Financial Administration Act, R.S.O. 1990, c. F.12

Contents 1. Definitions PART 0.1 TREASURY BOARD AND MINISTRY OF FINANCE Treasury Board 1.0.1 Treasury Board continued 1.0.2 Members 1.0.3 Chair and vice-chair 1.0.4 Procedure 1.0.5 Powers and duties 1.0.6 Board may require right to consent to fees, etc. 1.0.7 Special warrants 1.0.8 Board orders, supplementary expenditures 1.0.9 Expenditure transfer 1.0.10 Regulations Ministry of Finance 1.0.11 Ministry of Finance continued 1.0.12 Minister of Finance to have charge 1.0.13 Seal 1.0.14 Duties and powers of Minister of Finance 1.0.15 Deputy Minister of Finance 1.0.16 Delegation of powers 1.0.17 Protection from personal liability 1.0.18 Expenditures 1.0.19 Grants Financial Management 1.0.20 Financial responsibility 1.0.21 Payment may be withheld 1.0.22 Payment for special cases 1.0.24 Expenditures authorized by the Assembly 1.0.25 Provision of information to the Minister of Finance 1.0.25.1 Duty of businesses, etc., to provide certain information 1.0.26 Preparation of Public Accounts PART I PUBLIC MONEY 1.1 Ontario Opportunities Fund 2. Public money to be credited to Minister of Finance 3. Minister of Finance’s investment powers 4. Vesting of securities, etc., in Minister of Finance and successors 5. Settlement of or determination of uncollectability of debts, etc. 5.1 Remission of amounts owing to or recoverable by the Crown 5.2 Payment or credit re Excise Tax Act (Canada) 6. Minister of Finance authorized to accept certain gifts and bequests 7. Money received for special purpose 7.1 Proxy investment funds 7.2 Protect Ontario Account Investment Fund — designated purpose account 8. Recovery of balance of public money 8.1 Additional fee for failure of payment 9. Refunds 9.1 Transition 10. Interest and penalties on unpaid debts to Crown 10.1 Collection, etc., of information PART II DISBURSEMENT OF PUBLIC MONEY 11. Payments out of Consolidated Revenue Fund 11.1 Appropriation required 11.2 Limits on charges to appropriations 11.3 Expenses limited to appropriations 11.4 Certificate for payments 11.4.1 Authority to pay interest on overdue amounts 11.5 Authorized investments 11.6 Estimates 11.7 Payment of certain accrued liabilities 11.8 Payment re: certain environmental remediation liabilities 11.9 Payment re: newly recognized liabilities 12. Payment of guarantee or indemnity 13. How public money to be paid in certain circumstances 14.1 Advances 15. Interim payments from CRF 16.0.1 Refund or repayment of expenditure or advance 16.0.2 Application of accounting principles 16.1 Collection agency fees PART II.1 FINANCIAL MANAGEMENT AND CONTROL 16.3 Definition 16.4 Payment of surplus funds into consolidated revenue fund 16.5 Deposits and investment by ministries of surplus funds 16.6 Financial activities PART III PUBLIC DEBT 17. Definitions 18. Loans to be authorized 19. Money raised a charge on Con. Rev. Fund 20. Authorization to borrow 21. Additional borrowing authorized 22. Guarantee or indemnity authorized 23. Temporary bank loans not exceeding $4 billion authorized 24. Recitals and declarations 25. Borrowing in foreign currencies authorized 26. Calculation of borrowing limit 26.1 Power to change form of debt 27. Exemption from taxation 28. Transactions that increase provincial liabilities 28. Transition, continued application of s. 28 (2) 29. Execution of security certificates 30. Contents and conditions of securities 31. Registrars and fiscal agents 32. Officers not bound to see to trust 33. Payment of lost securities 34. Sinking funds 35. Payment of loan expenses out of Con. Rev. Fund 36. Power to cancel securities acquired on sinking fund account 37. Statement re authority 38. Regulations PART IV CIVIL LIABILITY 39. Notice to person failing to pay over public money 40. Unapplied public money for purpose to be applied out of Con. Rev. Fund 41. Evidence 42. Liability for loss 43. Collection of debt by set-off 44. Books, etc., property of the Crown 45. Nothing in this Act to impair other remedies of the Crown PART V RECIPROCAL TAXATION AGREEMENTS 46. Reciprocal taxation agreements PART VI DISBURSEMENTS FOR EVENTS AT WHICH POLITICIANS SPEAK 47. Prohibition Definitions 1 (1) In this Act, “appropriation” means an authority to pay money out of the Consolidated Revenue Fund or to recognize a non-cash expense or a non-cash investment; (“affectation de crédits”) “Consolidated Revenue Fund” means the aggregate of all public money that is on deposit at the credit of the Minister of Finance or in the name of any agency of the Crown approved by the Lieutenant Governor in Council; (“Trésor”) “Crown” means the Crown in right of Ontario; (“Couronne”) “designated purpose account” means an account that an Act requires be maintained in the Government of Ontario’s financial records for the purposes of recording, (a) the recognition of revenues, including amounts credited on account of interest, as specified in that Act, and (b) expenditures which are authorized to be incurred for the purposes specified in that Act; (“compte à fin désignée”) “expenditure” means a payment of money out of the Consolidated Revenue Fund or the recognition by the Crown of a non-cash expense or a non-cash investment; (“dépense”) “fiscal agent” means a fiscal agent appointed under section 31; (“agent financier”) “fiscal year” means the period from the 1st day of April in one year to the 31st day of March in the next year; (“exercice”) “minister” means a member of the Executive Council; (“ministre”) “ministry” means a ministry of the Government of Ontario; (“ministère”) “money” includes negotiable instruments; (“somme d’argent”) “money paid to Ontario for a special purpose” includes money that is paid to a public officer under or pursuant to a statute, trust, undertaking, agreement or contract and that is to be disbursed for a purpose specified in or pursuant to such statute, trust, undertaking, agreement or contract; (“somme d’argent versée à l’Ontario à des fins particulières”) “negotiable instrument” includes a cheque, draft, traveller’s cheque, bill of exchange, money order and any similar instrument; (“effet négociable”) “non-cash expense” means an expense not requiring an outlay of money or the incurring of a liability to pay money; (“frais hors trésorerie”) “non-cash investment” means an investment not requiring an outlay of money or the incurring of a liability to pay money; (“élément d’investissement hors trésorerie”) “public entity” means, (a) a Crown agency, (b) a corporation, with or without share capital, that is not a Crown agency but is owned, operated or controlled by the Crown, (c) any other board, commission, authority or unincorporated body of the Crown; (“entité publique”) “public money” means money that is determined under subsection (3), (4) or (5) to be public money; (“deniers publics”) “public officer” includes a minister and a person employed in a ministry or public entity; (“agent public”) “registrar” means a registrar appointed under section 31; (“agent comptable”) “special purpose account” means an account maintained in the Government of Ontario’s financial records for the purpose of recording receipts, including any amounts credited on account of interest, and disbursements of money that has been paid into the Consolidated Revenue Fund and that was paid to Ontario for a special purpose; (“compte spécial”) “specified public entity” means a public entity the financial obligations of which are paid directly out of the Consolidated Revenue Fund; (“entité publique déterminée”) “statutory appropriation” means an amount that is authorized, under a provision of this or another Act of the Legislature that describes the amount as payable or capable of being recognized without any legislative authority other than the provision of the Act, (a) to be paid out of the Consolidated Revenue Fund, or (b) to be recognized by the Crown as a non-cash expense or a non-cash investment. (“crédit législatif”) R.S.O. 1990, c. F.12, s. 1; 1994, c. 17, s. 62 (1, 2); 2002, c. 8, Sched. B, s. 1; 2006, c. 33, Sched. J, s. 1; 2009, c. 18, Sched. 12, s. 1; 2010, c. 1, Sched. 7, s. 1 (1-6); 2010, c. 26, Sched. 7, s. 1; 2016, c. 5, Sched. 9, s. 1 (1); 2021, c. 40, Sched. 11, s. 1. Interpretation, head of a public entity (1.1) A reference in this Act to the head of a public entity is a reference to its chief executive officer or to a person who holds a similar position with respect to the public entity. 2010, c. 1, Sched. 7, s. 1 (7). Interpretation, appropriation for a fiscal year (2) A reference in this Act to an appropriation for or relating to a fiscal year is a reference to an appropriation that authorizes an expenditure for only that fiscal year. 2009, c. 34, Sched. J, s. 1. Interpretation, incurring of expenditure (2.1) The Crown incurs an expenditure when, (a) an amount is paid out of the Consolidated Revenue Fund or recognized as a non-cash expense or non-cash investment; or (b) a liability is charged against an appropriation under subsection 11.6 (3). 2016, c. 5, Sched. 9, s. 1 (2). Public money (3) Money is public money if it belongs to Ontario and is received or collected by the Minister of Finance or by any other public officer or by any person authorized to receive and collect such money. 2010, c. 1, Sched. 7, s. 1 (7). Same (4) Without limiting the generality of subsection (3), public money includes, (a) special funds of Ontario and the income and revenue therefrom; (b) revenues of Ontario; and (c) money raised by way of loan by Ontario or received by Ontario through the issue and sale of securities. 2010, c. 1, Sched. 7, s. 1 (7). Same, paid for a special purpose (5) Money is also public money if it is paid to Ontario for a special purpose, unless another Act provides otherwise. 2010, c. 1, Sched. 7, s. 1 (7). Exception for certain corporations (6) The following corporations and entities are deemed not to be public entities for the purposes of this Act: 1. Repealed: 2016, c. 37, Sched. 18, s. 7. 2. Hydro One Inc. and its subsidiaries, which are deemed not to be public entities on and after the date on which subsection 1 (3) of Schedule 11 to the Building Ontario Up Act (Budget Measures), 2015 comes into force. 2015, c. 20, Sched. 11, s. 1; 2016, c. 37, Sched. 18, s. 7. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 - 23/06/1994 2002, c. 8, Sched. B, s. 1 (1, 2) - 27/06/2002 2006, c. 33, Sched. J, s. 2 - 20/12/2006 2009, c. 18, Sched. 12, s. 1 (1-5) - 1/04/2009; 2009, c. 34, Sched. J, s. 1 - 15/12/2009 2010, c. 26, Sched. 7, s. 1 (1-7) - 1/04/2010 2015, c. 20, Sched. 11, s. 1 (1) - 4/06/2015; 2015, c. 20, Sched. 11, s. 1 (2) - 19/11/2015; 2015, c. 20, Sched. 11, s. 1 (3) - 15/10/2015 2016, c. 5, Sched. 9, s. 1 (1, 2) - 31/03/2016; 2016, c. 37, Sched. 18, s. 7 - 08/12/2016 2021, c. 40, Sched. 11, s. 1 (1, 2) - 09/12/2021 Part 0.1 Treasury Board and Ministry of Finance Treasury Board Treasury Board continued 1.0.1 The committee of the Executive Council known in English as the Treasury Board and in French as Conseil du Trésor is continued. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Members 1.0.2 (1) The members of the Board are the Minister of Finance, the Chair of the Management Board of Cabinet and not fewer than four or more than eight other members appointed by the Lieutenant Governor in Council from among the members of the Executive Council. 2009, c. 34, Sched. J, s. 2. Alternative members (2) The Lieutenant Governor in Council may appoint from among the members of the Executive Council alternative members of the Board to act in the absence of Board members other than the Minister of Finance or the Chair of the Management Board of Cabinet. 2009, c. 34, Sched. J, s. 2. Quorum (3) Three members constitute a quorum of the Board. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Chair and vice-chair 1.0.3 (1) The Lieutenant Governor in Council may designate the chair and vice-chair of the Board. 2009, c. 34, Sched. J, s. 2. Chair’s duties (2) The chair shall preside at Board meetings, is responsible for its operation and administration and, between its meetings, shall exercise or perform such of its powers, duties and functions as the Board may authorize. 2009, c. 34, Sched. J, s. 2. Absence of chair or vice-chair (3) When the chair is absent from a meeting of the Board, the vice-chair shall preside, and when both are absent, the members present at the meeting shall elect a chair for the meeting. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Procedure 1.0.4 (1) The Board may determine its rules and methods of procedure and shall keep records of its decisions and proceedings. 2009, c. 34, Sched. J, s. 2. Secretary of the Board (2) Subject to the direction of the chair of the Board, the Deputy Minister of Finance or such other person referred to in paragraph 1 or 3 of subsection 2 (2) of the Public Service of Ontario Act, 2006 as is designated by order of the Lieutenant Governor in Council shall hold the office of Secretary of the Board and is responsible for the operation of the Board in accordance with its policies and procedures. 2009, c. 34, Sched. J, s. 2. Same (3) If there is no Secretary of the Board or if the Secretary is absent or unable to act, the Secretary of the Management Board of Cabinet has the powers and shall perform the duties of the Secretary of the Board. 2009, c. 34, Sched. J, s. 2. Board staff (4) Such employees as are necessary for the proper conduct of the business of the Board shall be appointed under Part III of the Public Service of Ontario Act, 2006. 2015, c. 20, Sched. 11, s. 2. Delegation (5) The Board may delegate to any member of the Executive Council or to any public servant employed under Part III of the Public Service of Ontario Act, 2006 any power, duty or function of the Board, subject to such limitations and requirements as the Board may specify. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2015, c. 20, Sched. 11, s. 2 - 4/06/2015 Powers and duties 1.0.5 (1) The powers and duties of the Board are, (a) to assess the adequacy of plans for the implementation of programs approved or provided for by the Legislature; (b) to direct the preparation and review of forecasts, estimates and analyses of short term and long term expenditures and expenditure commitments and other data pertaining to authorized or proposed programs of any ministry or public entity; (c) to direct, and establish policies for, the preparation, form and content of estimates and supplementary estimates submitted to the Legislature for any ministry or public entity; (d) to determine fees or charges for the provision of services by any ministry or public entity or for the use of the facilities of a ministry or public entity and to require the ministry or public entity to take such action as is necessary to implement the determination; (e) to review, evaluate and approve new and existing programs of any ministry or public entity and determine priorities with respect to them; (f) to control expenditures of public money within the amounts appropriated or otherwise provided by the Legislature; and (g) to carry out or perform any directions or responsibilities given to the Board by the Executive Council. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 2 (1-4). Direction by Executive Council (2) The Board is subject to the direction of the Executive Council, which may amend or revoke any action of the Board. 2009, c. 34, Sched. J, s. 2. Directives (3) The Board may issue such directives as it considers necessary in the performance of its duties. 2009, c. 34, Sched. J, s. 2. Transitional (4) Each directive issued under the Treasury Board Act, 1991 in effect on the day this section comes into force is deemed to have been made under the authority of subsection (3). 2009, c. 34, Sched. J, s. 2. Access to ministry information, etc. (5) A ministry or public entity shall give the Board access to, and copies of, any account, return, statement, document, report or information in the possession or control of the ministry or public entity when the Board requires the account, statement, document, report or information for the performance of its duties. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 2 (5). Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 1, Sched. 7, s. 2 (1-5) - 1/04/2010 Board may require right to consent to fees, etc. 1.0.6 (1) The Board may require a minister of the Crown or other public officer to obtain the consent of the Board before the minister exercises his or her discretion to, (a) establish, set, charge, require the payment of, collect or otherwise impose a new fee; (b) make a regulation prescribing the amount of a fee, make an order setting out the amount of a fee or otherwise determine the amount of a fee; (c) waive the payment of a fee or refund a fee that is otherwise required to be paid; (d) change the amount of a fee; or (e) approve or authorize the exercise of discretion by another person or entity to do anything described in clause (a), (b), (c) or (d) with respect to a fee payable into the Consolidated Revenue Fund. 2009, c. 34, Sched. J, s. 2; 2021, c. 40, Sched. 11, s. 2. Definition (2) In this section, “fee” means a fee or other charge the amount of which, (a) is not specified in an Act or in a regulation made by the Lieutenant Governor in Council, and (b) is not determined using a formula or method set out in an Act or in a regulation made by the Lieutenant Governor in Council. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2021, c. 40, Sched. 11, s. 2 - 09/12/2021 Special warrants 1.0.7 (1) If the Legislature is not in session and a matter arises that requires an expenditure that has not been authorized by an appropriation or that exceeds the amount authorized by an appropriation, the Lieutenant Governor in Council, on receiving the report of the Board estimating the amount of the expenditure or additional expenditure, may order a special warrant to be prepared and signed by the Lieutenant Governor authorizing an expenditure in the amount estimated to be required, and the expenditure may be paid or recognized as specified in the special warrant. 2009, c. 34, Sched. J, s. 2. Where appropriation exists (2) Subject to subsection (4), if a special warrant is issued with respect to an expenditure that is in addition to an expenditure that has been authorized by an appropriation, the amount of the additional expenditure authorized by the special warrant shall be added to and deemed to be part of the expenditure authorized by the appropriation for the fiscal year in which the special warrant is issued. 2009, c. 34, Sched. J, s. 2. Where no appropriation exists (3) Subject to subsection (4), if a special warrant is issued with respect to an expenditure and no expenditure in respect of the same item has been authorized by an appropriation, the expenditure authorized by the special warrant is deemed to be an expenditure authorized by an appropriation for the fiscal year in which the special warrant is issued. 2009, c. 34, Sched. J, s. 2. Warrant may apply to next fiscal year (4) A special warrant issued in a fiscal year may provide that it applies with respect to the next fiscal year, in which case the expenditure to which it relates is deemed to be an expenditure authorized by an appropriation for that next fiscal year. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Board orders, supplementary expenditures 1.0.8 (1) Despite section 11.2, the Board may by order authorize supplementary expenditures in addition to the expenditures authorized by an appropriation for a fiscal year if the amount of the expenditures authorized by the appropriation is insufficient to carry out the intended purpose for which they were authorized. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 3. Report required (2) An order may be made under subsection (1) only if the Board has received from the ministry responsible for the program to which the proposed supplementary expenditures relate, or from a person prescribed by the regulations made under this Act, a report in writing setting out the need for further expenditures and the reason why the amount that was authorized by the appropriation is insufficient without the supplementary expenditures. 2009, c. 34, Sched. J, s. 2. Board orders in favour of contingency fund (3) Despite section 11.2, the Board may by order authorize supplementary expenditures for a reserve for future contingencies authorized by an appropriation, if the Board considers it advisable to do so. 2009, c. 34, Sched. J, s. 2. Expenditures to be offset by reduction on other appropriation (4) An order under subsection (1) or (3) shall provide that the supplementary expenditures be offset by reducing the amount of other expenditures authorized by an appropriation for the same fiscal year if not all of those authorized expenditures have been paid or recognized and, in the opinion of the Board, are unlikely to be paid or recognized for the fiscal year. 2009, c. 34, Sched. J, s. 2. Timing (5) An order under subsection (1) or (3) may be made at any time before the books of the Government of Ontario for the fiscal year are closed. 2009, c. 34, Sched. J, s. 2. Post fiscal year-end Board orders to be reported in the Public Accounts (6) If the Board issues an order under this section at any time after the end of a fiscal year to authorize a supplementary expenditure for that fiscal year because the amount authorized by an appropriation is no longer sufficient due to an adjustment being made that arose out of the audit of the Public Accounts for that fiscal year, the ministry responsible for the program in respect of which the supplementary expenditure is authorized shall prepare a statement setting out the circumstances that gave rise to the need for the order, and the statement shall be included in the Public Accounts for that fiscal year. 2009, c. 34, Sched. J, s. 2. (7) Repealed: 2019, c. 7, Sched. 34, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 1, Sched. 7, s. 3 - 18/05/2010 2019, c. 7, Sched. 34, s. 2 - 29/05/2019 Expenditure transfer 1.0.9 (1) When powers and duties are assigned and transferred from one minister of the Crown to another, the Board may transfer to the ministry administered by the minister to whom the powers and duties are assigned and transferred the appropriate sums in the votes and items of the estimates and supplementary estimates for the expenditures in the fiscal year for the exercise and performance of those powers and duties. 2009, c. 34, Sched. J, s. 2. Certificate of Board (2) The Board shall issue to the ministry of the minister to whom powers and duties are assigned and transferred a certificate stating the amount of the sums transferred under subsection (1) and such other information as the Board considers necessary. 2009, c. 34, Sched. J, s. 2. Expenditures authorized (3) A certificate is effective from the date stated in it and transfers to the ministry to which it is issued the authority for the portion of the fiscal year beginning with that date to make the expenditure of the sums transferred. