Further to Davis LLP's earlier
blog, the second of two omnibus federal budget
bills has undergone its third parliamentary
reading and was passed in the House of Commons on December 5, 2012
and is now before the Senate. Described by Government as an
implementation tool, the Bill (C-45), will amend and repeal parts
of various enactments to further the key initiatives
of Canada's Economic Action Plan
2012 (the "Action Plan"). In particular the
initative to complete the regulatory regime required
for Responsible Resource Development defined
as "the Government of Canada's plan to create
jobs, growth, and long-term prosperity for all Canadians by
streamlining the review process for major resource
projects" and further described here. Responsible Resource Development is
one of several categories proposed in the Action
Plan designed to improve business investment in Canada. Other
categories include: investing in natural resources; expanding trade
and operating in new markets, neutralizing
certain preferential taxes and expanding tax relief for
investment in clean energy; improving economic conditions for
farmers and fishermen; strengthening business competitiveness; and,
developing Canada's financial sector advantage.
The changes under Bill C-45, if passed by the Senate in the
same form, will the receive royal assent. If assented to, the
changes will expand on the previous Act, closing loopholes,
clarifying requirements and creating
greater certainty of project reviews.
The last time Parliament considered changes of this magnitude
was in 2007, however the bill (called C-32) died on the Order
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