Require that the government’s borrowing plans receive Parliament’s approval.

Borrowing Authority Act

Government of Canada June 22, 2017

An Act to provide the Minister of Finance with borrowing authority and to provide for a maximum amount of certain borrowings [Enacted by section 103 of chapter 20 of the Statutes of Canada, 2017, in force November 23, 2017, see SI/2017-73.]

Borrowing authority The Minister, with the authorization of the Governor in Council under subsection 44(1) of the Financial Administration Act and in accordance with that Act, may borrow money on behalf of Her Majesty in right of Canada, by way of the issue and sale of securities, as defined in section 2 of that Act, or otherwise.

Maximum amount that may be borrowed [...] the total of the following amounts must not at any time exceed $1,168,000,000,000.

Since this act was assented to in June 2017, it means Parliament has approved that the Minister of Finance may currently borrow up to the limit set forth in the Act (CAD $1.168 trillion).

Bill C-15 (Received Royal Assent on June 22, 2016)

Parliament of Canada June 22, 2016

Division 8 of Part 4 amends the Financial Administration Act to restrict the circumstances in which the Governor in Council may authorize the borrowing of money without legislative approval.

Minister’s responsibility 101.‍1 In the exercise of the Minister’s powers and duties under subsections 127(2) and (3) in respect of an agent corporation, the Minister shall ensure that the total of the amounts borrowed by it, other than from the Crown, is not in excess of any limit established by any other Act of Parliament.