Bill S-209 explained in plain English
An Act to amend the Business Development Bank of Canada Act (municipal infrastructure bonds) and to make a consequential amendment to another Act
Federal Parliament bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Parliament of Canada snapshot for 40th Parliament, 1st Session. MP vote breakdowns appear when the House of Commons publishes a recorded division export for that bill. Senate and House stage details include official debate/sitting links when LEGISinfo publishes them.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
This bill allows the Business Development Bank of Canada to manage income tax exemptions for municipal bonds used to finance infrastructure projects, and changes the name of the Business Development Bank of Canada Act.
Bill S-209 amends federal legislation to create a new process for providing income tax exemptions on municipal bonds. Under this bill, Canadian municipalities can apply to the Business Development Bank of Canada for approval to issue bonds that are exempt from income tax. These bonds would be used to finance infrastructure projects. Before applying for this exemption, municipalities must first receive approval from their provincial government. The bank will grant the exemption if it is satisfied that the bond proceeds will be used for an infrastructure project and any other regulatory requirements are met. The bank must publicly announce any exemptions it grants in the Canada Gazette. Interest paid on exempted bonds is not subject to federal income tax. The bill also changes the official name of the Business Development Bank of Canada Act to the "Municipal Modernization and Business Development Bank of Canada Act." Additionally, the bill updates federal access-to-information rules to reflect this name change by removing references to the old act name and adding a reference to the new name with section 37 identified as the relevant exemption provision.
- This draft was normalized from a partial local-model response and must be reviewed before publication.
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textParliamentary Process
Bill S-209, concerning municipal infrastructure bonds and amendments to the Business Development Bank of Canada Act, completed its first reading in the Senate on November 20, 2008, and is now at second reading.
This record shows that Bill S-209, an Act to amend the Business Development Bank of Canada Act regarding municipal infrastructure bonds, received its first reading in the Senate on November 20, 2008. The bill has since moved to second reading in the Senate. The artifact also notes that a similar bill, S-226, was introduced in a previous Parliament.
Bill S-209 was introduced and received first reading in the Senate on November 20, 2008, as part of a broader Senate sitting that included other procedural matters and debates.
On November 20, 2008, the Senate held its first reading for Bill S-209, An Act to amend the Business Development Bank of Canada Act (municipal infrastructure bonds) and to make a consequential amendment to another Act. This procedural step involved the introduction of the bill. The sitting also included other Senate business such as tributes, welcoming remarks, notices of motions, and debates on the economic downturn, seniors' issues, public service wage negotiations, and the role of the Parliamentary Budget Officer. This artifact is a record of the Senate sitting and does not contain the full text of Bill S-209 or indicate any debate on its specific content at this stage.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
We don't have a plain-language summary for First reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Consideration in committee yet. The official source linked below is the full record.
We don't have a plain-language summary for Report stage yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
Debate and sitting links point to official parliamentary sources when LEGISinfo publishes them. Any plain-language discussion summaries should be generated from those official texts and reviewed before public display.
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced