Currency Act

An Act respecting currency and the Exchange Fund Account Short title This Act may be cited as the Currency Act. Definitions In this Act, Minister means the Minister of Finance. (ministre) subsidiary coin[Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 16] Monetary unit The monetary unit of Canada is the dollar. Denominations The denominations of money in the currency of Canada are dollars and cents, the cent being one hundredth of a dollar. [Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 17] Current coins A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of the Royal Canadian Mint Act; or the Crown in any province of Canada before it became part of Canada and if the coin was, immediately before October 15, 1952, current and legal tender in Canada. Defaced coins not current No coin that is bent, mutilated or defaced, or that has been reduced in weight otherwise than by abrasion through ordinary use, shall pass current. Current notes A note is current for the amount of its denomination in the currency of Canada if it was issued under the authority of the Bank of Canada Act. Legal tender Subject to this section, a tender of payment of money is a legal tender if it is made in coins that are current under section 7; and in notes that are current under section 7.1. Limitation A tender of payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins: forty dollars if the denomination is two dollars or greater but does not exceed ten dollars; twenty-five dollars if the denomination is one dollar; ten dollars if the denomination is ten cents or greater but less than one dollar; five dollars if the denomination is five cents; and twenty-five cents if the denomination is one cent. Coins of denominations greater than ten dollars In the case of coins of a denomination greater than ten dollars, a tender of payment referred to in subsection (1) may consist of not more than one coin, and the tender of payment is a legal tender for no more than the value of a single coin of that denomination. Different amounts payable on the same day For the purposes of subsections (2) and (2.1), where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day. [Repealed, 2012, c. 19, s. 388] Calling in of coins and notes The Governor in Council may, by order, call in coins of any date and denomination that are current under section 7; and any notes that are current under section 7.1. Effect of call in Despite sections 7 and 7.1, a coin or note that has been called in is not current. Redemption of coins The Governor in Council may make regulations for the redemption by the Minister of coins of the currency of Canada that are or that have at any time been current in Canada. Payments for redemption of coins Payments for the redemption of coins, including related costs, shall be made out of the Consolidated Revenue Fund on the authorization of the Minister. Amounts received from issue of coins All amounts received from the issue of coins of the currency of Canada must be paid into the Consolidated Revenue Fund. Defacement of counterfeit coins Every officer employed in the collection of the revenue in Canada shall cause to be cut, broken or defaced every counterfeit coin that is paid to the officer in payment of an amount payable to Her Majesty, and shall forthwith forward the counterfeit coin to the Minister. Melting down coins No person shall, except in accordance with a licence granted by the Minister, melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada. Offence and punishment Every person who contravenes subsection (1) or any condition attached to a licence referred to in that subsection is liable on summary conviction to a fine not exceeding two hundred and fifty dollars or to imprisonment for a term not exceeding twelve months or to both, and, in addition to any fine or imprisonment imposed, the court may order that the articles by means of or in relation to which the offence was committed be forfeited to Her Majesty. Public accounts and statements All public accounts established or maintained in Canada shall be in the currency of Canada, and any reference to money or monetary value in any indictment or other legal proceedings shall be stated in the currency of Canada. Contracts, etc. Every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the payment of or the liability to pay money shall be made, executed, entered into, done or carried out in the currency of Canada, unless it is made, executed, entered into, done or carried out in the currency of a country other than Canada; or a unit of account that is defined in terms of the currencies of two or more countries. Previous contracts, etc. Notwithstanding subsection (1), every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the liability to pay money that was made, executed or entered into, done or carried out before October 15, 1952 shall, in so far as anything remained or remains to be or may be executed, done or carried out thereunder on or after that date, be construed and operate without reference to this Act. Sums mentioned in Constitution and Acts Any sum mentioned in dollars and cents in the Constitution Acts, 1867 to 1982 and in any Act of Parliament shall, unless it is otherwise expressed, be construed as being a sum in the currency of Canada. Valuation of gold, etc. Notwithstanding any other law, where any law of Canada or any treaty, convention, contract or agreement to which Canada is a party makes reference to a currency of a country other than Canada, a