SCHEDULE 1
BUILDING ONTARIO FUND ACT, 2024

The Building Ontario Fund Act, 2024 is enacted. The Act continues Ontario Infrastructure Bank as a corporation without share capital under the name Building Ontario Fund in English and Fonds ontarien pour la construction in French.

The Act includes provisions respecting the Corporation’s objects, the composition of the board of directors, by-law making provisions, the Chief Executive Officer and employees of the Corporation, the powers of the Corporation and requirements relating to financial record-keeping, annual and other reports, and audits.

SCHEDULE 2
ESTATE ADMINISTRATION TAX ACT, 1998

A technical amendment is made to the definition of “estate certificate” in the Estate Administration Tax Act, 1998 to include references to small estate certificates.

SCHEDULE 3
FINANCIAL ADMINISTRATION ACT

Section 23 of the Financial Administration Act is amended to provide for an exception to the rules governing temporary bank loans in respect of certain short-term loans.

SCHEDULE 4
FUEL TAX ACT

Clause 2 (1.1) (a) of the Fuel Tax Act currently provides for a reduction of the tax payable by purchasers of clear fuel if the tax is payable during the period beginning on July 1, 2022 and ending on June 30, 2024. The clause is amended to provide that the period ends on December 31, 2024.

SCHEDULE 5
GASOLINE TAX ACT

Clause 2 (1.1) (a) of the Gasoline Tax Act currently provides for a reduction of the tax payable by purchasers of gasoline if the tax is payable during the period beginning on July 1, 2022 and ending on June 30, 2024. The clause is amended to provide that the period ends on December 31, 2024.

SCHEDULE 6
LIQUOR TAX ACT, 1996

The Schedule repeals subsection 27 (1) of the Liquor Tax Act, 1996, which sets a basic tax rate of 6.1 per cent of the retail price on Ontario wine or wine cooler that is purchased from an onsite winery retail store. Transition rules are also provided with respect of any payments of the tax in the event that the Building a Better Ontario Act (Budget Measures), 2024 receives Royal Assent after April 1, 2024.

SCHEDULE 7
ONTARIO LOAN ACT, 2024

The Ontario Loan Act, 2024 is enacted. Subsection 1 (1) of the Act authorizes the Crown to borrow a maximum of $15.9 billion.

SCHEDULE 8
PENSION BENEFITS ACT

Unproclaimed provisions in the Pension Benefits Act relating to target benefits are amended and new provisions are added. Here are some highlights:

   1.  Currently, unproclaimed provisions in section 10 of the Act govern the requirement for the documents that create and support a pension plan to set out certain written policies. Those provisions are re-enacted to add further requirements in respect of written policies that relate to plans that provide target benefits. Transitional rules are also provided for.

   2.  Currently, unproclaimed section 39.2 of the Act governs target benefits, including setting out criteria that must be satisfied for a benefit to be a target benefit. The Schedule makes various amendments to some of the existing criteria. In addition, new subsection 39.2 (6) provides that if one or more of the criteria are no longer satisfied, such that the benefit ceases to be a target benefit, the prescribed rules apply.

   3.  Changes are also made to unproclaimed section 81.0.2 of the Act, which sets out requirements relating to proposals to convert certain benefits provided by a multi-employer pension plan to target benefits. In particular, provisions related to the giving of notices of a proposed conversion and of an application for consent are repealed, and the requirement on administrators to consult with trade unions about the proposed conversion is changed to also include a requirement to consult with certain associations. In addition, new subsection 81.0.2 (2.2) sets out a 5-year time limit on conversions in respect of certain designated multi-jurisdictional pension plans.

   4.  New section 98.2 of the Act provides that, in the case of a pension plan that provides target benefits, if the Chief Executive Officer requests, the plan administrator or other prescribed person is required to provide any information for the purpose of ascertaining whether the provision for adverse deviations set out in a filed report complies with the Act and the regulations.

SCHEDULE 9
TAXATION ACT, 2007

The Schedule amends the requirements set out in the Taxation Act, 2007 that determine whether a production is eligible for the Ontario Computer Animation and Special Effects Tax Credit.

SCHEDULE 10
TOBACCO TAX ACT

The Schedule makes various amendments to section 29 of the Tobacco Tax Act.

Currently, subsections 29 (13) to (17) provide for a fine of a specified amount or within a range of amounts as well as an additional fine of a fixed or minimum amount when a person contravenes subsection 29 (1) or (2), as the case may be. These subsections are amended to increase the specified amount or the range of amounts of the fine and to set a maximum amount with respect to the additional fine.

The new subsection 29 (13.1) sets out a new offence when a person contravenes subsection 29 (1) and is found to be in possession of or to have purchased or received 100,000 or more unmarked cigarettes or 100,000 grams or more of unmarked fine cut tobacco at a place used for the purchase, sale or storage of the cigarettes or tobacco that is controlled, directly or indirectly, by that person. This new subsection also provides for a minimum fine.

Under the new subsection 29 (13.2), the offence set out in subsection 29 (13.1) also applies when the person is found to be in possession of the cigarettes or tobacco while in transit to or from the place used for the purchase, sale or storage.