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Regulations 1.0.10 (1) Subject to the approval of the Lieutenant Governor in Council, the Board may make regulations, (a) respecting the accounting for, and the collection, management and administration of public money; (b) respecting the retention and disposal of records concerning the receipt or disbursement of public money; (c) providing that a board, commission, authority, corporation or any other agency of the Government of Ontario does not fall within the definition of “public entity” set out in subsection 1 (1); (c.1) respecting the accounting policies and practices of public entities; (c.2) respecting the accounting policies and practices of entities (other than public entities) whose financial statements are included in the consolidated financial statements of the Province as set out in the Public Accounts; (c.3) respecting the accounting policies and practices to be followed with respect to the preparation of the consolidated financial statements of the Province; (c.4) prescribing dates for the purposes of the definition of “corresponding recognition date” and prescribing liabilities for the purposes of the definition of “newly recognized liability” in subsection 11.9 (1); (d) designating the Speaker of the Assembly, the chair of the Board of Internal Economy established under the Legislative Assembly Act or any member of the Executive Council to represent, for the purposes of sections 1.0.7 and 1.0.8, any office or body reporting directly to the Assembly. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 4; 2010, c. 26, Sched. 7, s. 2 (1); 2012, c. 8, Sched. 14, s. 1; 2020, c. 36, Sched. 13, s. 1. Exception re: Hydro One Inc. (1.1) Despite clause (1) (c.2), a regulation cannot be made in respect of the accounting policies and practices of Hydro One Inc. or any of its subsidiaries. 2015, c. 20, Sched. 11, s. 3. Accounting policies and practices, public entities (2) Regulations made under clause (1) (c.1) may authorize or require public entities to follow specified accounting policies and practices. 2010, c. 26, Sched. 7, s. 2 (2). Same, other entities (3) Regulations made under clause (1) (c.2) may authorize or require entities described in that clause to follow specified accounting policies and practices. 2010, c. 26, Sched. 7, s. 2 (2). Conflict re policies and practices (4) A regulation made under clause (1) (c.1) or (c.2) respecting accounting policies and practices prevails over a requirement of another Act or regulation, if the regulation made under clause (1) (c.1) or (c.2) so provides. 2010, c. 26, Sched. 7, s. 2 (2). Incorporation by reference (5) A regulation made under clause (1) (c.1) or (c.2) may incorporate documents by reference, in whole or in part, and may specify that a document is incorporated as it reads on a specified date or as it may be amended in the future. 2010, c. 26, Sched. 7, s. 2 (2). Retroactive regulations (5.1) A regulation made under this section is, if it so provides, effective with reference to a period before it is filed, but the period shall not begin earlier than the beginning of the most recent fiscal year for which the Public Accounts have not yet been laid before the Assembly or made public in accordance with subsection 1.0.26 (5). 2016, c. 5, Sched. 9, s. 2. Subdelegation (6) A regulation made under clause (1) (c.1) or (c.2) may provide that the Minister of Finance, or a public servant employed under Part III of the Public Service of Ontario Act, 2006 in a position in the Ministry of Finance that is specified in the regulation, is authorized to specify the accounting policies or practices that must or may be followed by a particular public entity or by a particular entity whose financial statements are included in the consolidated financial statements of the Province as set out in the Public Accounts. 2010, c. 26, Sched. 7, s. 2 (2). Same (7) Part III (Regulations) of the Legislation Act, 2006 does not apply with respect to the specification of accounting policies or practices by the Minister of Finance or the public servant in accordance with a regulation referred to in subsection (6). 2010, c. 26, Sched. 7, s. 2 (2). Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 1, Sched. 7, s. 4 (1-3) - 18/05/2010; 2010, c. 26, Sched. 7, s. 2 (1,2) - 31/08/2011 2012, c. 8, Sched. 14, s. 1 - 01/04/2011 2015, c. 20, Sched. 11, s. 3 - 15/10/2015 2016, c. 5, Sched. 9, s. 2 - 01/04/2016 2020, c. 36, Sched. 13, s. 1 - 08/12/2020 Ministry of Finance Ministry of Finance continued 1.0.11 The Ministry known in English as the Ministry of Finance and in French as ministère des Finances is continued. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Minister of Finance to have charge 1.0.12 The Minister of Finance shall preside over and have charge of the Ministry of Finance and has power to act for and on behalf of the Ministry of Finance. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Seal 1.0.13 (1) The Lieutenant Governor in Council may authorize a seal for the Minister of Finance and prescribe its use on documents. 2009, c. 34, Sched. J, s. 2. Mechanical reproduction of seal (2) The seal may be reproduced by engraving, lithographing, printing or any other method of mechanical reproduction, and when so reproduced has the same force and effect as if manually affixed. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Duties and powers of Minister of Finance 1.0.14 (1) The Minister of Finance shall direct and control the Ministry of Finance, recommend to the Executive Council finance, economic, accounting and taxation policy, supervise, direct and control all finance, economic, statistical and accounting functions, manage the Consolidated Revenue Fund and, except as otherwise provided in any other Act, manage all public money. 2009, c. 34, Sched. J, s. 2. Administration of Acts (2) The Minister of Finance is responsible for the administration of this Act and the Acts that are assigned to him or her by the Legislature or by the Lieutenant Governor in Council under the Executive Council Act. 2009, c. 34, Sched. J, s. 2. Directives, policies and guidelines (3) The Minister of Finance may issue such directives, policies and guidelines and may establish such practices and procedures as he or she considers necessary in the performance of his or her duties or in the exercise of his or her powers under this or any other Act. 2009, c. 34, Sched. J, s. 2; 2010, c. 26, Sched. 7, s. 3. Transitional (4) Each directive and guideline issued under the Ministry of Treasury and Economics Act in effect on the day this section comes into force is deemed to have been made under the authority of subsection (3). 2009, c. 34, Sched. J, s. 2. References to Treasurer of Ontario, etc. (5) A reference to the Treasurer of Ontario or to the Treasurer of Ontario and Minister of Economics in any Act or regulation is deemed to be a reference to the Minister of Finance, and a reference to the Ministry of Treasury and Economics in any Act or regulation is deemed to be a reference to the Ministry of Finance. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 26, Sched. 7, s. 3 - 8/12/2010 Deputy Minister of Finance 1.0.15 The Lieutenant Governor in Council shall appoint a Deputy Minister of Finance who shall be the deputy head of the Ministry of Finance. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Delegation of powers 1.0.16 (1) In this section, “designated minister” means a minister to whom responsibility for the administration of this Act, or a part of this Act, has been assigned or transferred under the Executive Council Act. 2015, c. 20, Sched. 11, s. 4. Delegation (2) Any power or duty conferred or imposed on a designated minister under this or any other Act may be delegated by the minister to his or her deputy minister or to a public servant employed under Part III of the Public Service of Ontario Act, 2006 who works in or provides services to the ministry of the minister and, when purporting to exercise a delegated power or duty, the delegate shall be presumed conclusively to act in accordance with the delegation. 2015, c. 20, Sched. 11, s. 4. Exception (3) A designated minister may not delegate his or her powers under subsection 5.1 (3) or 5.2 (2). 2015, c. 20, Sched. 11, s. 4. Delegation subject to conditions (4) A delegation under this section shall be in writing and may be subject to such limitations, conditions and requirements as are set out in it. 2015, c. 20, Sched. 11, s. 4. Subdelegation (5) In a delegation under this section, the designated minister may authorize a person to whom a power or duty is delegated to delegate to others the exercise of the delegated power or duty, subject to such limitations, conditions and requirements as the person may impose. 2015, c. 20, Sched. 11, s. 4. Deeds and contracts (6) Despite section 6 of the Executive Council Act, a deed or contract signed by a person empowered to do so under a delegation or subdelegation made under this section has the same effect as if signed by the designated minister. 2015, c. 20, Sched. 11, s. 4. Facsimile signature (7) A designated minister or his or her deputy minister may authorize the use of a facsimile of his or her signature on any document except an affidavit or statutory declaration, and the facsimile signature is deemed to be the signature of the minister or the deputy minister, as the case may be. 2015, c. 20, Sched. 11, s. 4. Transitional (8) Every delegation made under subsection 64 (1) of the Capital Investment Plan Act, 1993 that was in effect on December 14, 2009 and remains in effect on the day the Building Ontario Up Act (Budget Measures), 2015 receives Royal Assent is deemed after December 14, 2009 to have been made under the authority of this section. 2015, c. 20, Sched. 11, s. 4. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 26, Sched. 7, s. 4 - 8/12/2010 2015, c. 20, Sched. 11, s. 4 - 15/10/2015 Protection from personal liability 1.0.17 (1) In this section, “designated minister” means a minister to whom responsibility for the administration of this Act, or a part of this Act, has been assigned or transferred under the Executive Council Act. 2015, c. 20, Sched. 11, s. 4. Same (2) No action or other proceeding for damages shall be commenced against the deputy minister of a designated minister or any public servant employed under Part III of the Public Service of Ontario Act, 2006 who works in the ministry of a designated minister for any act done in good faith in the performance or intended performance of his or her duty or for any alleged neglect or default in good faith in the performance of his or her duty. 2015, c. 20, Sched. 11, s. 4. Same, delegates (3) No action or other proceeding for damages shall be commenced against any public servant employed under Part III of the Public Service of Ontario Act, 2006 who provides services to the ministry of a designated minister for any act done in good faith in the performance or intended performance of his or her duty under a delegation or subdelegation of a power or duty of the minister or for any alleged neglect or default in good faith in the performance of his or her duty. 2015, c. 20, Sched. 11, s. 4. Crown liability (4) Despite subsection 8 (3) of the Crown Liability and Proceedings Act, 2019, subsections (2) and (3) do not relieve the Crown of any liability to which it would otherwise be subject in respect of a tort committed by the deputy minister of a designated minister or by a public servant employed under Part III of the Public Service of Ontario Act, 2006 who works in or provides services to the ministry of a designated minister. 2015, c. 20, Sched. 11, s. 4; 2019, c. 7, Sched. 17, s. 74. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2015, c. 20, Sched. 11, s. 4 - 15/10/2015 2019, c. 7, Sched. 17, s. 74 - 01/07/2019 Expenditures 1.0.18 Except as otherwise provided in this or another Act, the expenditures of the Ministry of Finance shall be paid out of money appropriated for that purpose by the Legislature. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 Grants 1.0.19 (1) The Minister of Finance may make a grant to an organization, agency or other entity for the purpose of improving the process of managing the flow of goods and services, information and funds within the broader public sector. 2009, c. 34, Sched. J, s. 2. Definitions (2) For the purposes of this section, “agency of the Government of Ontario” means a public body designated in regulations made under the Public Service of Ontario Act, 2006; (“organisme du gouvernement de l’Ontario”) “broader public sector” means every authority, board, commission, committee, corporation, council, foundation or organization that received public funds in the Government of Ontario’s previous fiscal year, but does not include, (a) the Office of the Lieutenant Governor, (b) the Office of the Assembly or the office of an officer of the Assembly, (c) a ministry, (d) an agency of the Government of Ontario, or (e) any prescribed entity; (“secteur parapublic”) “public funds” means the public money of the Province of Ontario that is provided by the Government of Ontario or an agency of the Government of Ontario, directly to any authority, board, commission, committee, corporation, council, foundation or organization through a grant or transfer payment or other funding arrangement, and, in the case of a school board, includes money received by the school board from taxes levied under the Education Act for school purposes, but public funds does not include, (a) money that is paid for the provision of goods or services to the Government of Ontario or an agency of the Government of Ontario, (b) money that is paid by the Government of Ontario or an agency of the Government of Ontario under a fee for service arrangement, or (c) money that is provided by the Government of Ontario or an agency of the Government of Ontario, by way of a loan or loan guarantee. (“fonds publics”) 2012, c. 8, Sched. 14, s. 2; 2018, c. 17, Sched. 45, s. 6. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2012, c. 8, Sched. 14, s. 2 - 20/06/2012 2018, c. 17, Sched. 45, s. 6 - 06/12/2018 Financial Management Financial responsibility 1.0.20 The deputy minister of each ministry and the head of each public entity is responsible for ensuring the proper conduct of the financial business of the ministry or public entity in accordance with such directives, policies and guidelines as are issued and such practices and procedures as are established under subsection 1.0.14 (3). 2010, c. 1, Sched. 7, s. 5; 2010, c. 26, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 1, Sched. 7, s. 5 - 1/04/2010; 2010, c. 26, Sched. 7, s. 5 - 8/12/2010 Payment may be withheld 1.0.21 (1) The Minister of Finance may withhold a payment out of the Consolidated Revenue Fund if he or she has reason to believe that there is no authority for the payment. 2009, c. 34, Sched. J, s. 2. Reference to Treasury Board (2) If a payment is withheld under subsection (1), the Minister of Finance or the minister responsible for the ministry or public entity that requisitioned the payment that has been withheld may refer the matter to Treasury Board for determination. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 6. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 1, Sched. 7, s. 6 - 1/04/2010 Payment for special cases 1.0.22 (1) The certificate or order of the Attorney General or Deputy Attorney General that a sum of money is required to be paid out of the Consolidated Revenue Fund on account of the investigation, detection or punishment of any offence against the laws of Ontario or of Canada, or on account of special services or disbursements in connection with inquests, or any purpose connected with the administration of justice in either civil or criminal matters, is sufficient authority for the issuing of a cheque by the Minister of Finance for the amount named in the certificate or order, and the officer or other person to whom the cheque is issued shall account to the Attorney General for the proper disbursement of the amount received by the officer or other person. 2009, c. 34, Sched. J, s. 2. Certificate of Attorney General or Deputy Attorney General (2) The certificate of the Attorney General or Deputy Attorney General that any money received by any officer or other person under this section has been duly accounted for is final and conclusive and the account shall not be subject to any further examination. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 1.0.23 Repealed: 2010, c. 26, Sched. 7, s. 6. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 26, Sched. 7, s. 6 - 8/12/2010 Expenditures authorized by the Assembly 1.0.24 Despite any provision of this Act, if the Assembly has concurred in one or more reports of the Standing Committee on Estimates recommending the passing of estimates of expenditures and supplementary estimates of expenditures of the ministries and legislative offices that were chosen for review by the Standing Committee on Estimates, the Lieutenant Governor in Council may authorize the incurring of any expenditure in a report for which concurrence is given or is deemed, under the Standing Orders, to be given. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 7. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 1, Sched. 7, s. 7 - 18/05/2010 Provision of information to the Minister of Finance 1.0.25 (1) The following entities shall provide to the Minister of Finance, whenever requested to do so by the Minister of Finance and on or before the day specified by the Minister, such information regarding their powers, duties, activities, organization, financial transactions and methods of business as the Minister of Finance requires: 1. Every ministry. 2. Every public entity. 3. Every other entity whose financial statements are included in the consolidated financial statements set out in the Public Accounts of the Province of Ontario. 4. Every other entity the financial obligations of which have been guaranteed by a ministry or a public entity. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 8 (1). Same, pension plans sponsored or co-sponsored by Province (2) Every administrator of a pension plan that is sponsored or co-sponsored by the Province of Ontario, including a Crown agency, or by an entity described in paragraph 3 of subsection (1) shall provide to the Minister of Finance, whenever requested to do so by the Minister of Finance and on or before the day specified by the Minister of Finance, such information regarding the pension plan and its assets as the Minister of Finance requires, including, but not limited to, (a) information required to calculate in accordance with generally accepted accounting principles the pension expense and liability set out in the Public Accounts; (b) actuarial valuations of the pension plan on a financial statement basis; (c) asset allocations of the pension fund; (d) summaries of membership data; and (e) the investment policies of the pension plan. 2009, c. 34, Sched. J, s. 2. Access (3) Every ministry and every public entity shall, (a) provide access to the Minister of Finance at all reasonable times to all books, accounts, financial records, reports, files and other papers, things or property belonging to or in use by the ministry or public entity; and (b) afford every facility to the Minister of Finance to verify transactions with the balances or securities held by depositaries, fiscal agents or custodians. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 8 (2, 3). Oath of secrecy (4) Every person who is to examine the accounts or inquire into the affairs of any ministry, any public entity or any other entity described in paragraph 3 or 4 of subsection (1) shall be required to comply with any security requirements applicable to, and to take any oath of secrecy required to be taken by, persons employed in that ministry, public entity or other entity. 2009, c. 34, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 8 (4, 5). Exception re: Hydro One Inc. (5) Subsections (1) and (2) apply with respect to Hydro One Inc. for the sole purpose of the preparation of consolidated financial statements of the Province set out in the Public Accounts and quarterly consolidated financial statements of the Province. 2015, c. 20, Sched. 11, s. 5. Same (6) However, Hydro One Inc. and the administrator of any pension plan sponsored by it are not required to provide to the Minister of Finance any information that relates to a period for which Hydro One Inc. has not yet disclosed to the public its audited or unaudited financial statements. 2015, c. 20, Sched. 11, s. 5. Repeal (7) Subsections (5) and (6) and this subsection are repealed on a day to be named by proclamation of the Lieutenant Governor. 2015, c. 20, Sched. 11, s. 5. Section Amendments with date in force (d/m/y) R.S.O. 1990, c. F.12, s. 1.0.25 (7) - see 2015, c. 20, Sched. 11, s. 5 - not in force 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2010, c. 1, Sched. 7, s. 8 (1-5) - 1/04/2010 2015, c. 20, Sched. 11, s. 5 - 15/10/2015 Duty of businesses, etc., to provide certain information Application 1.0.25.1 (1) This section applies to every person or entity who, (a) carries on a business as defined in subsection 248 (1) of the Income Tax Act (Canada) or is required by that Act to deduct or withhold an amount paid or credited, or deemed to be paid or credited, under that Act; and (b) engages in a financial transaction with a ministry or public entity. 2015, c. 38, Sched. 5, s. 1. Duty (2) Before engaging in the financial transaction with the ministry or public entity, the person or entity shall give the following information to the ministry or public entity for the purpose of the administration and enforcement of this Act: 1. The person’s or entity’s name including any trade name or other name used by it. 2. Its business number, as defined in subsection 248 (1) of the Income Tax Act (Canada) and its business identifier, if any, under the Business Regulation Reform Act, 1994. 3. Its contact information, including its street address, mailing address, email address and phone number. 4. Such other information as may be prescribed by regulation. 2015, c. 38, Sched. 5, s. 1. Transition (3) A person or entity who has engaged in a financial transaction with a ministry or public entity before the day this section comes into force shall give the information described in subsection (2) to the ministry or public entity upon request. 2015, c. 38, Sched. 5, s. 1. Non-application (4) This section does not apply to a person or entity who is an excluded individual within the meaning of subsection 241 (10) of the Income Tax Act (Canada). 2015, c. 38, Sched. 5, s. 1. Interpretation (5) For the purposes of this section, a person or entity engages in a financial transaction with a ministry or public entity, (a) if the person or entity pays money to, or receives money from, a ministry or public entity, whether or not the payment is gratuitous or is made in satisfaction of a binding obligation; or (b) if the person or entity enters into an agreement or arrangement with a ministry or public entity under which the person or entity may become liable to pay money to, or entitled to receive money from, the ministry or public entity. 2015, c. 38, Sched. 5, s. 1. Section Amendments with date in force (d/m/y) 2015, c. 38, Sched. 5, s.

