, 2010.

SECTION 116: [Ports Property Tax Act transition — amendment of 2010 tax rates] provides that if a regulation is made under section 2 or 4 of the Act that applies to the 2010 taxation year, a municipality may at any time during that year amend its municipal property value tax rates for that taxation year in order to comply with section 3 or 4, or both, of the Act.

Ports Property Tax Act transition — amendment of 2010 tax rates

116 Despite the Community Charter and the Vancouver Charter, in relation to a regulation under section 2 or 4 of the Ports Property Tax Act that applies to the 2010 taxation year, a municipality may, at any time in that taxation year, amend its municipal property value tax rates for that taxation year in order to comply with section 3 or 4, or both, of the Ports Property Tax Act.

SECTION 117: [Ports Property Tax Act transition — retroactive regulations for 2010 taxation year] provides that a regulation may be made under section 2 or 4 of the Act applicable for the purposes of the 2010 taxation year, provided the regulation is made on or before December 31, 2010.

Ports Property Tax Act transition — retroactive regulations for 2010 taxation year

117 (1) Despite section 2 (3) of the Ports Property Tax Act and section 74 (5) of the Assessment Act, the Lieutenant Governor in Council may make regulations under section 2 or 4 of the Ports Property Tax Act retroactive to the extent necessary to apply for the purposes of the 2010 taxation year.

(2) A regulation may not be made under subsection (1) of this section after December 31, 2010.

SECTION 118: [Tourist Accommodation (Assessment Relief) Act retroactive effect] provides that the amendment by this Bill to the definition of "designated Act" in section 1 of the Act is effective for the purposes of assessment and taxation for the 2010 taxation year.

Tourist Accommodation (Assessment Relief) Act retroactive effect

118 Section 107 of this Act is retroactive to the extent necessary to give it effect for the purposes of assessment and taxation for the 2010 taxation year.

Commencement

119 The provisions of this Act referred to in column 1 of the following table come into force as set out in column 2 of the table:

Explanatory Notes