unit of account that is defined in terms of currencies of two or more countries, gold, or a combination of any of the things mentioned in paragraphs (a) to (c), the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of that currency, unit of account, gold or combination thereof. Conversion of foreign currencies for purposes of customs laws For the purposes of the administration, application and operation of the laws relating to the customs, the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of currencies of countries other than Canada for a day or any other period or generally. Exchange Fund Account continued The special account in the name of the Minister known as the Exchange Fund Account is continued, and all assets acquired and held by or on behalf of the Minister in the Exchange Fund Account continue to be so held. Purposes of Account The purposes of the Exchange Fund Account are to aid in the control and protection of the external value of the monetary unit of Canada; and to provide a source of liquidity for the Government of Canada. Policy The Minister may establish a policy concerning the investment of the assets held in the Exchange Fund Account, including concerning the acquisition of assets to be held in the Exchange Fund Account, based on principles that a person of ordinary prudence would apply in dealing with the property of others. Non-delegation of power The Minister may not delegate the power to establish the policy. Statutory Instruments Act The Statutory Instruments Act does not apply to the policy. Power to acquire, sell, etc. The Minister may acquire or borrow assets to be held in the Exchange Fund Account, and sell or lend those assets, in order to carry out the policy. Financial transactions The Minister may carry out any transaction of a financial nature concerning assets held in the Exchange Fund Account that is in accordance with the policy. Agents and mandataries The Minister may appoint agents and mandataries to perform services concerning the Exchange Fund Account. Delegation in writing The Minister may delegate the powers set out in subsections (1) to (3) only in writing. Crediting of Account All amounts received by the Minister from transactions carried out under subsections 17.2(1) and (2) shall be credited to the Exchange Fund Account. Expenses Expenses determined by the Minister to have been incurred in respect of the operation of the Exchange Fund Account shall be paid out of the Account. Advances out of and payments into C.R.F. The Minister may, on any terms and conditions that he or she considers appropriate, authorize advances to the Exchange Fund Account out of the Consolidated Revenue Fund; and payments out of the Exchange Fund Account into the Consolidated Revenue Fund. Net income credited to C.R.F. Within three months after the end of each fiscal year, the amount of the net income of the Exchange Fund Account for the fiscal year, expressed in dollars, shall be paid into the Consolidated Revenue Fund if the net income for the year is a positive amount, and shall be charged to that Fund if the net income for the year is a negative amount. Consistency with Public Accounts The net income of the Exchange Fund Account for a fiscal year shall be determined in accordance with accounting principles consistent with those applied in preparing the Public Accounts referred to in section 64 of the Financial Administration Act. Report to Parliament The Minister shall cause to be tabled before each House of Parliament a report on the operation of the Exchange Fund Account for each fiscal year within the first 60 days on which that House is sitting after the end of that fiscal year. Contents of report The report referred to in subsection (1) shall include a summary of the policy established under subsection 17.1(1); the objectives of the Exchange Fund Account for that fiscal year, and a statement of whether those objectives have been met; the objectives of the Exchange Fund Account for the current fiscal year; the financial statements of the Exchange Fund Account; and a list of the agents and mandataries appointed by the Minister under subsection 17.2(3). [Repealed, 2012, c. 19, s. 172] Financial Administration Act The Financial Administration Act does not apply to the Exchange Fund Account or operations or transactions in connection with the Account. [Repealed, 2012, c. 19, s. 173] [Repealed, 2005, c. 30, s. 116] First fiscal year — payment into C.R.F. The 15-month period that begins after the last calendar year for which the net income of the Exchange Fund Account was paid into or charged to the Consolidated Revenue Fund under section 20 of the Currency Act, as it read before the coming into force of this Part, is deemed to be the first fiscal year to which section 20 of that Act, as enacted by section 114 of this Act, applies. First fiscal year — report to Parliament The 15-month period that begins after the last calendar year for which the Minister of Finance reported to Parliament under section 21 of the Currency Act, as it read before the coming into force of this Part, is deemed to be the first fiscal year to which section 21 of that Act, as enacted by section 114 of this Act, applies. Currency Act The obligations under subsections 21(2) and 22(2) of the Currency Act, as those subsections read immediately before the day on which this Act receives royal assent, continue to apply in respect of the fiscal year beginning on April 1, 2012 but do not apply in respect of any subsequent fiscal year.