1 - 10/12/2015 Preparation of Public Accounts 1.0.26 (1) The Public Accounts for each fiscal year shall be prepared under the direction of the Minister of Finance and shall include, (a) the annual report of the Government of Ontario for the fiscal year; (b) the consolidated financial statements of the Province for the fiscal year; (c) the report of the Auditor General concerning his or her examination of the consolidated financial statements of the Province; and (d) subject to subsection (4), any other information that, under another Act of the Legislature, is required to be included in the Public Accounts. 2009, c. 34, Sched. J, s. 2; 2015, c. 20, Sched. 11, s. 6 (1). (2) Repealed: 2019, c. 7, Sched. 34, s. 2. Additional information (3) The Public Accounts may include such other information as the Minister of Finance considers necessary. 2009, c. 34, Sched. J, s. 2. Information required under other Acts (4) If, under another Act of the Legislature, information is required to be included in the Public Accounts for a fiscal year, that requirement is deemed to be met if the information is included in the financial information supplementary to the Public Accounts that is laid before the Assembly in accordance with subsection (6). 2009, c. 34, Sched. J, s. 2. Public Accounts to be submitted and laid before the Assembly (5) Except in extraordinary circumstances, the Minister of Finance shall submit the Public Accounts for each fiscal year to the Lieutenant Governor in Council on or before the 180th day after the end of the fiscal year and the Lieutenant Governor in Council shall, (a) lay the Public Accounts before the Assembly, if the Assembly is in session when the Public Accounts are ready to be laid before the Assembly; or (b) make the Public Accounts public, if the Assembly is not in session when the Public Accounts are ready to be laid before the Assembly, and lay the Public Accounts before the Assembly on or before the 10th day of the next session. 2009, c. 34, Sched. J, s. 2. Supplementary financial information (6) Except in extraordinary circumstances, the Minister of Finance may submit to the Lieutenant Governor in Council, on or before the 240th day after the end of a fiscal year, any financial information supplementary to the Public Accounts for the fiscal year, and the Lieutenant Governor in Council shall lay the information before the Assembly if it is in session or on or before the 10th day of the next session if the Assembly is not in session. 2009, c. 34, Sched. J, s. 2. Minister of Finance may make adjustments after end of fiscal year (7) Despite any provision of this or another Act of the Legislature, the Minister of Finance may, after the end of a fiscal year, make any adjustments to the Public Accounts for the fiscal year that in his or her opinion are necessary to reflect fairly the financial position of the Government of Ontario. 2009, c. 34, Sched. J, s. 2. Disclosure in Public Accounts not breach of any agreement (8) A disclosure of information in the Public Accounts, or in any financial information supplemental to the Public Accounts, that is made in accordance with the accounting policies of the Government of Ontario, as set out in the Public Accounts, is deemed not to contravene the provisions of any agreement made before or after this subsection comes into force that purports to restrict or prohibit the disclosure of information. 2009, c. 34, Sched. J, s. 2. Closing books for fiscal year (9) The Minister of Finance may determine when the books of the Government of Ontario for a fiscal year are closed. 2009, c. 34, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 2 - 15/12/2009 2015, c. 20, Sched. 11, s. 6 (1-2) - 4/06/2015 2019, c. 7, Sched. 34, s. 2 - 29/05/2019 PART I PUBLIC MONEY Ontario Opportunities Fund 1.1 (1) The Minister of Finance shall establish as part of the Public Accounts of Ontario an account to be known as the Ontario Opportunities Fund in which shall be recorded money paid to Ontario by any person for the purpose of deficit reduction, the retirement of any part of the indebtedness of Ontario or the purchase for cancellation of any securities issued by Ontario. 2004, c. 31, Sched. 13, s. 1; 2009, c. 34, Sched. J, s. 3 (1). Application of amounts recorded (2) The amounts recorded in the Fund under subsection (1) shall be applied in the fiscal year in which they are recorded toward the reduction of the provincial deficit for that fiscal year or to the reduction of the outstanding indebtedness of Ontario in a fiscal year in which there is no provincial deficit. 2004, c. 31, Sched. 13, s. 1; 2009, c. 34, Sched. J, s. 3 (2). Application of section (3) This section applies with respect to the fiscal year ended March 31, 2004 and to subsequent fiscal years. 2004, c. 31, Sched. 13, s. 1. Section Amendments with date in force (d/m/y) 1996, c. 18, s. 24 - 27/06/1996; 1999, c. 9, s. 112 - 1/04/1999 2004, c. 31, Sched. 13, s. 1 - 1/04/2004 2009, c. 34, Sched. J, s. 3 (1-2) - 15/12/2009 Public money to be credited to Minister of Finance 2 (1) Subject to this Part, all public money shall be deposited to the credit of the Minister of Finance. R.S.O. 1990, c. F.12, s. 2 (1); 1994, c. 17, s. 62 (2). Application of subs. (1.2) (1.1) Subsection (1.2) applies to every corporation, (a) that is constituted or continued by a regulation made under section 5 of the Development Corporations Act on or after the day section 1 of Schedule 12 to the Good Government Act, 2009 comes into force; and (b) that is not a development corporation. 2009, c. 34, Sched. J, s. 4 (3); 2012, c. 8, Sched. 14, s. 3. Funding of certain corporations constituted under the Development Corporations Act (1.2) The assets and revenues of a corporation to which this subsection applies, including all proceeds from borrowing but not including any transfer payments from the Crown, shall be paid into the Consolidated Revenue Fund. 2009, c. 34, Sched. J, s. 4 (3). Establishment of bank accounts (2) The Minister of Finance shall establish in the name of the Minister of Finance, and may authorize an agency of the Crown to establish in the name of the agency, accounts with any bank, trust corporation, co-operative credit society, credit union, caisse populaire, credit union central or caisse populaire central that is designated by the Minister of Finance for the deposit of public money. 1996, c. 24, s. 33 (1); 2020, c. 36, Sched. 7, s. 311. Duty of person collecting public money (3) Every person who collects or receives public money shall pay all money coming into the person’s hands to the credit of the Minister of Finance through such officers, banks or persons and in such manner as the Minister of Finance may direct, and shall keep a record of receipts and deposits thereof in such form and manner as the Minister of Finance may direct. R.S.O. 1990, c. F.12, s. 2 (3); 1994, c. 17, s. 62 (2, 4). Exception (4) Despite subsection (3), the Minister of Finance, on any conditions he or she considers appropriate, may in writing authorize a person who receives or collects public money to retain out of such public money all or any part of any amount owed by the Crown in right of Ontario to the person and payable from the Consolidated Revenue Fund. 1996, c. 24, s. 33 (2). Same (5) An amount properly retained pursuant to an authorization under subsection (4) shall be deemed to have been received by and paid from the Consolidated Revenue Fund in respect of the person to whom the authorization under subsection (4) was given. 1996, c. 24, s. 33 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2, 4) - 23/06/1994; 1996, c. 24, s. 33 - 31/10/1996 2009, c. 34, Sched. J, s. 4 (3) - 15/12/2009 2012, c. 8, Sched. 14, s. 3 - 20/06/2012 2020, c. 36, Sched. 7, s. 311 - 01/03/2022 Minister of Finance’s investment powers 3 (1) When the Minister of Finance considers it advisable for the sound and efficient management of public money, the public debt, the Consolidated Revenue Fund or any other fund for which the Minister of Finance is responsible, the Minister of Finance may purchase, acquire, hold or enter into, (a) notes, bonds, debentures and other evidences of indebtedness issued or guaranteed as to principal and interest by, (i) Canada, Ontario or another province of Canada, (ii) a municipality in Canada, (iii) a country other than Canada or a political subdivision of a country other than Canada, (iv) an agency of the Government of Canada, a province of Canada or a country other than Canada, (v) a bank or financial institution that is supervised or examined by the central bank or other governmental authority in the jurisdiction in which the bank or financial institution carries on business, or (vi) a supranational financial institution or governmental organization; (b) deposit receipts, deposit notes, certificates of deposit, acceptances and other investment instruments issued, guaranteed or endorsed by a financial institution authorized to carry on business in Canada; (c) bills, notes, acceptances and other investment instruments issued, guaranteed or endorsed by a corporation engaged in commerce that is authorized to carry on business in Canada; (d) foreign currency exchange agreements, spot foreign currency agreements and forward foreign currency agreements; (e) interest rate and currency exchange agreements and forward rate agreements; (f) bond futures agreements, bankers’ acceptance futures agreements, foreign currency exchange futures agreements and other similar financial futures agreements; (f.1) bond forward agreements; (g) agreements to sell or purchase the right to exercise an option, put or call, or any combination of them; (g.1) securities loan agreements, repurchase or reverse repurchase agreements relating to securities issued by Ontario or to any financial instrument or agreement in which the Minister of Finance is authorized to invest under this subsection; (h) agreements to sell short a security, financial instrument or agreement in which the Minister of Finance is authorized to invest under this subsection; (h.1) for the purposes of a proxy investment fund established under subsection 7.1 (1), securities, financial agreements, investments and evidences of indebtedness, subject to any terms, conditions or restrictions prescribed by the regulations made under this Act; (h.2) for the purposes of the Protect Ontario Account Investment Fund established under subsection 7.2 (1), securities, financial agreements, investments and evidences of indebtedness, subject to any terms, conditions or restrictions prescribed by the regulations made under this Act; and (i) other securities, financial agreements, investments and evidences of indebtedness authorized by or belonging to a class authorized by the Lieutenant Governor in Council. 1991, c. 55, s. 2; 1994, c. 17, s. 62 (2); 1996, c. 24, s. 34 (1); 2020, c. 36, Sched. 13, s. 2; 2025, c. 10, Sched. 5, s. 1; 2026, c. 2, Sched. 5, s. 1 (1). Terms and conditions (2) A purchase, acquisition, holding or entering into mentioned in subsection (1) may be subject to such terms and conditions as the Minister of Finance considers advisable. R.S.O. 1990, c. F.12, s. 3 (2); 1994, c. 17, s. 62 (2). Investment not a loan (2.1) Any bill, instrument, agreement, investment or evidence of indebtedness that the Minister of Finance purchases, acquires, holds or enters into under subsection (1) shall be deemed not to be a loan for the purposes of section 18. 1996, c. 24, s. 34 (2). Payment out of Consolidated Revenue Fund (3) The money required for the purposes of subsection (1), or in respect of the performance of a contract or agreement mentioned in subsection (1), is a charge upon and payable out of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 3 (3). Exception, Protect Ontario Account Investment Fund (3.1) Subsection (3) does not apply with respect to the purposes set out in clause (1) (h.2). 2026, c. 2, Sched. 5, s. 1 (2). Sale or disposal (4) The Minister of Finance may sell or dispose of anything mentioned in subsection (1) purchased, acquired, held or entered into by the Minister of Finance, and the proceeds of the sale or disposition shall be deposited to the credit of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 3 (4); 1994, c. 17, s. 62 (2). Agreements (4.1) The Minister of Finance may enter into agreements or arrangements with custodians, brokers, clearing organizations, trading facilities, trade repositories, financial institutions and any other entities the Minister of Finance determines necessary and advisable in connection with the purchase, acquisition, holding, entering into, performance, sale or disposition of anything mentioned in subsection (1). 2012, c. 8, Sched. 14, s. 4. Fees, commissions or expenses (5) Fees, commissions or expenses incurred by the Minister of Finance in respect of the purchase, acquisition, holding, entering into, performance, sale or disposition of anything mentioned in subsection (1) are a charge upon and payable out of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 3 (5); 1994, c. 17, s. 62 (2). Same, agreements or arrangements (6) Fees, commissions or expenses incurred by the Minister of Finance in respect of any agreements or arrangements entered into under subsection (4.1) are a charge upon and payable out of the Consolidated Revenue Fund. 2012, c. 8, Sched. 14, s. 4. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 2 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994; 1996, c. 24, s. 34 - 31/10/1996 2012, c. 8, Sched. 14, s. 4 - 20/06/2012 2020, c. 36, Sched. 13, s. 2 - 01/03/2022 2025, c. 10, Sched. 5, s. 1 - 05/06/2025 2026, c. 2, Sched. 5, s. 1 (1, 2) - 24/04/2026 Vesting of securities, etc., in Minister of Finance and successors 4 (1) Where any security, obligation, debenture or covenant, or any interest in real or personal estate, effects, or property is given, or transferred to, made with, or vested in the Minister of Finance by virtue of his or her office, the security, obligation, debenture or covenant, and any right of action in respect thereto, and all the estate, right and interest of the Minister of Finance in respect thereof, upon the death, resignation or removal from office of the Minister of Finance, vests, subject to the same trusts as they were respectively subject to, in the succeeding Minister of Finance, and may be proceeded on by action or in any other manner, or may be assigned, transferred or discharged, in the name of the succeeding Minister of Finance. R.S.O. 1990, c. F.12, s. 4 (1); 1994, c. 17, s. 62 (2). Realizing on securities (2) A security, obligation, debenture, covenant or an interest in real or personal estate, effects and property may be proceeded on in the name of, or assigned, transferred or discharged by, any member of the Executive Council acting under the Executive Council Act. R.S.O. 1990, c. F.12, s. 4 (2). Application of section (3) This section applies to every security, obligation, debenture or covenant, and every interest in real or personal estate, effects or property given or transferred to, made with, or vested in any former Minister of Finance, by virtue or on account of his or her office, and transfers all the interest, rights and estate of the former Minister of Finance to the Minister of Finance for the time being to be vested in that Minister of Finance by virtue of his or her office. R.S.O. 1990, c. F.12, s. 4 (3); 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 Settlement of or determination of uncollectability of debts, etc. 5 (1) Where a person has an obligation or debt due to the Crown or the Crown has a claim against a person, the Minister of Finance may, subject to any other Act affecting such obligation, debt or claim, (a) negotiate and accept a settlement in payment and satisfaction of such obligation, debt or claim; (b) determine that any such obligation, debt or claim is uncollectable; or (c) determine that financial hardship, economic considerations or other circumstances do not warrant the collection or enforcement of any such obligation, debt or claim. R.S.O. 1990, c. F.12, s. 5 (1); 1994, c. 17, s. 62 (2). Deletion from the accounts (2) The Lieutenant Governor in Council may delete from the accounts of the Government of Ontario any obligation, debt or claim that is the subject of a settlement or determination described in subsection (1) if the Minister of Finance recommends the deletion as being in the public interest. 2002, c. 22, s. 69 (1). Disclosure of deletion (3) The aggregate amount for each ministry of all obligations, debts and claims that are deleted from the accounts under subsection (2) during a fiscal year must be reported in the Public Accounts or in the financial information supplementary to the Public Accounts for the fiscal year. 2002, c. 22, s. 69 (2). Effect of determination and deletion (3.1) A determination made under clause (1) (b) or (c) with respect to an obligation, debt or claim and its subsequent deletion from the accounts under subsection (2), (a) does not affect the liability of any person that is subject to the obligation, debt or claim; and (b) does not preclude the Minister of Finance from doing anything that the Minister of Finance is authorized to do under subsection 43 (2). 2009, c. 18, Sched. 12, s. 2. Delegation (4) The Minister of Finance may, in writing, delegate to a public servant employed under Part III of the Public Service of Ontario Act, 2006 who works in a ministry but not in a minister’s office, the authority to exercise any of the powers of the Minister of Finance under subsection (1) and may impose such conditions and restrictions on the delegation as the Minister considers appropriate. 1999, c. 9, s. 113; 2006, c. 35, Sched. C, s. 42 (1); 2010, c. 26, Sched. 7, s. 7. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994; 1999, c. 9, s. 113 - 14/12/1999 2002, c. 22, s. 69 (1-2) - 9/12/2002 2006, c. 35, Sched. C, s. 42 (1) - 20/08/2007 2009, c. 18, Sched. 12, s. 2 - 5/06/2009 2010, c. 26, Sched. 7, s. 7 - 8/12/2010 Remission of amounts owing to or recoverable by the Crown 5.1 (1) In this section, “other debt” means an amount owing to the Crown in right of Ontario other than a tax, fee, penalty or recoverable grant; (“autre dette”) “penalty” includes any forfeiture or pecuniary penalty imposed or authorized to be imposed by any Act of the Legislature for any contravention of the laws relating to the collection of revenue or to the management of any Government property, within the meaning of the Ministry of Infrastructure Act, 2011, producing tolls or revenue, even if part of the forfeiture or penalty is payable to another person; (“pénalité”) “recoverable grant” means a grant, an amount in excess of a grant, an increment, an amount in excess of an increment, a monthly benefit, an amount in excess of a monthly benefit, a tax credit and interest that is required to be paid or repaid by the recipient to the Crown under any Act; (“allocation recouvrable”) “tax” includes any tax, interest, impost or toll payable to the Crown in right of Ontario, imposed or authorized to be imposed by any Act of the Legislature. (“taxes”) 2009, c. 34, Sched. J, s. 5; 2015, c. 38, Sched. 7, s. 48. Authority to remit (2) Despite any other Act, the Lieutenant Governor in Council, on the recommendation of the Minister of Finance, may remit any tax, fee, penalty, recoverable grant or other debt if the Lieutenant Governor in Council considers it to be in the public interest to do so. 2009, c. 34, Sched. J, s. 5. Same (3) Despite any other Act, the Minister of Finance may remit any tax, fee or penalty that is $10,000 or less if the Minister considers it to be in the public interest to do so. 2009, c. 34, Sched. J, s. 5. Same (4) A remission under this section may be total or partial, conditional or unconditional, and may be granted, (a) before, after or pending any suit or proceeding for the recovery of the tax, fee, penalty, recoverable grant or other debt in respect of which it is granted; (b) before or after any payment of it has been made or enforced by process or execution; or (c) in any particular case or a class of cases and before the liability to pay it or repay it arises. 2009, c. 34, Sched. J, s. 5. Form of remission (5) A remission under this section may be granted, (a) by forbearing to institute a suit or proceeding for the payment of the tax, fee, penalty or other debt, or for the repayment of the recoverable grant, in respect of which the remission is granted; (b) by delaying, staying or discontinuing any suit or proceeding already instituted; (c) by forbearing to enforce any judgment or by staying or abandoning any execution or process upon any judgment; (d) by the entry of satisfaction upon any judgment; or (e) by repaying an amount of money paid to or recovered by the Minister for the tax, fee, penalty, recoverable grant or other debt. 2009, c. 34, Sched. J, s. 5. Conditional remission (6) If a remission is granted under this section subject to a condition and the condition is not performed, the tax, fee, penalty, recoverable grant or other debt that is remitted or to be remitted may be collected and all proceedings may be had as if there had been no remission. 2009, c. 34, Sched. J, s. 5. Effect of conditional remission (7) A conditional remission, upon performance of the condition, and an unconditional remission have effect as if the remission was made after the tax, fee, penalty, recoverable grant or other debt in respect of which it was granted had been sued for and recovered. 2009, c. 34, Sched. J, s. 5. Payments (8) Remissions granted under this or any other Act may be paid out of the Consolidated Revenue Fund. 2009, c. 34, Sched. J, s. 5. Report (9) Each remission of $1,000 or more that is granted under this section shall be reported to the Legislature in the Public Accounts. 2009, c. 34, Sched. J, s. 5. Remission has effect of pardon (10) If a penalty imposed by any law relating to revenue has been wholly and unconditionally remitted under this section, the remission has the effect of a pardon for the offence for which the penalty was imposed and afterwards the offence has no legal effect prejudicial to the person to whom the remission is granted. 2009, c. 34, Sched. J, s. 5. Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. J, s. 5 - 15/12/2009 2015, c. 38, Sched. 7, s. 48 - 10/12/2016 CTS 6 FE 25 - 1 - 06/02/2025 Payment or credit re Excise Tax Act (Canada) Payment, etc., by Lieutenant Governor in Council 5.2 (1) The Lieutenant Governor in Council, on the recommendation of the Minister of Finance, may pay or credit the amount described in subsection (4) in respect of the provincial component of the tax paid under Part IX of the Excise Tax Act (Canada) if the Lieutenant Governor in Council considers that it is in the public interest to do so. 2010, c. 1, Sched. 7, s. 9. Payment, etc., by Minister of Finance (2) The Minister of Finance may pay or credit the amount described in subsection (5) in respect of the provincial component of the tax paid under Part IX of the Excise Tax Act (Canada) if the Minister considers that it is in the public interest to do so. 2010, c. 1, Sched. 7, s. 9. Restriction on payment (3) No payment or credit may be made under subsection (1) or (2) to a person to the extent that the person otherwise receives or is eligible to receive, directly or indirectly, a payment, credit, refund, rebate, adjustment or other relief in respect of the amount to which the payment or credit under subsection (1) or (2) would relate. 2010, c. 1, Sched. 