Financial Administration Act

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 payme…

Part 0.1 Treasury Board and Ministry of Finance

Treasury Board

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

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

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

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 a…

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 n…

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 …

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 t…

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 contingenc…

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…

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 t…

Ministry of Finance

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

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

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

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 he…

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

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 subj…

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…

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

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,…

Financial Management

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

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

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…

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

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

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 …

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 …

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…

PART I PUBLIC MONEY

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 res…

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). Es…

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 …

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 intere…

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 …

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…

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 paymen…

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

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. 3…

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 inve…

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 purp…

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.

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

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 …

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

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 e…

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 sub…

PART II DISBURSEMENT OF PUBLIC MONEY

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 su…

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 pai…

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

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…

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 …

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)…

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

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 Gover…

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 (…

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 …

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 i…

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

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

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,…

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,…

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

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 Governm…

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

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

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

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 unde…

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)…

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…

PART III PUBLIC DEBT

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

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.

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.

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 a…

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 …

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…

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 …

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, …

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

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 th…

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…

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.

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…

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

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, Sch…

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.

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 forc…

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.

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

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.

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.

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

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

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,…

PART IV CIVIL LIABILITY

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 t…