7, s. 9. Authorized amount for Lieutenant Governor in Council (4) The amount of the payment or credit authorized by subsection (1) is an amount determined by the Lieutenant Governor in Council to be equal to all or part of the provincial component of the tax paid under Part IX of the Excise Tax Act (Canada) in respect of Ontario as a participating province or the interest, penalties or other amounts paid under that Part that are in respect of that provincial component. 2010, c. 1, Sched. 7, s. 9. Authorized amount for Minister of Finance (5) The amount of the payment or credit authorized by subsection (2) is an amount, not exceeding $10,000, determined by the Minister of Finance to be equal to all or part of the provincial component of the tax paid under Part IX of the Excise Tax Act (Canada) in respect of Ontario as a participating province or the interest, penalties or other amounts paid under that Part that are in respect of that provincial component. 2010, c. 1, Sched. 7, s. 9. Conditional payment (6) A payment or credit under subsection (1) or (2) may be conditional or unconditional. 2010, c. 1, Sched. 7, s. 9. Same (7) If a payment or credit under subsection (1) or (2) is subject to a condition and the condition is not performed, the recipient shall repay the amount to the Minister of Finance as if the amount were a tax payable under the Retail Sales Tax Act and the amount may be collected and proceedings may be had as if there had been no decision under subsection (1) or (2) to pay or credit the amount. 2010, c. 1, Sched. 7, s. 9. Payments (8) Payments under this section are a charge on, and are payable out of, the Consolidated Revenue Fund. 2010, c. 1, Sched. 7, s. 9. Same (9) Without limiting the generality of the statutory appropriation in subsection (8), payments under this section may, for provincial reporting purposes, be charged to the revenue receivable by the Province under the Comprehensive Integrated Tax Coordination Agreement and other agreements authorized by section 50 of the Retail Sales Tax Act. 2010, c. 1, Sched. 7, s. 9. Reporting (10) Each payment or credit of $1,000 or more under this section shall be reported in the Public Accounts. 2010, c. 1, Sched. 7, s. 9. Exchange of information (11) The Minister of Finance or a person authorized by him or her may disclose information to an employee of the Crown in right of Canada and may collect information from the Crown in right of Canada for the purpose of applying this section with respect to a person. 2010, c. 1, Sched. 7, s. 9. Section Amendments with date in force (d/m/y) 2010, c. 1, Sched. 7, s. 9 - 1/07/2010 Minister of Finance authorized to accept certain gifts and bequests 6 (1) The Minister of Finance may accept from any person gifts or bequests for the permanent endowment of any charitable or educational object in Ontario, and may invest them in such securities as the Lieutenant Governor in Council may direct. R.S.O. 1990, c. F.12, s. 6 (1); 1994, c. 17, s. 62 (2). Interest (2) The Minister of Finance shall pay interest upon such gifts or bequests to such persons, at such rate, at such times and computed in such manner as the Lieutenant Governor in Council from time to time may determine, and such interest is a charge upon and payable out of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 6 (2); 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 Money received for special purpose 7 (1) Money received by or on behalf of the Crown for a special purpose and paid into the Consolidated Revenue Fund may, subject to any Act applicable thereto, be paid out of the Consolidated Revenue Fund for that purpose. R.S.O. 1990, c. F.12, s. 7 (1). Interest (2) The Minister of Finance may pay interest upon any money to which subsection (1) applies, at such rate, at such times and computed in such manner as the Lieutenant Governor in Council may from time to time determine, and such interest is a charge upon and payable out of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 7 (2); 1994, c. 17, s. 62 (2). Interest may be credited retrospectively (3) An order of the Lieutenant Governor in Council under subsection (2) may authorize the crediting of interest on money to which subsection (1) applies with effect from a date which precedes the date of the relevant order. 2009, c. 34, Sched. J, s. 6. Limit on interest (4) Interest paid under subsection (2) on money to which subsection (1) applies shall not exceed the income earned on that money while it is held in the Consolidated Revenue Fund. 2009, c. 34, Sched. J, s. 6. Exception to limit (5) Despite subsection (4), interest may be paid under subsection (2) on money that has been received by or on behalf of the Crown for the special purpose of administering a pension fund or supplemental pension fund in an amount that exceeds the income earned on that money while it is held in the Consolidated Revenue Fund. 2009, c. 34, Sched. J, s. 6. Recording in designated purpose account (6) If an Act provides that money is, or is deemed to be, money paid to Ontario for a special purpose, any requirement to record receipts and disbursements of that money in a special purpose account in the Consolidated Revenue Fund or in the Public Accounts is deemed to be satisfied if the receipts and disbursements are recorded in a designated purpose account. 2016, c. 5, Sched. 9, s. 3. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 2009, c. 34, Sched. J, s. 6 - 15/12/2009 2016, c. 5, Sched. 9, s. 3 - 31/03/2016 Proxy investment funds 7.1 (1) The Minister of Finance may establish and maintain one or more proxy investment funds if he or she considers it advisable for the purposes of determining adjustments to be applied in respect of one or more special purpose accounts for one or more supplemental pension funds. 2020, c. 36, Sched. 13, s. 3. Money not received for a special purpose (2) For greater certainty, money held in or paid out of a proxy investment fund established under subsection (1) is not money received by or on behalf of the Crown for a special purpose. 2020, c. 36, Sched. 13, s. 3. Rate of return (3) The Minister of Finance shall determine the annual rate of return for a proxy investment fund, taking into account any investment costs or expenses. 2020, c. 36, Sched. 13, s. 3. Adjusting special purpose account (4) The Minister of Finance may adjust a special purpose account in respect of which a proxy investment fund has been established under subsection (1) with an amount determined by applying the annual rate of return determined under subsection (3) to the special purpose account. 2020, c. 36, Sched. 13, s. 3. Same (5) The following rules apply where an adjustment is made under subsection (4): 1. Any positive adjustment is a charge upon and payable out of the Consolidated Revenue Fund. 2. Any negative adjustment shall reduce the amount that may be charged upon and paid from the Consolidated Revenue Fund in respect of the special purpose account. 3. No interest may be paid by the Minister of Finance under subsection 7 (2) upon any money in the special purpose account in respect of a period of time for which an adjustment has been made to the special purpose account. 2020, c. 36, Sched. 13, s. 3. Owner of fund (6) The Crown is the legal and beneficial owner of any proxy investment fund established under subsection (1). 2020, c. 36, Sched. 13, s. 3. Authorization to OFA (7) The Minister of Finance may, in writing, authorize the Ontario Financing Authority to perform any of his or her powers and duties under this section and, for the purposes of establishing or maintaining a proxy investment fund under subsection (1), his or her powers referred to in subsections 3 (1), (2), (4) and (4.1). 2020, c. 36, Sched. 13, s. 3. Same (8) Where the Ontario Financing Authority, pursuant to an authorization given under this section, performs any of the Minister of Finance’s powers referred to in subsections 3 (1), (2), (4) and (4.1), subsections 3 (2.1), (3), (5) and (6), as applicable, apply with necessary modifications. 2020, c. 36, Sched. 13, s. 3. Same (9) An authorization under subsection (7) is subject to such limitations, conditions and requirements as are set out in it. 2020, c. 36, Sched. 13, s. 3. Powers of the OFA (10) For the purposes of performing the powers and duties it has been authorized to carry out under subsection (7), the Ontario Financing Authority may execute all documents and do such other acts and things as it considers necessary or desirable, subject to any regulations prescribed for the purposes of clause 3 (1) (h.1) and any limitations, conditions or requirements set out in the authorization. 2020, c. 36, Sched. 13, s. 3. No action to be commenced (11) No action or proceeding of any kind shall be commenced against the Ontario Financing Authority or against an employee, officer or director of the Ontario Financing Authority for any act, omission, neglect or default in good faith done or omitted to be done in connection with the performance of the powers and duties it has been authorized to perform under subsections (7) and (10). 2020, c. 36, Sched. 13, s. 3. Responsibility of OFA (12) If the Ontario Financing Authority enters into an investment management agreement with the Investment Management Corporation of Ontario with respect to a proxy investment fund established or maintained by the Ontario Financing Authority pursuant to an authorization, the Ontario Financing Authority, and not the Minister of Finance, is responsible for investing the proxy investment fund for the purposes of section 9 of the Investment Management Corporation of Ontario Act, 2015. 2020, c. 36, Sched. 13, s. 3. Section Amendments with date in force (d/m/y) 2020, c. 36, Sched. 13, s. 3 - 01/03/2022 Protect Ontario Account Investment Fund — designated purpose account 7.2 (1) The Minister of Finance shall establish a designated purpose account to be known as the Protect Ontario Account Investment Fund in English and the Fonds d'investissement du compte Protéger l'Ontario in French. 2026, c. 2, Sched. 5, s. 2. Authorized funding (2) The Lieutenant Governor in Council may authorize that the Protect Ontario Account Investment Fund be funded by such amounts as may be specified by the Lieutenant Governor in Council and at such times and on such terms as the Minister of Finance may determine. 2026, c. 2, Sched. 5, s. 2. Purpose (3) The Minister of Finance may make expenditures from the Protect Ontario Account Investment Fund for the purpose of making investments that promote innovation, infrastructure development, long-term economic growth and other strategic priorities of Ontario. 2026, c. 2, Sched. 5, s. 2. Expenditures (4) The money required for the purpose set out in subsection (3) is a charge on and payable out of the Consolidated Revenue Fund. 2026, c. 2, Sched. 5, s. 2. Investment proceeds (5) Any proceeds from the sale of investments mentioned in subsection (3), and any other return on investments or returns in respect of the investment powers authorized under clause 3 (1) (h.2), are a charge on and payable out of the Consolidated Revenue Fund and shall be added to the Protect Ontario Account Investment Fund. 2026, c. 2, Sched. 5, s. 2. Same (6) Despite subsection (5), the Minister may direct that any portion of the proceeds or returns are to be held in the Consolidated Revenue Fund and not in the Protect Ontario Account Investment Fund. 2026, c. 2, Sched. 5, s. 2. Section Amendments with date in force (d/m/y) 2026, c. 2, Sched. 5, s. 2 - 24/04/2026 Recovery of balance of public money 8 Every person, on the termination of the person’s charge of an account, or, in the case of his or her death, the person’s representatives, shall forthwith pay over any balance of public money then due to the Crown in respect of such charge to the public officer authorized to receive it. R.S.O. 1990, c. F.12, s. 8. Additional fee for failure of payment 8.1 If a person purports to pay public money by delivering to a person entitled to collect or receive public money anything other than legal tender, within the meaning of subsection 8 (1) of the Currency Act (Canada), and if, as a result, the Minister of Finance fails to receive full and unconditional payment or settlement, the person is liable to pay to the Minister as a debt due to the Crown the additional fee that the Minister requires and that is prescribed by the regulations made under this Act. 1996, c. 24, s. 35. Section Amendments with date in force (d/m/y) 1996, c. 24, s. 35 - 31/10/1996 Refunds Payment of interest 9 (1) If an Act authorizes the refund of an amount received by the Crown, the refund, together with interest on the amount refunded if the interest is also authorized by an Act, is payable out of the Consolidated Revenue Fund. 2008, c. 19, Sched. G, s. 1. Refund of money paid in error, etc. (2) A refund or partial refund may be paid out of the Consolidated Revenue Fund of money that was paid to or collected by the Crown if the money was paid or collected in error or for a purpose that is not fulfilled, or if Treasury Board considers it appropriate in the circumstances to make the refund or partial refund. 2008, c. 19, Sched. G, s. 1. Treasury Board directives (3) Any refund or partial refund of money under subsection (2) shall be made in accordance with such directives as Treasury Board may establish for the purposes of this section. 2008, c. 19, Sched. G, s. 1. Accounting (4) An amount paid out of the Consolidated Revenue Fund under this section shall be charged to the appropriate revenue account. 2008, c. 19, Sched. G, s. 1; 2009, c. 34, Sched. J, s. 7. Section Amendments with date in force (d/m/y) 2008, c. 19, Sched. G, s. 1 - 27/11/2008 2009, c. 34, Sched. J, s. 7 - 15/12/2009 Transition 9.1 To the extent a regulation made under subsection 9 (2) as that subsection read on October 22, 2008 does not conflict with any directives of Treasury Board referred to in subsection 9 (3), the regulation remains in force and continues to apply until it is revoked. 2008, c. 19, Sched. G, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 19, Sched. G, s. 1 - 27/11/2008 Interest and penalties on unpaid debts to Crown 10 (1) Where money that is owing by any person to the Crown or a public entity is not paid at the time for payment provided for by law or by the agreement, undertaking or arrangement under which the obligation to pay arose, the Crown or the public entity to whom the payment is owed may require the payment of interest or penalty on any such unpaid amount in accordance with this section, and such interest or penalty so required to be paid is a debt due to the Crown recoverable by action or by any other remedy or procedure available by law to the Crown for the collection of debts owed to the Crown. R.S.O. 1990, c. F.12, s. 10 (1); 2010, c. 1, Sched. 7, s. 10 (1). Exception (2) This section does not apply to a default in payment under a statute or regulation that expressly provides for interest or penalty on such default, and does not apply to any agreement, undertaking or arrangement that expressly provides for interest or penalty payable on overdue payments, but the fact that a statute makes a default in the payment of money owing under it to the Crown or a public entity an offence does not prevent the imposition of interest or a penalty under this section in respect of money owing under that statute. R.S.O. 1990, c. F.12, s. 10 (2); 2010, c. 1, Sched. 7, s. 10 (2). Statement of policy (3) The Minister of Finance may issue general instructions establishing a policy to govern when, at what rate, in what amount, and in what circumstances the payment of interest or penalty may be required under subsection (1). R.S.O. 1990, c. F.12, s. 10 (3); 1994, c. 17, s. 62 (2). Amount of interest or penalty (4) The Lieutenant Governor in Council may by order fix a maximum rate of interest or penalty for the purpose of this section either by specifying the rate or, in lieu of a specified rate, by specifying a formula or basis for determining from time to time the rate of interest or penalty payable under this section, and may establish the method and conditions for calculating and charging any such interest or penalty, and may provide for different penalties or rates of interest to be applicable to different classes of payment or to different amounts of payment in default. R.S.O. 1990, c. F.12, s. 10 (4). Reduction (5) The Minister of Finance may, in his or her discretion, authorize the forgiveness or noncollection of interest or penalty payable under this section, and may authorize the charging of a lower rate of interest or amount of penalty than the maximum under this section where the Minister of Finance considers that financial hardship, economic considerations or other circumstances warrant such authorization. R.S.O. 1990, c. F.12, s. 10 (5); 1994, c. 17, s. 62 (2). Application (6) This section applies to the payment of interest or penalty on any amount owing to the Crown or a public entity on or after the 1st day of April, 1984 whether the obligation to pay such amount arose before or after that date. R.S.O. 1990, c. F.12, s. 10 (6); 2010, c. 1, Sched. 7, s. 10 (3). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 2010, c. 1, Sched. 7, s. 10 (1-3) - 1/04/2010 Collection, etc., of information 10.1 (1) This section applies to institutions to which the Freedom of Information and Protection of Privacy Act or the Municipal Freedom of Information and Protection of Privacy Act applies and it applies with respect to information to which those Acts apply but not personal information relating to an individual’s medical, psychiatric or psychological history. 2012, c. 8, Sched. 14, s. 5 (1). Same (2) An institution may, (a) collect information in any manner from another institution, person or entity for a purpose described in subsection (4); (b) use, for a purpose described in subsection (4), information that is in its custody or under its control; (c) disclose information that is in its custody or under its control to another institution, person or entity for a purpose described in paragraph 1, 2 or 2.1 of subsection (4); (d) disclose, for a purpose described in paragraph 3 or 4 of subsection (4), information that is in its custody or under its control to another institution or to the person with whom the Crown has entered into the arrangement described in the applicable paragraph. 1997, c. 43, Sched. F, s. 4 (1); 2015, c. 20, Sched. 11, s. 7. Exception for cl. (2) (d) (3) Clause (2) (d) does not permit the disclosure of information to an institution or person unless a written agreement or undertaking has been entered into or made that, in the opinion of the Minister of Finance, will protect the information from further disclosure by that institution or person. 1997, c. 43, Sched. F, s. 4 (1). Authorized purposes (4) The following are the purposes referred to in subsection (2): 1. To collect a fine or a debt owed to the Crown or to an assignee of the Crown. 2. To collect a debt owed to a person or an entity if, under a cost-sharing arrangement between the Crown and the person or entity, the Crown has a financial interest in the collection of the debt. 2.1 To provide collection services pursuant to an agreement under section 11.1 of the Ministry of Revenue Act. 3. To carry out a written arrangement under which the Crown proposes or agrees to transfer or dispose of assets or liabilities. 4. To carry out a written arrangement under which an activity or a function of the Crown is to be performed by another person or entity. 1997, c. 43, Sched. F, s. 4 (1); 2012, c. 8, Sched. 14, s. 5 (2). Purpose for which information obtained (5) For the purposes of the Freedom of Information and Protection of Privacy Act and the Municipal Freedom of Information and Protection of Privacy Act, personal information used by an institution for a purpose described in subsection (4) shall be deemed to have been obtained or compiled for that purpose or for a consistent purpose. 1997, c. 43, Sched. F, s. 4 (1); 2012, c. 8, Sched. 14, s. 5 (3). Purpose for which information disclosed (6) For the purposes of the Freedom of Information and Protection of Privacy Act and the Municipal Freedom of Information and Protection of Privacy Act, personal information disclosed by an institution for a purpose described in subsection (4) shall be deemed to have been disclosed for the purpose of complying with this section. 1997, c. 43, Sched. F, s. 4 (1); 2012, c. 8, Sched. 14, s. 5 (4). Notice re collection (7) Subsection 39 (2) of the Freedom of Information and Protection of Privacy Act and subsection 29 (2) of the Municipal Freedom of Information and Protection of Privacy Act do not apply with respect to the collection of personal information authorized under subsection (2). 2012, c. 8, Sched. 14, s. 5 (5). Disclosure, tax information (8) Subsection 17 (2) of the Freedom of Information and Protection of Privacy Act does not apply with respect to the disclosure of information authorized by clause (2) (c). 1997, c. 43, Sched. F, s. 4 (1). Conflict (9) This section prevails over, (a) a provision of another Act or a regulation, unless the other Act specifically states that it prevails over this section; and (b) a provision in an agreement, whether the agreement was entered into before or after this section comes into force. 1997, c. 43, Sched. F, s. 4 (1). Exception, third party information (10) Despite subsection (9), this section does not prevail over subsection 17 (1) of the Freedom of Information and Protection of Privacy Act or subsection 10 (1) of the Municipal Freedom of Information and Protection of Privacy Act. 2012, c. 8, Sched. 14, s. 5 (6). Definitions (11) In this section, “Crown” includes a Crown agency; (“Couronne”) “entity” includes, (a) a local board as defined in section 1 of the Municipal Affairs Act, and (b) the Crown in right of Canada including an agency thereof. (“entité”) 1997, c. 43, Sched. F, s. 4 (1); 2010, c. 1, Sched. 7, s. 11. Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. F, s. 4 (1) - 18/12/1997 2010, c. 1, Sched. 7, s. 11 - 1/04/2010 2012, c. 8, Sched. 14, s. 5 (1-6) - 20/06/2012 2015, c. 20, Sched. 11, s. 7 - 4/06/2015 PART II DISBURSEMENT OF PUBLIC MONEY Payments out of Consolidated Revenue Fund 11 (1) Every payment out of the Consolidated Revenue Fund shall be made by cheque or by any other method of payment or transfer approved by the Minister of Finance in writing. 1996, c. 24, s. 36. Signatures (1.1) Every cheque making a payment from the Consolidated Revenue Fund shall be signed by the Minister of Finance and one of the following persons and every authorization making a payment from the Consolidated Revenue Fund pursuant to a method of payment or transfer approved under subsection (1) shall be given by the Minister of Finance and one of the following persons: 1. The Deputy Minister of Finance. 2. A person employed in the Ministry of Finance or in the Ontario Financing Authority who is authorized by the Minister of Finance in writing to sign the cheque or give the authorization. 1996, c. 24, s. 36; 2010, c. 1, Sched. 7, s. 12 (1). Other signatures authorized (1.2) Despite subsection (1.1), the Minister of Finance may, in writing, on any conditions he or she considers appropriate, authorize any of the following persons to sign the documents or give the authorizations indicated: 1. Another minister may be authorized to sign any cheque or class of cheques or to give any authorization or class of authorizations making a payment from the Consolidated Revenue Fund instead of the Minister of Finance. 2. A person employed in the ministry of the minister referred to in paragraph 1 may be authorized to sign any cheque or class of cheques or to give any authorization or class of authorizations instead of the Deputy Minister of Finance or other person referred to in paragraph 2 of subsection (1.1). 3.

The head of a public entity may be authorized to sign any cheque or class of cheques or to give any authorization or class of authorizations making a payment from the Consolidated Revenue Fund instead of the Minister of Finance. 4. A person employed in the public entity referred to in paragraph 3 may be authorized to sign any cheque or class of cheques or to give any authorization or class of authorizations instead of the Deputy Minister of Finance or other person referred to in paragraph 2 of subsection (1.1). 2010, c. 1, Sched. 7, s. 12 (2). (1.2.1) Repealed: 2010, c. 1, Sched. 7, s. 12 (2). Other payments and deposits (1.3) For the more efficient management of the Consolidated Revenue Fund, the Minister of Finance may enter into any written arrangements he or she considers appropriate with any person for the making of deposits to, or payments from, the Consolidated Revenue Fund electronically or by the use of a credit card, debit card or similar arrangement. 1996, c. 24, s. 36. Exception (1.4) Subsection (1.1) does not apply to any written arrangements described in subsection (1.3). 2009, c. 18, Sched. 12, s. 3. Signature (2) The Minister of Finance may authorize the use on cheques or written authorizations of facsimile signatures to be affixed thereto by rubber stamp or by printing, lithographing, engraving or by other mechanical means. R.S.O. 1990, c. F.12, s. 11 (2); 1994, c. 17, s. 62 (2). Destruction (3) The Minister of Finance, with the approval of the Auditor General, may authorize the destruction from time to time of paid and cancelled cheques. R.S.O. 1990, c. F.12, s. 11 (3); 1994, c. 17, s. 62 (2); 2004, c. 17, s. 32. Fees, etc., charge on Con. Rev. Fund (4) With the approval of the Minister of Finance, any fees, commissions or expenses incurred in respect of deposits to, transfers within, or payments from the Consolidated Revenue Fund, or in respect of services furnished to the Crown in the operation of any account established under section 2 are a charge upon and payable out of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 11 (4); 1991, c. 55, s. 4 (2); 1994, c. 17, s. 62 (2). Deemed expense for purposes of subs. (4) (5) An amount payable under Part IX of the Excise Tax Act (Canada) in respect of which the Crown is entitled to a refund is deemed to be an expense to which subsection (4) applies. 2009, c. 34, Sched. J, s. 8. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 4 (2) - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994; 1996, c. 24, s. 36 - 31/10/1996; 1996, c. 29, s. 1 - 9/12/1996 2004, c. 17, s. 32 - 30/11/2004 2009, c. 18, Sched. 12, s. 3 - 5/06/2009; 2009, c. 34, Sched. J, s. 8 - 15/12/2009 2010, c. 1, Sched. 7, s. 12 (1) - 18/05/2010; 2010, c. 1, Sched. 7, s. 12 (2) - 1/04/2010 Appropriation required 11.1 (1) Money shall not be paid out of the Consolidated Revenue Fund and neither a non-cash expense nor a non-cash investment shall be recognized by the Crown unless the payment or the recognition is authorized by this or another Act of the Legislature. 2009, c. 18, Sched. 12, s. 4. Interim supply (2) Nothing in this Act prohibits the payment of money out of the Consolidated Revenue Fund or the recognition by the Crown of a non-cash expense or a non-cash investment if the payment or the recognition is authorized by a resolution passed by the Legislative Assembly granting interim supply. 2009, c. 18, Sched. 12, s. 4. Authority to recognize non-cash expenses (3) The Crown may recognize non-cash expenses. 2021, c. 40, Sched. 11, s. 3 (1). Effect of statutory appropriation for a specified purpose (3.1) A provision of an Act that provides a statutory appropriation authorizing money to be paid out of the Consolidated Revenue Fund for a specified purpose is deemed to provide an additional statutory appropriation authorizing the Crown to incur non-cash expenses for the same purpose. 2010, c. 26, Sched. 7, s. 8. Authority to recognize non-cash investments (4) The Crown may recognize non-cash investments. 2021, c. 40, Sched. 11, s. 3 (2). Other appropriations (4.1) Despite any other Act, subsections (3) and (4) do not prevent the Crown from charging a non-cash-expense or a non-cash investment to an appropriation that would authorize the non-cash expense or non-cash investment in the absence of subsection (3) or (4). 2021, c. 40, Sched. 11, s. 3 (3). No authority to pay money out of CRF on charging a non-cash expense, etc., to an appropriation (5) The charging of a non-cash expense or a non-cash investment to an appropriation does not constitute authority for the payment of any money out of the Consolidated Revenue Fund. 2009, c. 18, Sched. 12, s. 4. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 2 - 27/06/2002; 2002, c. 22, s. 70 - 1/04/2003 2009, c. 18, Sched. 12, s. 4 - 1/04/2009 2010, c. 26, Sched. 7, s. 8 - 1/04/2010 2021, c. 40, Sched. 11, s. 3 (1-3) - 09/12/2021 Limits on charges to appropriations 11.2 (1) No appropriation shall be charged with an amount, (a) that is for a purpose other than that for which the appropriation was provided; or (b) that is in excess of the amount available under the appropriation. 2002, c. 8, Sched. B, s. 2. (2) Repealed: 2009, c. 34, Sched. J, s. 9. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 2 - 27/06/2002 2009, c. 34, Sched. J, s. 9 - 15/12/2009 Expenses limited to appropriations 11.3 (1) No agreement or undertaking shall be entered into in a fiscal year that would result in a charge to an appropriation for that fiscal year in excess of the amount available under that appropriation. 2002, c. 8, Sched. B, s. 2. Agreements subject to appropriations (2) Every agreement providing for the payment of money by the Crown is deemed to contain a provision stating that the payment by the Crown of moneys that come due under the agreement shall be subject to, (a) an appropriation to which that payment can be charged being available in the fiscal year in which the payment becomes due; or (b) the payment having been charged to an appropriation for a previous fiscal year. 2002, c. 8, Sched. B, s. 2. Same, non-cash expenses (3) Every agreement that would require the Crown to recognize a non-cash expense is deemed to contain a provision stating that the performance by the Crown of the obligation that would require it to recognize the non-cash expense shall be subject to an appropriation to which that non-cash expense can be charged being available in the fiscal year in which the obligation must be performed. 2010, c. 26, Sched. 7, s. 9. Same, non-cash investments (4) Every agreement that would require the Crown to recognize a non-cash investment is deemed to contain a provision stating that the performance by the Crown of the obligation that would require it to recognize the non-cash investment shall be subject to an appropriation to which that non-cash investment can be charged being available in the fiscal year in which the obligation must be performed. 2010, c. 26, Sched. 7, s. 9. Application (5) Subsections (3) and (4) apply in respect of fiscal years commencing on or after April 1, 2010. 2010, c. 26, Sched. 7, s. 9. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 2 - 27/06/2002 2009, c. 34, Sched. J, s. 10 - 15/12/2009 2010, c. 26, Sched. 7, s. 9 - 1/04/2010 Certificate for payments 11.4 (1) No payment shall be made out of the Consolidated Revenue Fund unless, in addition to any other voucher or certificate that may be required, a person referred to in subsection (2) certifies, (a) in the case of a payment for the supply of goods or the rendering of services after the goods are delivered or the services are rendered, that the goods have been supplied or the services have been rendered and that, (i) the payment is in accordance with the agreement, or (ii) the amount of the payment is reasonable, if the amount of the payment is not specified in the agreement; (b) in the case of a payment for the supply of goods or the rendering of services before the delivery of the goods or the supply of the services, that the payment is in accordance with the agreement; or (c) in the case of a payment not described in clause (a) or (b), that the payee is eligible for or entitled to the payment. 2002, c. 8, Sched. B, s. 2. Persons authorized to certify payments (2) Only the following persons have authority to give a certificate under subsection (1): 1. A minister or deputy minister. 2. The Speaker of the Assembly. 3. The Auditor General. 4. The Chief Electoral Officer. 5. A person authorized by the Management Board of Cabinet. 6. A person authorized by a person referred to in any of paragraphs 1 to 5. 2002, c. 8, Sched. B, s. 2; 2004, c. 17, s. 32; 2007, c. 15, s. 40 (1). (3) Repealed: 2009, c. 34, Sched. J, s. 11. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 2 - 27/06/2002 2004, c. 17, s. 32 - 30/11/2004 2007, c. 15, s. 40 (1) - 4/06/2007 2009, c. 34, Sched. J, s. 11 - 15/12/2009 Authority to pay interest on overdue amounts 11.4.1 (1) Repealed: 2010, c. 1, Sched. 7, s. 13 (1). Treasury Board may direct payment of interest (2) The Treasury Board may authorize and direct the payment of interest, on such terms and conditions as it may specify, on overdue amounts payable by ministries or by specified public entities. 2006, c. 33, Sched. J, s. 2; 2010, c. 1, Sched. 7, s. 13 (2). Exception (3) Despite subsection (2), the Treasury Board shall not authorize and direct the payment of interest under this section, (a) in respect of a period before April 1, 2007; or (b) in respect of a financial obligation, (i) incurred contrary to subsection 11.3 (1) or section 18, or (ii) to which subsection 28 (2) applies. 2006, c. 33, Sched. J, s. 2. Note: On a day to be named by order of the Lieutenant Governor in Council, clause 11.4.1 (3) (b) of the Act is repealed and the following substituted: (See: 2026, c. 2, Sched. 5, s. 3) (b) in respect of a financial obligation incurred contrary to subsection 11.3 (1) or section 18. Same (4) This section does not affect the authority of the Minister of Finance to agree to pay interest on an overdue amount in relation to a transaction to which section 3 applies or a borrowing of money in accordance with section 18. 2006, c. 33, Sched. J, s. 2. Interest deemed to be expenditure for same purpose as overdue amount (5) An interest payment authorized under this section shall be deemed to be an expenditure for the same purpose as the overdue amount to which it relates and shall be reported as such in the Public Accounts. 2006, c. 33, Sched. J, s. 2. Not a charge on Consolidated Revenue Fund (6) Section 19 does not apply to a payment of interest authorized under this section. 2006, c. 33, Sched. J, s. 2. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. J, s. 2 - 20/12/2006 2010, c. 1, Sched. 7, s. 13 (1,2) - 1/04/2010 2026, c. 2, Sched. 5, s. 3 - not in force Authorized investments 11.5 (1) Except as otherwise expressly provided in an Act of the Legislature, an appropriation for a fiscal year does not include the authority to make a loan, advance or other form of investment. 2002, c. 8, Sched. B, s. 2. Treasury Board may authorize investments (2) Despite subsection (1), on the recommendation of the Minister of Finance, the Treasury Board may authorize a payment pursuant to an appropriation to be made in the form of a loan, advance or other form of investment on such terms and conditions as the Treasury Board considers advisable. 2002, c. 8, Sched. B, s. 2. (3) Repealed: 2009, c. 34, Sched. J, s. 12. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 2 - 27/06/2002 2009, c. 34, Sched. J, s. 12 - 15/12/2009 Estimates 11.6 (1) All estimates submitted to the Legislature in respect of a fiscal year shall, (a) be for expenditures to be incurred during the fiscal year that are required to be voted on by the Legislature; and (b) include the amount of expenditures to be incurred during the fiscal year under statutory appropriations and such other information as the Treasury Board considers appropriate. 2002, c. 8, Sched. B, s. 2. Exception, certain liabilities (1.1) Despite clause (1) (b), the estimates shall not include, (a) expenditures to be made on or after April 1, 2003 in satisfaction of liabilities incurred by the Crown before that date; (b) expenditures to be made under section 11.8; and (c) expenditures to be made under section 11.9. 2020, c. 36, Sched. 13, s. 4. Lapse of appropriations (2) The balance of an appropriation granted for a fiscal year that remains unexpended when the books of the Government of Ontario for that fiscal year are closed shall lapse. 2002, c. 8, Sched. B, s. 2. Accrual of liabilities (3) Despite section 11.2 and subsection (2), a liability that was incurred during a fiscal year but was not paid by the time the books of the Government of Ontario for the fiscal year are closed may be recorded as an expenditure and charged against an appropriation for the fiscal year if, (a) the liability was incurred for a purpose authorized by the appropriation; (b) the liability was less than or equal to the amount available under the appropriation immediately before the books of the Government of Ontario for the fiscal year are closed; and (c) a statement of account for the liability is received by the Minister of Finance before the books of the Government of Ontario for the fiscal year are closed. 2004, c. 31, Sched. 13, s. 2 (1). Payment of accrued liabilities (4) A liability described in subsection (3) may be paid out of the Consolidated Revenue Fund. 2002, c. 8, Sched. B, s. 2. Reporting (5) If, before the books of the Government of Ontario for a fiscal year are closed, the Minister of Finance becomes aware that, during the fiscal year, the Crown incurred a liability to make a payment out of the Consolidated Revenue Fund that comes due after the end of the fiscal year but the liability cannot be charged to an appropriation for the fiscal year under subsection (3), the Public Accounts for that fiscal year shall include a statement to that effect. 2004, c. 31, Sched. 13, s. 2 (2). Late accounts (6) A liability incurred in a fiscal year that is not paid or accrued under subsection (3) during the fiscal year, but that satisfies the requirements of subsection (7), (a) may be paid out of the Consolidated Revenue Fund; (b) may be recorded, despite section 11.2 and subsection (2) and subject to subsection (8), as a charge against, (i) an appropriation for the fiscal year in which the payment is made that authorizes expenditures for the same purpose or for a purpose determined by the Minister of Finance to be similar, or (ii) such appropriation for the fiscal year in which the payment is made as the Minister of Finance directs, if the Minister determines that there is no appropriation that satisfies the requirements of subclause (i); and (c) shall be reported in the Public Accounts for the fiscal year in which the payment is made. 2002, c. 8, Sched. B, s. 2. Same (7) For the purposes of subsection (6), the liability must satisfy the following requirements: 1. The liability must be incurred for a purpose authorized by an appropriation for the fiscal year in which it is incurred. 2. The liability must be less than or equal to the amount available under the appropriation referred to in paragraph 1 immediately before the books of the Government of Ontario for the fiscal year are closed. 2002, c. 8, Sched. B, s. 2; 2004, c. 31, Sched. 13, s. 2 (3). Notice to Treasury Board (8) A liability may be recorded in accordance with clause (6) (b) only if the Minister of Finance notifies the Treasury Board and specifies in the notice the appropriation against which the liability is charged. 2002, c. 8, Sched. B, s. 2. Appropriation deemed to include purpose (9) If a liability is recorded as a charge against an appropriation under clause (6) (b), the appropriation is deemed to include the purpose for which the liability was incurred. 2002, c. 8, Sched. B, s. 2. (10) Repealed: 2009, c. 34, Sched. J, s. 13. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 2 - 27/06/2002 2004, c. 7, s. 8 - 17/06/2004; 2004, c. 31, Sched. 13, s. 2 (1-3) - 1/04/2004 2009, c. 34, Sched. J, s. 13 - 15/12/2009 2020, c. 36, Sched. 13, s. 4 - 08/12/2020 Payment of certain accrued liabilities 11.7 (1) The Minister of Finance is authorized to make payments out of the Consolidated Revenue Fund during a fiscal year that begins on or after April 1, 2003 in satisfaction of liabilities incurred by the Crown before April 1, 2003, if the payments are payable during the fiscal year and are not otherwise authorized by an Act of the Legislature. 2004, c. 7, s. 9. Restriction (2) The aggregate amount of payments authorized by subsection (1) shall not exceed the aggregate amount of the following liabilities as at March 31, 2003 as stated in the Public Accounts of Ontario for the fiscal year ending March 31, 2003, the payment of which is not otherwise provided for by any other Act of the Legislature: 1. Accounts payable and accrued liabilities. 2. Retirement benefits. 3. Other liabilities. 2004, c. 7, s. 9. (3) Repealed: 2015, c. 20, Sched. 11, s. 8. Section Amendments with date in force (d/m/y) 2004, c. 7, s. 9 - 17/06/2004 2015, c. 20, Sched. 11, s. 8 - 4/06/2015 Payment re: certain environmental remediation liabilities 11.8 (1) This section applies with respect to amounts in satisfaction of environmental remediation liabilities incurred by a ministry or specified public entity before April 1, 2015, if, (a) the remediation is required to comply with Ontario’s or the Government of Canada’s environmental standards legislation; and (b) payment of the amount is not otherwise authorized by an Act of the Legislature. 2015, c. 20, Sched. 11, s. 9. Appropriation (2) Amounts in satisfaction of the environmental remediation liabilities described in subsection (1) are a charge upon and payable out of the Consolidated Revenue Fund during a fiscal year that begins on or after April 1, 2015. 2015, c. 20, Sched. 11, s. 9. Restriction (3) However, the aggregate amount authorized by subsection (2) for a ministry or specified public entity shall not exceed the aggregate amount of environmental remediation liabilities of that ministry or specified public entity at March 31, 2015 arising under Ontario’s or the Government of Canada’s environmental standards legislation, as stated in the Public Accounts for Ontario for the fiscal year ending March 31, 2015, or in financial information supplementary thereto, the payment of which is not otherwise authorized by an Act of the Legislature. 2015, c. 20, Sched. 11, s. 9. (4) Repealed: 2020, c. 36, Sched. 13, s. 5. Transition (5) If an amount in satisfaction of a liability described in subsection (1) is charged to an appropriation on or after April 1, 2015 and before the day on which the Building Ontario Up Act (Budget Measures), 2015 receives Royal Assent, the amount is deemed, as of the day on which it was charged, not to have been charged to that appropriation but to have been charged instead to the appropriation provided by subsection (2). 2015, c. 20, Sched. 11, s. 9. Same (6) If a liability described in subsection (1) was recognized in the financial accounts before the day on which the Building Ontario Up Act (Budget Measures), 2015 receives Royal Assent, but was not charged to an appropriation, the appropriation provided by subsection (2) is deemed for accounting purposes to have been available when the liability was recognized. 2015, c. 20, Sched. 11, s. 9. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 13, s. 3 - 1/04/2004 2015, c. 20, Sched. 11, s. 9 - 4/06/2015 2020, c. 36, Sched. 13, s. 5 - 08/12/2020 Payment re: newly recognized liabilities 11.9 (1) In this section, “corresponding recognition date” means a prescribed date on which, for the first time, ministries and specified public entities recognize a newly recognized liability as a result of a change in the relevant accounting standards; (“date de comptabilisation correspondante”) “newly recognized liability” means a prescribed liability that, prior to the corresponding recognition date, ministries and specified public entities did not recognize under the relevant accounting standards; (“dette nouvellement comptabilisée”) “relevant accounting standards” means the accounting standards referred to in the opinion the Auditor General provides under subsection 12 (3) of the Auditor General Act. (“normes comptables pertinentes”) 2020, c. 36, Sched. 13, s. 6. Application (2) This section applies with respect to amounts in satisfaction of a newly recognized liability that were incurred by a ministry or specified public entity during a fiscal year that ended before the corresponding recognition date, if payment of the amounts is not otherwise authorized by an Act of the Legislature. 2020, c. 36, Sched. 13, s. 6. Appropriation (3) Amounts in satisfaction of a newly recognized liability described in subsection (2) are a charge upon and payable out of the Consolidated Revenue Fund during a fiscal year that begins on or after the corresponding recognition date for the liability. 2020, c. 36, Sched. 13, s. 6. Restriction (4) However, the aggregate amount authorized by subsection (3) in respect of newly recognized liabilities of a ministry or specified public entity shall not exceed the aggregate amount of those liabilities at the beginning of the fiscal year commencing on the corresponding recognition date, as stated in the Public Accounts of Ontario, the payment of which is not otherwise authorized by an Act of the Legislature. 2020, c. 36, Sched. 13, s. 6. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 13, s. 3 - 1/04/2004 2009, c. 18, Sched. 12, s. 5 - 1/04/2009; 2009, c. 34, Sched. J, s. 14 - 15/12/2009 2020, c. 36, Sched. 13, s. 6 - 08/12/2020 Payment of guarantee or indemnity 12 Any amount required to be paid by or on behalf of the Crown by the terms of a guarantee or indemnity given pursuant to this or any other Act may be paid by the Minister of Finance from the Consolidated Revenue Fund. 1996, c. 29, s. 2. Section Amendments with date in force (d/m/y) 1996, c. 29, s. 2 - 9/12/1996 How public money to be paid in certain circumstances 13 If any public money is appropriated by an Act for any purpose or is directed by the judgment of a court or the award of arbitrators or other lawful authority to be paid by the Crown or the Lieutenant Governor and no other provision is made respecting it, such money is payable under warrant of the Lieutenant Governor, directed to the Minister of Finance, out of the Consolidated Revenue Fund, and all persons entrusted with the expenditure of any such money or a part thereof shall account for it in such manner and form, with such vouchers, at such periods and to such officer as the Minister of Finance may direct. R.S.O. 1990, c. F.12, s. 13; 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 14 Repealed: 2009, c. 34, Sched. J, s. 15. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 2002, c. 8, Sched. B, s. 3 - 27/06/2002 2009, c. 34, Sched. J, s. 15 - 15/12/2009 Advances 14.1 (1) On the application of a minister, the Minister of Finance may authorize an advance out of the Consolidated Revenue Fund for the purpose of incurring expenditures authorized by an appropriation, if it is impracticable to incur such expenditures in accordance with section 11. 2002, c. 8, Sched. B, s. 4. Accountability for advance (2) A minister who receives an advance under subsection (1) is accountable to the Minister of Finance for the amount of the advance. 2002, c. 8, Sched. B, s. 4. Duty to repay or account for advance (3) If the Minister of Finance does not receive an accounting or repayment of an advance made under subsection (1) by the end of the fiscal year in which the advance is made, the advance shall be repaid or accounted for before the books of the Government of Ontario for that fiscal year are closed. 2002, c. 8, Sched. B, s. 4. (4) Repealed: 2009, c. 34, Sched. J, s. 16. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 4 - 27/06/2002 2009, c. 34, Sched. J, s. 16 - 15/12/2009 Interim payments from CRF 15 (1) Repealed: 2010, c. 1, Sched. 7, s. 14 (1). Eligible activities (2) This section applies if a ministry or specified public entity engages in any of the following activities: 1. Providing goods or services to another ministry, public entity, entity or person in exchange for payment of a fee or charge. 2. Permitting another ministry, public entity, entity or person to use property owned by the Crown in exchange for payment of a fee or charge. 3. Exercising a regulatory power or performing a regulatory duty and requiring regulated persons or entities to pay a fee, charge or assessment to the Crown for the purposes of cost recovery by the Crown. 4. Engaging in activities with respect to which, under a cost-sharing arrangement, the Crown will become entitled to receive funds from another person or entity. 5. Engaging in activities with respect to which, under a cost-sharing arrangement, the ministry or specified public entity will become entitled to receive funds from an appropriation provided to another ministry. 6. Engaging in activities with respect to which the ministry will become entitled to reimbursement under a statutory appropriation administered by that ministry. 2005, c. 28, Sched. E, s. 1; 2010, c. 1, Sched. 7, s. 14 (2, 3); 2016, c. 5, Sched. 9, s. 4. Interim payments (3) The Treasury Board may authorize the Minister of Finance to make interim payments from the Consolidated Revenue Fund to a ministry to pay the costs incurred by the ministry, or by a specified public entity for which the ministry is responsible, in engaging in an activity described in subsection (2), but only if one or both of the following conditions is satisfied: 1. The corresponding payment, assessment or funds referred to in subsection (2) will be recovered or will become recoverable into the Consolidated Revenue Fund in the fiscal year in which the interim payment is made. 2. The interim payment will be charged or become chargeable to an appropriation relating to the fiscal year in which the interim payment is made. 2005, c. 28, Sched. E, s. 1; 2010, c. 1, Sched. 7, s. 14 (4); 2021, c. 40, Sched. 11, s. 4. Insufficient recovery (4) If any part of an interim payment (the “outstanding amount”) is not recovered into the Consolidated Revenue Fund or charged to an appropriation by the time the books of the Government of Ontario for the fiscal year in which the interim payment is made are closed, the outstanding amount shall be repaid to the Consolidated Revenue Fund by a deduction from the ministry’s appropriations for the following fiscal year and the deduction shall be made in such manner as the Minister of Finance considers appropriate. 2005, c. 28, Sched. E, s. 1. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 6 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 2002, c. 8, Sched. B, s. 5 - 27/06/2002 2005, c. 28, Sched. E, s. 1 - 01/04/2005 2009, c. 34, Sched. J, s. 17 - 15/12/2009 2010, c. 1, Sched. 7, s. 14 (1-4) - 01/04/2010 2016, c. 5, Sched. 9, s. 4 - 01/04/2016 2021, c. 40, Sched. 11, s. 4 - 09/12/2021 15.1 Repealed: 2005, c. 28, Sched. E, s. 1. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 6 - 27/06/2002 2005, c. 28, Sched. E, s. 1 - 01/04/2005 16 Repealed: 2009, c. 34, Sched. J, s. 18. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 2002, c. 8, Sched. B, s. 7 - 27/06/2002 2009, c. 34, Sched. J, s. 18 - 15/12/2009 Refund or repayment of expenditure or advance 16.0.1 (1) A refund or repayment of an expenditure or advance charged to an appropriation for a fiscal year, other than a statutory appropriation, or a reduction of a liability charged to an appropriation for a fiscal year, other than a statutory appropriation, that is received or has become receivable in a known amount before the books of the Government of Ontario are closed for the fiscal year in which the expenditure, advance or liability was incurred shall be credited to the appropriation against which it was charged. 2016, c. 5, Sched. 9, s. 5. Same (2) If a refund or repayment of an expenditure or advance charged to an appropriation for a fiscal year, other than a statutory appropriation, or a reduction of a liability charged to an appropriation for a fiscal year, other than a statutory appropriation, does not become receivable in a known amount until after the books of the Government of Ontario are closed for the fiscal year in which the expenditure, advance or liability was incurred, all or part of the refund, repayment or reduction, as the Treasury Board may determine, may be credited to an appropriation, (a) that is for the fiscal year in which the refund, repayment or reduction becomes receivable in a known amount; and (b) that authorizes expenditures for the same purpose as the expenditure, advance or liability to which the refund, repayment or reduction relates or for a purpose determined by the Board to be similar. 2016, c. 5, Sched. 9, s. 5. Same, statutory appropriation (3) A refund or repayment of an expenditure or advance charged to a statutory appropriation or a reduction of a liability charged to a statutory appropriation that is received or has become receivable in a known amount shall be credited to the appropriation against which it was charged. 2016, c. 5, Sched. 9, s. 5. Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. B, s. 8 - 27/06/2002 2009, c. 34, Sched. J, s. 19 - 15/12/2009 2015, c. 20, Sched. 11 s. 10 (1, 2) - 04/06/2015 2016, c. 5, Sched. 9, s. 5 - 01/04/2016 Application of accounting principles 16.0.2 For the purposes of this Part, the following matters shall be determined in accordance with the accounting principles set out in the Public Accounts for the relevant fiscal year: 1. Whether a ministry or specified public entity has incurred a liability during the fiscal year. 1.1 Whether a debt owing to the Crown has become uncollectible and is a bad debt. 1.2 Whether a ministry or public entity is required to recognize a non-cash expense or non-cash investment. 2. Any other matter prescribed by the regulations. 2008, c. 7, Sched. H, s. 1; 2009, c. 18, Sched. 12, s. 6; 2010, c. 1, Sched. 7, s. 15; 2021, c. 40, Sched. 11, s. 5. Section Amendments with date in force (d/m/y) 2008, c. 7, Sched. H, s. 1 - 14/05/2008 2009, c. 18, Sched. 12, s. 6 - 1/04/2009 2010, c. 1, Sched. 7, s. 15 - 1/04/2010 2021, c. 40, Sched. 11, s. 5 - 09/12/2021 Collection agency fees 16.1 The fees and commissions of a collection agency registered under the Collection and Debt Settlement Services Act that are charged for the collection or attempted collection of an amount owed to the Crown, a ministry or a specified public entity are payable from the Consolidated Revenue Fund, subject to such terms and conditions as may be established by the Minister of Finance. 1991, c. 55, s. 7; 1994, c. 17, s. 62 (2); 2010, c. 1, Sched. 7, s. 16; 2013, c. 13, Sched. 1, s. 14. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 7 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 2010, c. 1, Sched. 7, s. 16 - 1/04/2010 2013, c. 13, Sched. 1, s. 14 - 1/01/2015 16.2 Repealed: 2009, c. 34, Sched. J, s. 20. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 7 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 2002, c. 8, Sched. B, s. 9 - 27/06/2002 2009, c. 34, Sched. J, s. 20 - 15/12/2009 PART II.1 FINANCIAL MANAGEMENT AND CONTROL Definition 16.3 In this Part, “public entity” includes the Accountant of the Superior Court of Justice. 2010, c. 1, Sched. 7, s. 17. Section Amendments with date in force (d/m/y) 1996, c. 29, s. 3 - 9/12/1996 2006, c. 19, Sched. C, s. 1 (3) - 22/06/2006 2010, c. 1, Sched. 7, s. 17 - 1/04/2010 Payment of surplus funds into consolidated revenue fund 16.4 (1) Despite any other Act or regulation, a ministry or public entity may pay into the Consolidated Revenue Fund at any time any amount of its funds held outside the Consolidated Revenue Fund that it determines to be surplus to its current needs. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 18 (1). Same (2) Despite any other Act or regulation, a ministry or public entity shall pay into the Consolidated Revenue Fund, when ordered to do so by the Minister of Finance, any amount of its funds held outside the Consolidated Revenue Fund that is determined by the Minister of Finance to be surplus to the current needs of the ministry or public entity. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 18 (2). Application of subsection (2) (3) Subsection (2) applies whether or not a payment is or has been made under subsection (1). 1996, c. 29, s. 3. Reserves (4) In determining an amount payable under subsection (2), the Minister of Finance may allow such amount to be retained for the future needs of the ministry or public entity making the payment as the Minister of Finance considers appropriate. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 18 (3). Obligation not impaired (5) The Minister of Finance shall make such arrangements as he or she considers necessary to provide that a payment ordered under subsection (2) will not impair the ability of the ministry or public entity making the payment to meet its financial liabilities or obligations as they come due or to fulfil its contractual commitments. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 18 (4). Credit facility authorized (6) An arrangement under subsection (5) may include the provision to a ministry or public entity by Ontario, the Ontario Financing Authority, a bank or a financial institution of a credit facility sufficient to allow the ministry or public entity to meet its financial liabilities and obligations or to fulfil its contractual commitments. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 18 (5). Section Amendments with date in force (d/m/y) 1996, c. 29, s. 3 - 9/12/1996 2010, c. 1, Sched. 7, s. 18 (1-5) - 1/04/2010 Deposits and investment by ministries of surplus funds 16.5 (1) Repealed: 2002, c. 8, Sched. B, s. 10. Investment in Ontario securities (2) Despite any Act or regulation, every ministry or public entity may invest money held outside the Consolidated Revenue Fund and belonging to it or held by it in trust for the Crown in the purchase, acquisition or holding of, (a) notes, bonds, debentures, deposit receipts, short term securities or other evidences of indebtedness issued or guaranteed as to principal and interest by Ontario; or (b) any security, financial agreement or evidence of indebtedness, or class of securities, financial agreements or evidences of indebtedness, authorized in writing by the Minister of Finance for the investment by the ministry or public entity named in the authorization of funds from time to time held by that ministry or public entity outside the Consolidated Revenue Fund. (c) Repealed: 2004, c. 31, Sched. 13, s. 4 (1). 1996, c. 29, s. 3; 2004, c. 31, Sched. 13, s. 4 (1); 2010, c. 1, Sched. 7, s. 19 (1, 2). Minister of Finance may issue and sell securities (3) In addition to the issue and sale of securities authorized under any other Act or under any other provision of this Act, the Minister of Finance may issue and sell on behalf of Ontario in accordance with this section notes, bonds, debentures, deposit receipts, short term securities and other evidences of indebtedness to any ministry or public entity for the purposes of an investment that the ministry or public entity is authorized to make under clause (2) (a) or (c). 1996, c. 29, s. 3; 2004, c. 31, Sched. 13, s. 4 (2); 2010, c. 1, Sched. 7, s. 19 (3). Same (4) For any note, bond, debenture, deposit receipt, short term security or other evidence of indebtedness issued and sold by the Minister of Finance under subsection (3), the Minister of Finance may determine the date of issue and maturity, the rate or rates and the date or dates of the payment of interest, if any, the price or prices for which any of them may be sold, and subject to subsection (5), such other conditions as the Minister of Finance considers appropriate. 1996, c. 29, s. 3. Same (5) A note, bond, debenture, deposit receipt, short term security or other evidence of indebtedness issued and sold under subsection (3), (a) shall state on its face that it is issued under this section; (b) shall not be paid, renewed, repaid or replaced under section 21; (c) may provide that it shall not be assigned or pledged as security by the holder thereof and may be sold only to Ontario or the Ontario Financing Authority; and (d) shall be deemed not to be a loan for the purpose of section 18. 1996, c. 29, s. 3. Authorized investments (6) An investment pursuant to this section or section 16.6 by, or on behalf of, a ministry or public entity of all or any part of the assets belonging to it or held by it in trust for the Crown shall not be deemed to be contrary to or prevented by any rule of law or enactment. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 19 (4). Section Amendments with date in force (d/m/y) 1996, c. 29, s. 3 - 9/12/1996 2002, c. 8, Sched. B, s. 10 - 5/01/2005 2004, c. 31, Sched. 13, s. 4 (1-2) - 16/12/2004 2010, c. 1, Sched. 7, s. 19 (1-4) - 1/04/2010 Financial activities Definitions 16.6 (1) In this section, “designated minister or ministry” means a minister or ministry that has been designated for the purpose of this section by order of the Lieutenant Governor in Council; (“ministre ou ministère désigné”) “designated public entity” means a public entity that has been designated for the purpose of this section by order of the Lieutenant Governor in Council; (“entité publique désignée”) “financial activities” includes borrowing, leasing, investing and banking and the management of cash, financial assets, financial risks and financial liabilities. (“activités financières”) 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 20 (1). Control of financial activities (2) Despite any other Act or the regulations under any other Act, the Minister of Finance may authorize the Ontario Financing Authority to direct, control or carry out some or all of the financial activities that any designated minister or ministry or any designated public entity is authorized by any Act, regulation or agreement to undertake or carry out. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 20 (2). Authorization (3) An authorization under subsection (2), (a) shall be in writing; (b) shall state the minister, ministry or public entity to which it applies and specify the order of the Lieutenant Governor in Council designating that minister, ministry or public entity; (c) shall indicate the financial activities that the Ontario Financing Authority is authorized to direct, control or carry out; and (d) shall set out such other terms and conditions as the Minister of Finance considers appropriate for the purpose of the authorization. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 20 (3). Same (4) The Minister of Finance, from time to time in writing, may vary the provisions of an authorization, as he or she considers appropriate, and may rescind any authorization at any time. 1996, c. 29, s. 3. Power of Ontario Financing Authority (5) For the purpose of directing, controlling or carrying out any financial activities mentioned in an authorization under subsection (2), the Ontario Financing Authority may in the name of and on behalf of the minister, ministry or public entity to which the authorization applies, (a) negotiate, enter into, carry out or perform any agreement concerning financial activities that it is authorized under subsection (2) to direct, control or carry out; (b) exercise the rights and discharge the obligations of the minister, ministry or public entity to which the authorization applies under any agreement to which the Crown or that minister, ministry or public entity is a party; and (c) execute all documents and do such other acts and things as the Ontario Financing Authority considers necessary or desirable to direct, control or carry out the financial activities authorized under subsection (2). 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 20 (4, 5). Investment in market securities (6) Unless otherwise agreed by a minister, ministry or public entity, as the case may be, securities issued by Ontario and purchased as an investment by or on behalf of the minister, ministry or public entity pursuant to an authorization under subsection (2) shall be purchased at prices, and bear interest, if any, comparable to the prices and rates of interest for similar securities issued and sold by Ontario in the public capital markets of Canada. 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 20 (6). No action to be commenced (7) Subject to subsection (8), no action or proceeding of any kind shall be commenced against the Ontario Financing Authority, a minister, ministry or public entity, or against an employee, officer, director or agent of the Ontario Financing Authority, a minister, ministry or public entity, for any act, omission, neglect or default in good faith done or omitted to be done in connection with implementing or complying with an authorization under subsection (2). 1996, c. 29, s. 3; 2010, c. 1, Sched. 7, s. 20 (7). Agreements not affected (8) Subsection (7) shall not be construed to limit the validity or enforceability of any agreement made or purporting to be made pursuant to an authorization under subsection (2). 1996, c. 29, s. 3. Section Amendments with date in force (d/m/y) 1996, c. 29, s. 3 - 9/12/1996 2010, c. 1, Sched. 7, s. 20 (1-7) - 1/04/2010 PART III PUBLIC DEBT Definitions 17 In this Part, “certificated security” means a security that is represented by a certificate; (“valeur mobilière avec certificat”) “securities” means securities of Ontario, and includes Ontario Government stock, bonds, debentures, interest bearing and non-interest bearing treasury bills, notes and any other security representing part of the public debt of Ontario; (“valeurs mobilières”) “security certificate” means a certificate representing a security, but does not include a certificate in electronic form; (“certificat de valeur mobilière”) “uncertificated security” means a security that is not represented by a certificate. (“valeur mobilière sans certificat”) R.S.O. 1990, c. F.12, s. 17; 2010, c. 26, Sched. 7, s. 10. Section Amendments with date in force (d/m/y) 2010, c. 26, Sched. 7, s. 10 - 8/12/2010 Loans to be authorized 18 No money shall be raised by way of loan by the Crown except under this or any other Act of the Legislature. R.S.O. 1990, c. F.12, s. 18. Money raised a charge on Con. Rev. Fund 19 All money raised by way of loan and the interest thereon and the principal amount of and interest and premiums on all securities issued are a charge on and are payable out of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 19. Authorization to borrow 20 (1) If this or any other Act authorizes a sum of money to be borrowed or raised by way of loan on behalf of Ontario, the Lieutenant Governor in Council may by order authorize the Minister of Finance to borrow a specified sum not exceeding the maximum amount authorized by the Act or Acts that authorize the borrowing, and, for the purpose of borrowing that sum, the Minister of Finance is authorized on behalf of Ontario, (a) to issue and sell from time to time one or more issues of securities to the maximum aggregate principal amount specified and at such discount or premium as the Minister of Finance considers advisable; (b) to determine the rate or rates of interest payable by Ontario in respect of a security issued and sold by Ontario, or to issue and sell a security without interest and at such price or prices less than the principal amount repayable on the maturity of the security as, in the opinion of the Minister of Finance, reflect the rate of interest and market conditions current for the security at the time of its issue and sale and in the place or places where it is issued and sold; (c) to determine, as a term of a security and on such terms and conditions as the Minister of Finance approves, that some or all of the principal repayable on the security or the rate of interest payable shall be calculated and paid by reference to changes in the value of, (i) a stock or commodity specified by the Minister of Finance or an index of stocks or commodities specified by the Minister of Finance, (ii) the Consumer Price Index for Canada, as published by Statistics Canada under the Statistics Act (Canada), or (iii) any other index or basis of reference specified by the Minister of Finance; (d) to determine, with respect to a security to be issued and sold, the length of the term to maturity, the time and manner of the payment of interest, if any, the amount and conditions of any payment of any premium payable, and the currency in which any interest, premium or principal is to be paid; (d.1) to determine, with respect to a security, (i) the form in which it is to be issued, including whether it is to be issued in registered form or bearer form, issued as a certificated security or an uncertificated security, issued in physical or electronic form or issued in any other form acceptable to the Minister of Finance, and (ii) the manner in which the security may be held, including whether it may be held directly or held indirectly through a clearing agency, a clearing system or a securities depository or held in any other manner acceptable to the Minister of Finance; (e) to make a security redeemable or payable in advance of maturity on such terms and conditions as to time and place as the Minister of Finance considers appropriate at the time of the issue and sale of the security; (f) to approve, and cause to be delivered or filed when required, any registration statement, prospectus, offering circular or other document, including any amendment or supplement to any of them, required in any jurisdiction with respect to the issue and sale of securities by Ontario, and to supply all financial and other information required to be shown in any of them; (g) to enter into an underwriting, fiscal agency, exchange rate agency, paying agency, trust, registrar or other agreement considered by the Minister of Finance to be necessary or desirable with respect to the issue and sale of securities and, if securities are sold by way of auction, to enter into such agreements governing auctions or to establish such terms and conditions governing auctions as the Minister of Finance considers to be necessary or desirable; (h) to execute all documents and instruments, and do all other acts and things, for the issue and sale of any securities or to effect or maintain their registration, qualification, exemption from registration or exemption from qualification for issue, offer, sale or trade in accordance with any applicable legislation, and when considered desirable by the Minister of Finance, for the listing of any securities on a Canadian or other stock exchange; (h.1) to enter into agreements and arrangements with clearing agencies, securities depositories and other entities, to take such other steps in connection with the issuance of securities as the Minister of Finance considers to be necessary or advisable and to maintain the register for securities issued by Ontario; (i) to settle the commission to be paid to an underwriter or to an agent acting for Ontario with respect to the issue and sale of securities;

(j) to provide, as a term of a security or a loan, for the payment by Ontario of additional amounts to compensate for present or future withholding taxes, duties, assessments or charges that are imposed by law on, or with respect to, a payment to the holder under the security or to the lender under the loan; (j.1) to provide, as a term of a security or a loan, that the Minister of Finance will not exercise a right of set-off in respect of amounts due and payable by Ontario under the security or loan subject to such terms and conditions as the Minister of Finance considers appropriate, whether the right of set-off arises under this Act or otherwise; (k) to provide, as a term of a security and on such terms and conditions as the Minister of Finance approves, that the security may be exchanged for another security previously issued and sold by Ontario to raise money by way of loan under this or any other Act if the exchange will not increase the total outstanding principal amount of debt owed by Ontario; (k.1) subject to the terms of any order made under this Act, to do any of the following things as considered appropriate by the Minister of Finance: (i) to determine the terms and conditions of a security, and (ii) to certify the terms and conditions that apply to an uncertificated security and to specify the document in which the applicable terms and conditions are stated; (l) to borrow money from a bank, corporation, government, person or authority, (i) by way of loan repayable on demand or at a fixed time and raised by way of bank overdraft, loan agreement or the giving of short term security by Ontario, (ii) within such maximum principal amount as may be specified by the Lieutenant Governor in Council in the order made under this subsection, and (iii) on such terms and conditions as the Minister of Finance considers advisable and expedient, including the terms and conditions that may be authorized under this subsection for securities, and to enter into such agreements, execute such documents and instruments and take such other steps as the Minister of Finance considers to be necessary or advisable in connection with the borrowing. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2); 2010, c. 26, Sched. 7, s. 11 (1-7). Maximum borrowing authority to be stated (2) If an order is made under this section for the purpose of borrowing or raising by way of loan money authorized to be borrowed or raised by way of loan by one or more Acts other than this Act, the order shall state the maximum aggregate amount that the Minister of Finance may borrow under the authority of the order to be an amount that does not exceed the maximum amount authorized and not borrowed under the Act or Acts at the date of the order. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Borrowing under two or more Acts (3) An order under this section may authorize the Minister of Finance to issue and sell securities to borrow or raise by way of loan a sum of money representing the amounts that, at the time the order is made, are authorized to be borrowed or raised by way of loan under two or more Acts, and the securities issued and sold under that authority are exchangeable for other securities issued and sold under that authority on the terms and conditions established by the Minister of Finance or as otherwise provided by this Act. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Payment of interest and discounts (4) An order of the Lieutenant Governor in Council under this section may specify a maximum rate of interest that may be paid by the Minister of Finance on an interest bearing security or a maximum rate of interest by which the principal amount repayable on a security bearing no interest may be discounted in determining the price to be paid to Ontario for the issue and sale of the security before any deduction for commissions or expenses. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Limitation on Minister of Finance’s authority (5) In an order under this section, the Lieutenant Governor in Council may impose any condition, restriction or limitation specified in the order with respect to the exercise by the Minister of Finance of a power or authority contained in this section. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Delegation (6) In an order under this section, the Lieutenant Governor in Council may delegate to a public servant employed under Part III of the Public Service of Ontario Act, 2006 who works in the Ministry of Finance, other than in the office of the Minister of Finance, or to a solicitor engaged to act for the Minister of Finance, any or all of the powers of the Minister of Finance under this section. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2); 2006, c. 35, Sched. C, s. 42 (2). Short term securities (7) If an order of the Lieutenant Governor in Council under this section expressly refers to this subsection and authorizes the Minister of Finance to raise by way of loan a maximum amount of money by the issue and sale of short term securities, the following terms and conditions apply: 1. The Minister of Finance may issue, reissue, renew or replace securities issued under the order if the maximum aggregate principal amount, determined in accordance with this Act, of securities issued under the order and outstanding from time to time does not at any time exceed the maximum amount specified in the order. 2. Every security issued under the authority of the order shall bear a date of maturity not later than three years from its date of issue. 3. Subject to paragraph 2, all of the powers of the Minister of Finance under subsection (1) apply with respect to securities issued under the order. 4. A security to which this subsection applies shall not be paid, renewed, repaid or replaced under section 21. 5. The borrowing limitation under any Act under the authority of which money has been borrowed by the issue of short term securities under this subsection shall be reduced by the maximum amount stated in the order referred to in this subsection. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2); 2010, c. 26, Sched. 7, s. 11 (8-10). Same, transition (8) The following rules apply with respect to the orders made under this section that expressly refer to subsection (7) and are in force on the day that the Helping Ontario Families and Managing Responsibly Act, 2010 received Royal Assent: 1. Subsection (7) as it reads on the day that the Helping Ontario Families and Managing Responsibly Act, 2010 receives Royal Assent applies with respect to those orders on and after that day. 2. If the Lieutenant Governor in Council amends or replaces one or more of those orders, the aggregate maximum amount of all of those orders, as they existed immediately before the Helping Ontario Families and Managing Responsibly Act, 2010 received Royal Assent, cannot be increased as a result of the amendment or replacement. 2010, c. 26, Sched. 7, s. 11 (11). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 8 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 2006, c. 35, Sched. C, s. 42 (2) - 20/08/2007 2010, c. 26, Sched. 7, s. 11 (1-11) - 8/12/2010 Additional borrowing authorized 21 (1) In addition to all money authorized by any other Act to be borrowed or raised by way of loan, the Lieutenant Governor in Council may raise money by way of loan or by the issue and sale of securities for any of the following purposes: 1. The payment, renewal, repayment or replacement of all or part of any loan raised or security issued under this or any other Act if all of the following conditions are satisfied: i. The Lieutenant Governor in Council makes an order under this paragraph. ii. The order specifies the maximum aggregate amount of the money that may be raised under this paragraph within 24 months after the date on which the order is made. iii. The maximum aggregate amount specified in the order does not exceed the amount necessary for the payment, renewal, repayment or replacement of the following loans and securities: A. Loans that come due and securities that mature no earlier than 12 months before the date on which the order is made and no later than 12 months after the date on which the order is made. B. Loans and securities that are purchased or cancelled by Ontario no earlier than 12 months before the date on which the order is made and no later than the date on which the order is made. 2. Payment of the whole or any part of a loan, security, liability or other obligation of any kind, payment of which is guaranteed or assumed by Ontario or that Ontario has agreed to indemnify. 3. The provision of funds, in an amount determined by the Lieutenant Governor in Council on the recommendation of the Minister of Finance, that are required for the expenditures of the Government of Ontario for a period not exceeding twelve months if, at the time the borrowing is authorized by the Lieutenant Governor in Council, the Legislature is prorogued or dissolved and there is insufficient authority under any other Act to borrow the amount, but no loan authorized or securities authorized to be issued and sold for the raising of the amount shall be for a period longer than one year or be paid, renewed, repaid or replaced under paragraph 1. 1991, c. 55, s. 9; 1994, c. 17, s. 62 (2); 2006, c. 33, Sched. J, s. 3; 2016, c. 37, Sched. 7, s. 1 (1). Refinancing may increase indebtedness or extend term (2) The money raised for a purpose described in paragraph 1 of subsection (1) may increase the amount of the public debt or extend the term of years, if any, fixed by the Act that authorized the raising of the loan or the issue and sale of the securities being paid, renewed, repaid or replaced. 2016, c. 37, Sched. 7, s. 1 (2). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 9 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1991 2006, c. 33, Sched. J, s. 3 - 20/12/2006 2016, c. 37, Sched. 7, s. 1 (1, 2) - 08/12/2016 Guarantee or indemnity authorized 22 (1) The Lieutenant Governor in Council may by order authorize the Minister of Finance, on behalf of Ontario, to agree to guarantee or indemnify the debts, obligations, securities or undertakings of any person. 1991, c. 55, s. 9; 1994, c. 17, s. 62 (2). Terms and conditions (2) In respect of a guarantee or indemnity authorized under subsection (1), the Lieutenant Governor in Council may fix such terms and conditions as are considered advisable or may authorize the Minister of Finance, subject to any maximum liability specified for the guarantee or indemnity by the Lieutenant Governor in Council, to determine the terms, conditions and amount on which the guarantee or indemnity will be given. 1991, c. 55, s. 9; 1994, c. 17, s. 62 (2). Application (3) This section does not apply to authorize the giving of a guarantee or indemnity that the Lieutenant Governor in Council or the Crown or the Minister of Finance is authorized by any other Act to give. 1991, c. 55, s. 9; 1994, c. 17, s. 62 (2). Guarantee fee (4) In respect of a guarantee or indemnity authorized under this section or under any other Act, the Lieutenant Governor in Council may require the payment to the Minister of Finance of an annual or other fee fixed by the order authorizing the guarantee or indemnity or computed in accordance with the regulations made under this Act, and the fee is payable as a debt due to the Crown. 1991, c. 55, s. 9; 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 9 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 Temporary bank loans not exceeding $4 billion authorized 23 (1) In addition to all money authorized to be raised by way of loan by this or any other Act, the Minister of Finance, subject to the approval of the Lieutenant Governor in Council, may borrow from time to time for the purposes, (a) of discharging any indebtedness or obligation of Ontario; (b) of making any payment authorized or required by any Act to be made out of the Consolidated Revenue Fund; or (c) of reimbursing the Consolidated Revenue Fund for any moneys expended for any such purposes, by way of temporary loan for not more than 365 days from any bank, corporation, government, person or authority, such sums not exceeding at any one time $4,000,000,000, as the Minister of Finance considers necessary, either by way of bank overdraft or loan or in any other manner whatsoever. R.S.O. 1990, c. F.12, s. 23 (1); 1991, c. 55, s. 10; 1994, c. 17, s. 62 (2); 1996, c. 24, s. 37 (1). Exception (1.1) Despite subsection (1) and in addition to all money authorized to be raised by way of loan by this or any other Act, the Minister of Finance may borrow, from time to time, such sums as are required for the following purposes if the amounts borrowed will be repaid within one day: 1. To discharge any indebtedness or obligation of Ontario. 2. To make any payment authorized or required by any Act to be made out of the Consolidated Revenue Fund. 2024, c. 12, Sched. 3, s. 1 (1). Execution of instruments (2) Any cheques, written authorizations, promissory notes or other instruments that may be necessary or desirable for the purposes of subsection (1) or (1.1) may be executed by the Minister of Finance in such manner as the Minister of Finance may determine. R.S.O. 1990, c. F.12, s. 23 (2); 1994, c. 17, s. 62 (2); 2024, c. 12, Sched. 3, s. 1 (2). Limitation (3) A loan under this section shall not be paid, renewed, repaid or replaced under paragraph 1 of section 21. 1996, c. 24, s. 37 (2). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 10 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994; 1996, c. 24, s. 37 (1-2) - 31/10/1996 2024, c. 12, Sched. 3, s. 1 (1, 2) - 16/05/2024 Recitals and declarations 24 (1) A recital or declaration of any thing in an order of the Lieutenant Governor in Council made under this Part is conclusive evidence of the thing and is binding on Ontario in respect of any act done, money paid or lent or agreement entered into in reliance on the recital or declaration. 1991, c. 55, s. 11. Ontario Gazette Act (2) Clause 2 (c) of the Ontario Gazette Act does not apply with respect to an advertisement, notice or publication that is required by a security issued and sold under this Act, by a loan made to Ontario under this Act or by an agreement entered into, or a document or instrument issued, by or for the Minister of Finance in connection with such a security or loan. 1997, c. 43, Sched. F, s. 4 (2); 2020, c. 34, Sched. 13, s. 4. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 11 - 19/12/1991; 1997, c. 43, Sched. F, s. 4 (2) - 18/12/1997 2020, c. 34, Sched. 13, s. 4 - 31/03/2021 Borrowing in foreign currencies authorized 25 A security issued and sold under the authority of this Act, and money borrowed under the authority of this or any other Act, may be made payable or repayable in the currency or currencies of any country or in a currency prescribed by the regulations made under this Act. 1991, c. 55, s. 12. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 12 - 19/12/1991 Calculation of borrowing limit 26 (1) For the purpose of computing a borrowing limit under this or any other Act, the amount borrowed or raised by way of loan or by the issue and sale of securities is the amount expressed in Canadian dollars determined in accordance with subsections (2), (3) and (4) in cases to which they apply and, in all other cases, is the principal amount in Canadian dollars that is to be paid by Ontario on the maturity date of the loan or security. 1991, c. 55, s. 12; 1996, c. 24, s. 38 (1). Loans in foreign currency (2) If, under the authority of this or any other Act, money is borrowed or securities are issued and sold in a currency other than Canadian dollars, the amount borrowed or the amount for which the securities were sold is deemed, in Canadian dollars, to be the amount that would be realized by converting to Canadian dollars the amount of the loan or the amount received by Ontario on the sale of the securities, before any deduction for commission, expenses or other similar costs of their issue and sale, at the following rate: 1. If, on the date on which the agreement to borrow the money or sell the securities is entered into, the Bank of Canada provides a Canadian dollar spot exchange rate for that currency, the currency conversion is calculated at that rate. 2. If paragraph 1 does not apply, and subject to subsection (5), the currency conversion is calculated at the Canadian dollar spot exchange rate for that currency as provided by the Bank of Canada for the date that is before, and is as close as possible to, the date described in paragraph 1. 2015, c. 20, Sched. 11, s. 11 (1); 2016, c. 37, Sched. 7, s. 2 (1). Securities sold at a discount or premium (3) If, under the authority of this Act, a security is issued and sold for an amount payable to Ontario before deduction for commission, expenses or similar costs of issue and sale that is not the amount of principal stated in the security to be payable on its maturity, the amount for which the security was sold by Ontario shall be deemed to be the amount received by Ontario for the sale before deduction for commission, expenses or similar costs of issue and sale, converted to Canadian dollars, where applicable, in accordance with subsection (2). 1991, c. 55, s. 12. Foreign currency securities refinanced under section 21 (4) For the purpose of specifying in Canadian dollars the maximum aggregate amount of money in an order under paragraph 1 of section 21, the Minister of Finance may approve a method for calculating the conversion into Canadian dollars of the amount necessary for the payment, renewal, repayment or replacement of all or part of a loan or security denominated in a currency other than Canadian dollars. 2016, c. 37, Sched. 7, s. 2 (2). Bank of Canada rate not available (5) If, in respect of a foreign currency to be converted to Canadian dollars in accordance with subsection (2), the Bank of Canada has not quoted a Canadian dollar spot exchange rate in the 10 days preceding the date described in paragraph 1 of subsection (2), the conversion shall be at the Canadian dollar exchange rate for that currency quoted on a day and by a financial service or financial institution acceptable to the Minister of Finance. 2016, c. 37, Sched. 7, s. 2 (2). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 12 - 19/12/1991; 1996, c. 24, s. 38 (1-3) - 31/10/1996; 1996, c. 29, s. 4 (1) - 31/10/1996 2015, c. 20, Sched. 11, s. 11 (1-3) - 4/06/2015 2016, c. 37, Sched. 7, s. 2 (1, 2) - 08/12/2016 Power to change form of debt 26.1 (1) In addition to any authority in any other Act for money to be borrowed or raised by way of loan, the Lieutenant Governor in Council may change the form of any part of the debt of Ontario by authorizing the issue under this Act of a security or class of securities to be exchanged for any securities or class of securities if, (a) the present value of the security to be exchanged is equivalent to the present value of the security for which it is exchanged; and (b) the consent of the registered holder of the security to be exchanged is obtained before the exchange takes place. 1991, c. 55, s. 12; 2010, c. 1, Sched. 7, s. 21. Exchange for unissued securities (2) Despite this or any other Act, the Minister of Finance, on any terms and conditions he or she approves, may determine as a term of a security issued under this Act that the security may be exchanged for one or more securities of Ontario to be subsequently issued with a maturity, rate of interest or other terms and conditions different from those contained in the security for which it is to be exchanged if the exchange will not increase the total outstanding principal amount of debt owed by Ontario. 1996, c. 24, s. 39. Same (3) The Minister of Finance may, without further order of the Lieutenant Governor in Council, issue securities of Ontario to effect the exchange in accordance with the terms and conditions of the security that provide for the exchange. 1996, c. 24, s. 39. Borrowing limit not affected (4) The subsequent issue of securities under subsection (3) shall not be taken into account in computing a borrowing limit under this or any other Act. 1996, c. 24, s. 39. Application of section 21 (5) Section 21 does not apply with respect to securities exchanged for subsequently issued securities pursuant to subsection (2). 1996, c. 24, s. 39. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 12 - 19/12/1991; 1996, c. 24, s. 39 - 31/10/1996 2010, c. 1, Sched. 7, s. 21 - 18/05/2010 Exemption from taxation 27 The Lieutenant Governor in Council may direct that securities, the money invested therein and the interest thereon shall be free from all taxes, succession duties, charges and impositions now or hereafter imposed by Ontario and by any taxing authority thereof or therein. R.S.O. 1990, c. F.12, s. 27. Transactions that increase provincial liabilities 28 (1) Despite any other Act, a ministry or public entity shall not enter into any financial arrangement, financial commitment, guarantee, indemnity or similar transaction that would increase, directly or indirectly, the indebtedness or contingent liabilities of Ontario, or seek the approval of the Lieutenant Governor in Council to do so, unless the arrangement, commitment, guarantee, indemnity or transaction, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 28 (1) of the Act is amended by striking out “a ministry or public entity” in the portion before clause (a) and substituting “a ministry or prescribed public entity”. (See: 2017, c. 8, Sched. 10, s. 1 (1)) (a) is approved under subsection (1.1); (b) falls within a class that is approved under subsection (1.2); (c) is exempted from the application of this subsection under subsection (1.3); or (d) falls within a class that is exempted from the application of this subsection under subsection (1.4). 2015, c. 20, Sched. 11, s. 12 (1). Approval by the Minister (1.1) The Minister may, in writing, approve a financial arrangement, financial commitment, guarantee, indemnity or similar transaction referred to in subsection (1) and may impose terms and conditions that apply in relation to the approval. 2015, c. 20, Sched. 11, s. 12 (1). Same, class of transactions (1.2) The Minister may, in writing, approve a class of financial arrangements, financial commitments, guarantees, indemnities or similar transactions referred to in subsection (1) and may impose terms and conditions that apply in relation to the approval. 2015, c. 20, Sched. 11, s. 12 (1). Exemption by the Minister (1.3) The Minister may, in writing, exempt a financial arrangement, financial commitment, guarantee, indemnity or similar transaction from the application of subsection (1) and may impose terms and conditions that apply in relation to the exemption. 2015, c. 20, Sched. 11, s. 12 (1). Same, class of transactions (1.4) The Minister may, by regulation, exempt a class of financial arrangements, financial commitments, guarantees, indemnities or similar transactions from the application of subsection (1) and may impose terms and conditions that apply in relation to the exemption. 2015, c. 20, Sched. 11, s. 12 (1). Liability not binding or enforceable without approval, unless exempted (2) A financial arrangement, financial commitment, guarantee, indemnity or similar transaction that a ministry or public entity purports to enter into contrary to subsection (1) on or after April 1, 2003 is not binding on or enforceable against any ministry or public entity unless the Minister declares, in writing, that this subsection does not apply to the transaction. The Minister may impose terms and conditions that apply in relation to the declaration. 2010, c. 1, Sched. 7, s. 22 (3); 2015, c. 20, Sched. 11, s. 12 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 28 (2) of the Act is amended by striking out “a ministry or public entity purports to enter into” and substituting “a ministry or prescribed public entity enters into”. (See: 2017, c. 8, Sched. 10, s. 1 (2)) Non-application of Legislation Act, 2006, Part III (3) Part III (Regulations) of the Legislation Act, 2006 does not apply with respect to an approval under subsection (1.2). 2015, c. 20, Sched. 11, s. 12 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, section 28 of the Act is amended by adding the following subsections: (See: 2017, c. 8, Sched. 10, s. 1 (3)) Prescribed public entities (4) The Minister may, by regulation, prescribe a public entity or a class of public entities for the purposes of this section and may impose terms and conditions that apply to the public entity or the class for the purposes of this section. 2017, c. 8, Sched. 10, s. 1 (3). Same (5) For the purposes of subsection (4) and without limitation, a class may be defined in terms of the existence or nonexistence of specified circumstances. 2017, c. 8, Sched. 10, s. 1 (3). Transition (6) This section, as it read immediately before the day subsection 1 (3) of Schedule 10 to the Stronger, Healthier Ontario Act (Budget Measures), 2017 came into force, continues to apply with respect to transactions entered into before that day. 2017, c. 8, Sched. 10, s. 1 (3). Note: On a day to be named by order of the Lieutenant Governor in Council, section 28 of the Act is repealed and the following substituted: (See: 2026, c. 2, Sched. 5, s. 4) Transition, continued application of s. 28 (2) 28 Subsection 28 (2), as it read immediately before the day section 4 of Schedule 5 to the Plan to Protect Ontario Act (Budget Measures), 2026 came into force, continues to apply with respect to financial arrangements, financial commitments, guarantees, indemnities and similar transactions that were entered into before that day. 2026, c. 2, Sched. 5, s. 4. Section Amendments with date in force (d/m/y) 1991, c. 55, s. 13 - 19/10/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 2002, c. 8, Sched. B, s. 11 - 1/04/2003; 2002, c. 22, s. 71 - 1/04/2003 2010, c. 1, Sched. 7, s. 22 (1-3) - 1/04/2010 2015, c. 20, Sched. 11, s. 12 (1-3) - 4/06/2015 2017, c. 8, Sched. 10, s. 1 - not in force 2026, c. 2, Sched. 5, s. 4 - not in force Execution of security certificates 29 (1) The Lieutenant Governor in Council may provide for the manner of executing security certificates and the coupons, if any, attached thereto, and may provide that any signature or signatures upon the securities and the coupons attached thereto may be engraved, lithographed, printed or otherwise mechanically or electronically reproduced. R.S.O. 1990, c. F.12, s. 29; 2010, c. 26, Sched. 7, s. 12; 2020, c. 36, Sched. 13, s. 7 (1). Electronic seal (2) If the manner of executing security certificates provided for under subsection (1) requires the affixation of the seal for the Minister of Finance referred to in subsection 1.0.13 (1), the seal may be reproduced electronically and, when so reproduced, has the same force and effect as if manually affixed. 2020, c. 36, Sched. 13, s. 7 (2). Section Amendments with date in force (d/m/y) 2010, c. 26, Sched. 7, s. 12 - 8/12/2010 2020, c. 36, Sched. 13, s. 7 (1, 2) - 08/12/2020 Contents and conditions of securities 30 The Lieutenant Governor in Council may provide that any securities to be issued shall contain or be subject to such conditions or provisions, including conditions or provisions with respect to the registration and transfer thereof and with respect to the exchange of securities of one form or denomination for securities of a different form or denomination of equivalent aggregate principal amount and bearing the same rate of interest, as he or she considers expedient. R.S.O. 1990, c. F.12, s. 30. Registrars and fiscal agents 31 (1) The Lieutenant Governor in Council may, (a) appoint one or more registrars to perform such services in respect of the registration of securities as he or she prescribes; (b) appoint one or more fiscal agents to perform such services in respect of loans as he or she prescribes; (c) prescribe the duties of registrars and fiscal agents; (d) fix the remuneration or compensation of any such registrar or fiscal agent. R.S.O. 1990, c. F.12, s. 31 (1). Accounting by fiscal agents and registrars (2) Every registrar and fiscal agent shall as often as required by the Minister of Finance give to the Minister of Finance an accounting, in such form and containing such information as the Minister of Finance may prescribe, of all the registrar’s or fiscal agents transactions as registrar or fiscal agent. R.S.O. 1990, c. F.12, s. 31 (2); 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 Officers not bound to see to trust 32 No officer or person employed in the inscription, registration, transfer, management or redemption of any securities, or in the payment of any interest thereon, is bound to see to the execution of any trust, expressed or implied, to which such securities are subject, or is liable in any way to any person for anything so done by the officer or person so employed. R.S.O. 1990, c. F.12, s. 32. Payment of lost securities 33 In the event of the loss of any securities or interest coupons thereon by a holder thereof, the Minister of Finance may pay the amount thereof out of the Consolidated Revenue Fund and may take a bond in such amount and in such form as the Minister of Finance considers advisable indemnifying Ontario against loss in respect of such payment. R.S.O. 1990, c. F.12, s. 33; 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 Sinking funds 34 The Lieutenant Governor in Council may provide for the creation and management of a special sinking fund with respect to any issue of securities or of a general sinking fund with respect to such securities as have been or are hereafter issued without provision for a sinking fund with respect to them. R.S.O. 1990, c. F.12, s. 34. Payment of loan expenses out of Con. Rev. Fund 35 All money required to provide a sinking fund or otherwise required to secure repayment of securities, the remuneration and compensation of registrars and fiscal agents and all costs, expenses and charges incurred in the negotiation or raising of loans or in the issue, redemption, servicing, payment and management of any loan and any securities issued in respect thereof may be paid out of the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 35. Power to cancel securities acquired on sinking fund account 36 The Minister of Finance may cancel securities that come into the Minister of Finance’s hands through purchase for sinking fund or otherwise, and upon cancellation such securities cease to be a charge upon the Consolidated Revenue Fund. R.S.O. 1990, c. F.12, s. 36; 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 Statement re authority 37 If a security is issued pursuant to this Act, the terms and conditions of the security must include a statement that the security is issued pursuant to this Act. 2010, c. 26, Sched. 7, s. 13. Section Amendments with date in force (d/m/y) 2010, c. 26, Sched. 7, s. 13 - 8/12/2010 Regulations 38 (1) The Lieutenant Governor in Council may make such regulations as he or she considers necessary, (a) for the management of the public debt; (a.1), (a.2) Repealed: 2021, c. 40, Sched. 11, s. 6 (1). (a.3) prescribing entities that are excluded from the definition of “broader public sector” in subsection 1.0.19 (2); (a.4) prescribing information for the purposes of paragraph 4 of subsection 1.0.25.1 (2); (a.5) prescribing terms, conditions and restrictions for the purposes of clause 3 (1) (h.1); (a.6) prescribing terms, conditions and restrictions for the purposes of clause 3 (1) (h.2); (b) prescribing the terms and conditions of securities or prescribing the documents in which the terms and conditions of uncertificated securities may be stated; (b.1) for the issuance, sale, registration and holding of uncertificated securities; (c) for the registration, transfer, exchange, redemption, cancellation and destruction of securities; (c.1) prescribing fees for the purpose of section 8.1; (c.2) Repealed: 2021, c. 40, Sched. 11, s. 6 (1). (c.2.1) prescribing matters for the purposes of section 16.0.2; (c.3) prescribing the manner in which fees shall be computed for the purpose of subsection 22 (4); (c.4) prescribing as a currency for the purpose of section 25 any monetary unit or composite monetary unit generally recognized in international commerce; Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 38 (1) of the Act is amended by adding the following clauses: (See: 2017, c. 8, Sched. 10, s. 2) (c.5) defining terms used in section 28 that are not already defined in this Act; (c.6) governing what does or does not constitute a direct or indirect increase to the indebtedness or contingent liabilities of Ontario for the purposes of subsection 28 (1); (d) prescribing a rate of interest per annum for the purpose of subsection 39 (3). R.S.O. 1990, c. F.12, s. 38; 1991, c. 55, s. 14; 2002, c. 8, Sched. B, s. 12; 2008, c. 7, Sched. H, s. 2; 2009, c. 18, Sched. 12, s. 7 (1-4); 2010, c. 26, Sched. 7, s. 14; 2012, c. 8, Sched. 14, s. 6; 2015, c. 38, Sched. 5, s. 2; 2020, c. 36, Sched. 13, s. 8; 2021, c. 40, Sched. 11, s. 6 (1); 2026, c. 2, Sched. 5, s. 5. (2) Repealed: 2021, c. 40, Sched. 11, s. 6 (2). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 14 - 19/10/1991 2002, c. 8, Sched. B, s. 12 - 1/04/2003 2008, c. 7, Sched. H, s. 2 - 14/05/2008 2009, c. 18, Sched. 12, s. 7 (1-5) - 1/04/2009 2010, c. 26, Sched. 7, s. 14 - 8/12/2010 2012, c. 8, Sched. 14, s. 6 - 20/06/2012 2015, c. 38, Sched. 5, s. 2 - 10/12/2015 2017, c. 8, Sched. 10, s. 2 - not in force 2020, c. 36, Sched. 13, s. 8 - 01/03/2022 2021, c. 40, Sched. 11, s. 6 (1, 2) - 09/12/2021 2026, c. 2, Sched. 5, s. 5 - 24/04/2026 PART IV CIVIL LIABILITY Notice to person failing to pay over public money 39 (1) Where the Minister of Finance has reason to believe that a person, (a) has received money for the Crown and has not paid it over; (b) has received money for which the person is accountable to the Crown and has not accounted for it; or (c) has in the person’s hands any public money applicable to a purpose and has not applied it to that purpose, the Minister of Finance may give notice to such person, or to his or her personal representative in case of his or her death, requiring the person within such time from the service of the notice as is stated therein, to pay over, account for, or so apply such money, as the case may be, and to transmit to the Minister of Finance proper vouchers that the person has done so. R.S.O. 1990, c. F.12, s. 39 (1); 1994, c. 17, s. 62 (2). Service of notice (2) The notice may be served by delivering a copy to the person to whom it is addressed or by leaving it for the person at the person’s usual place of residence. R.S.O. 1990, c. F.12, s. 39 (2). Proceedings where notice not complied with (3) Where a person fails to comply with the notice given under subsection (1) within the time stated therein, the Minister of Finance may state an account between the Crown and such person showing the amount of the money not paid over, accounted for or applied, as the case may be, and, in the discretion of the Minister of Finance, charging interest on the whole or any part thereof at a rate of interest per annum prescribed by the Lieutenant Governor in Council from such date as the Minister of Finance may determine, and in any proceedings for the recovery of such money a copy of the account so stated by the Minister of Finance, certified by him or her, is admissible in evidence as proof, in the absence of evidence to the contrary, that the amount stated therein, together with interest, is due and payable to the Crown, without proof of the signature of the Minister of Finance or his or her official character, and without further proof thereof, and such amount and interest may be recovered as a debt due to the Crown in any court of competent jurisdiction. R.S.O. 1990, c. F.12, s. 39 (3); 1994, c. 17, s. 62 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 Unapplied public money for purpose to be applied out of Con. Rev. Fund 40 Where a person has received public money to be applied to a purpose and has not so applied it and a notice has been given under subsection 39 (1), an equal sum out of the Consolidated Revenue Fund may in the meantime be applied to the purpose to which such sum ought to have been applied. R.S.O. 1990, c. F.12, s. 40. Evidence 41 Where it appears, (a) by the books or accounts kept by or in the office of any person employed in the collection or management of the revenue; (b) in any accounting by such person; or (c) by the person’s written acknowledgment or confession, that such person has, by virtue of the person’s office or employment, received money belonging to the Crown and has neglected or refused to pay it over to the proper persons at the proper times, an affidavit deposing to such facts, taken by any person having knowledge thereof, is, in any proceedings for the recovery of such money, admissible in evidence as proof, in the absence of evidence to the contrary, of the facts stated therein. R.S.O. 1990, c. F.12, s. 41. Liability for loss 42 Where by reason of any malfeasance, nonfeasance or misfeasance by a person employed in collecting or receiving any public money, any sum of money is lost to the Crown, such person is accountable for such sum as if the person had collected and received it and it may be recovered from the person as if the person had collected and received it. R.S.O. 1990, c. F.12, s. 42. Collection of debt by set-off Definitions 43 (1) In this section, “Crown” includes any agency of the Crown; (“Couronne”) “overpayment” means a payment of money to which the recipient is not entitled at the time of the payment or to which the recipient ceases to be entitled at any time after the payment. (“paiement en trop”) R.S.O. 1990, c. F.12, s. 43 (1); 2006, c. 33, Sched. J, s. 4 (1). Set-off (2) If, in the opinion of the Minister of Finance, a person is indebted to the Crown or the Crown in right of Canada in any specific sum of money or has received an overpayment of a specified sum from the Crown, the Minister of Finance may, (a) retain by way of deduction or set-off, out of any money that is due and payable by the Crown in right of Ontario to such person, such sum as the Minister of Finance sees fit in the circumstances; and (b) pay such sum to such public officer as the Minister of Finance thinks appropriate to receive it. R.S.O. 1990, c. F.12, s. 43 (2); 1994, c. 17, s. 62 (2); 2006, c. 33, Sched. J, s. 4 (2). Application of subs. (2) (3) Subsection (2) applies despite any other Act unless the other Act expressly provides that it applies despite subsection (2). 2009, c. 34, Sched. J, s. 21. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 62 (2) - 23/06/1994 2006, c. 33, Sched. J, s. 4 (1-2) - 20/12/2006 2009, c. 34, Sched. J, s. 21 - 15/12/2009 Books, etc., property of the Crown 44 All books, papers, accounts and documents kept or used by, or received or taken into the possession of any person who is or has been employed in connection with the collection, management, disbursement or accounting of public money, by virtue of that employment, shall be deemed to be chattels belonging to the Crown, and all money and valuable securities received or taken into the possession of any such person by virtue of the person’s employment shall be deemed to be money and valuable securities belonging to the Crown. R.S.O. 1990, c. F.12, s. 44. Nothing in this Act to impair other remedies of the Crown 45 Nothing in this Act affects any remedy that the Crown by virtue of any other Act or law has for recovering or enforcing the payment or delivering of any money or property belonging to the Crown and in the possession of any person or any remedy that the Crown or any person has against such person or the person’s sureties or against any other person. R.S.O. 1990, c. F.12, s. 45. Part V Reciprocal Taxation Agreements Reciprocal taxation agreements 46 (1) The Minister of Finance may enter into reciprocal taxation agreements with the Government of Canada relating to the payment, collection and remittance of taxes, including provisions relating to, (a) the payment by the Crown of tax payable under the Excise Tax Act (Canada), other than tax payable under Part IX of that Act, as though that Act, other than Part IX, applied to Ontario; (b) the payment by the Crown of tax under Part IX of the Excise Tax Act (Canada), as if that Act applied to Ontario in respect of, (i) supplies of property or services acquired by provincial entities, and (ii) supplies of property or services acquired in the name of a person or entity other than the Crown; (c) the application by Ontario provincial entities to receive refunds, input tax credits, rebates and remissions under the Excise Tax Act (Canada); (d) the collection and remittance by the Crown of tax payable by third parties under the Excise Tax Act (Canada); (e) the payment of interest, but not penalties, in respect of any amount collectible by the Crown under the Excise Tax Act (Canada); (f) the payment or the collection and remittance by the Crown in right of Canada of any tax, interest or fee imposed under the laws of Ontario or required to be collected and remitted under the laws of Ontario. 2006, c. 33, Sched. J, s. 5. Payment out of Consolidated Revenue Fund (2) All amounts authorized to be paid by the Crown under a reciprocal taxation agreement may be paid out of the Consolidated Revenue Fund at such times and in such manner as the agreement provides. 2006, c. 33, Sched. J, s. 5. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. J, s. 5 - 20/12/2006 Part VI Disbursements for Events at which Politicians Speak Prohibition 47 (1) A ministry or public entity shall not pay an admission or sponsorship fee for an event out of public money or other revenues if one of the following individuals is expected to speak at the event: 1. A minister of the Crown in right of Canada, a minister of the Crown in right of a province or a territorial minister. 2. A member of the Senate of Canada, the House of Commons of Canada or the legislative assembly of a province or territory. 3. The leader of a political party in Canada, whether federal, provincial or territorial. 4. A member of the council of a municipality in Canada. 2019, c. 7, Sched. 24, s. 1. Exception, other speakers (2) The prohibition in subsection (1) does not apply to an event at which an individual who is not described in subsection (1) is also expected to speak. 2019, c. 7, Sched. 24, s. 1. Section Amendments with date in force (d/m/y) 2019, c. 7, Sched. 24, s. 1 - 01/07/2019 ______________