Alberta. Finance

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Alberta. Finance

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Dates of Founding and/or Dissolution: Alberta Finance was established in 2001. In 2008 it was dissolved and replaced by Alberta Finance and Enterprise.<p>;Functional Responsibility: On March 15, 2001, Alberta Finance was created by Order in Council 95/01, as required by the Government Organization Act (R.S.A. Chapter G-10, 2000). Alberta Finance was responsible for all financial and revenue operations of the Government of Alberta. It was responsible for fiscal planning and financial management (a financially strong, sustainable and accountable government, a fair and competitive provincial tax system, and revenue programs that are administered fairly, efficiently and effectively); investment, treasury and risk management (sound management of financial assets and liabilities for current and future generations of Albertans, and effective leadership in risk management), and financial sector and pensions (effective regulation of private sector pension, insurance and financial products and services, accessible financial services for Albertans and local authorities, an effective and efficient securities regulatory system, and sustainable public sector pension plans in Alberta. <p>;In 2001 the Designation and Transfer of Responsibility Regulation (A.R. 44/2001) transferred the responsibility for a significant number of statutes to the Minister of Finance. Alberta Finance carried out the administration of these statutes. <p>;Alberta Finance administered the Alberta Taxpayer Protection Act (R.S.A. Chapter A-36, 2000). Alberta Finance began administering this Act after responsibility was transferred from Alberta Treasury in 2001. The legislation ensured the opinion of the people of Alberta will be obtained directly before any legislation that levies general provincial sales tax is introduced. <p>;The Fiscal Responsibility Act (R.S.A. Chapter F-15, 2000) and the Balanced Budget and Debt Retirement Act (S.A. Chapter B-0.5, 2000) ensured the timely repayment of the Provincial debt. As required by the Fiscal Responsibility Act, the budget would be balanced for a designated period of time and repayment of debt would comply with a legislated schedule. Alberta Finance began administering this Act after responsibility was transferred from Alberta Treasury in 2001. <p>;Alberta Finance administered the function of garnishee of Alberta public service employees by the Government of Alberta when deemed necessary by the Civil Service Garnishee Act (R.S.A. Chapter C-16, 2000). Alberta Finance began administering this Act after responsibility was transferred from Alberta Treasury in 2001. This function began to be administered by the Department of Treasury in 1908 with the enactment of An Act to Provide for the Garnishment of the Salaries of Civil Servants (S.A. Chapter 8, 1908). <p>;The Provincial Treasurer administered the Farm Credit Stability Act (S.A. Chapter F-2.5, 1986) until the Act was transferred to the jurisdiction of Alberta Finance in 2001. The purpose of the Farm Credit Stability Act is to facilitate loans to Alberta farmers. The Provincial Treasurer and now the Minister of Finance could enter into agreements with lending institutions and allocate moneys from the General Revenue Fund. <p>;Alberta Finance administered the Loan and Trust Corporation Act (S.A. Chapter L-26, 1991). This Act supports the Department's mandate to foster a fair and efficient financial marketplace. The legislation controls, standardizes, and regulates loan and trust corporations in the Province of Alberta. This function was transferred from Alberta Treasury in 2001. <p>;Alberta Finance administered the Municipal Debentures Act (R.S.A. Chapter M-25, 2000). The Act outlines how municipalities, school districts, irrigation districts or other public corporations having the power to issue debentures, bonds or other obligations may dispose of such debentures, bonds or obligations at a discounted price. The original legislation was An Act respecting the Liability of Municipal and Other Public Corporation upon Debentures Sold at a Discount (S.A. Chapter 8, 1909). The responsibility for the administration of this Act was transferred from Alberta Treasury to Alberta Finance in 2001. <p>;The administration of the Government Accountability Act (S.A. chapter G-5.5, 1995) was transferred to Alberta Finance from Alberta Treasury in 2001. The purpose of the Act is to provide a means for the Government of Alberta to be open and accountable. The Act provides a framework for reporting within the Government of Alberta. The Act structures reporting in a way in which the Government of Alberta can set measurable goals and responsibilities, plan what needs to be done to achieve goals, do the work and monitor progress, report on results, evaluate results and provide feedback. <p>;Alberta Finance provided for disclosure about financial products to consumers and standardization of specific financial services through the Financial Consumer Act (Chapter F-9.5, 1990). The Act sets out the rights and responsibilities of the consumer investing in named financial products. The legislation provides a variety of remedies to resolve disputes about named financial products. This function was transferred from Alberta Treasury in 2001. <p>;The function of administering The Treasury Branches Act (R.S.A. Chapter A-37, 2000) was transferred to the jurisdiction of Alberta Finance in 2001. The Treasury Branches Act (S.A. Chapter 3, 1938) allowed the establishment and operation of branches of the Treasury Department in the Province under the authorization of the Minister. The Minister or Provincial Treasurer under the Act could receive deposits and enter into contracts with depositors for their repayment. In 1940 the Act was amended giving the Provincial Treasurer the authority to make loans. It was 1941 before funds were available through the accumulation of balances in deposit accounts that allowed a loaning policy to be adopted. <p>;By the mid-1960s, the Treasury Branch service had evolved to include term savings plans, the writing of fire and hail insurance, the issuance of motor vehicle and driver's licenses, fish and game licenses, the purchase and sale of stocks and bonds, including Canada Saving Bonds, complete foreign exchange service, the sale of American Express travellers' cheques, safety deposit boxes and safekeeping envelopes, money order service, collection service, telegraphic and mail transfers, utility bill payments, income tax and Canada pension plan remittances. Alberta Treasury Branches continue to be a provincial crown corporation with the Government of Alberta as sole share holder. <p>;The administration for the Government Fees and Charges Act (R.S.A. Chapter G-8, 2000) and the Small Business Term Assistance Act (R.S.A. Chapter S-8, 2000) were transferred to Alberta Finance from Alberta Treasury in 2001. In the same year the administration of the Government Fees and Charges Act was transferred to Alberta Revenue (A.R. 56/2001). The administration of the Small Business Term Assistance Act was repealed by (A.R. 122/2002). <p>;Responsibility for the following Acts was transferred from Alberta Treasury to Alberta Revenue in 2001: Alberta Corporate Tax Act (R.S.A. ChapterA-15, 2000); Alberta Income Tax Act (R.S.A. Chapter A-26, 2000); Alberta Personal Income Tax Act (R.S.A. Chapter A-30, 2000); Fuel Tax Act (R.S.A. Chapter F-28, 2000); Hotel Room Tax Act (R.S.A. Chapter H-13, 2000); and the Tobacco Tax Act (R.S.A. Chapter T-4, 2000). In the same year Alberta Regulation 140/2001 repealed the responsibility of for these Acts and transferred responsibility to the common responsibility of the Minister of Revenue and the Minister of Finance. <p>;In the same year Alberta Regulation 140/2001 repealed the responsibility for these Acts and trasnferred responsibility to the common responsibility of the Minister of Revenue and the Minister of Finance. <p>;In 2001 administration of the Securities Act (R.S.A. Chapter S-4, 2000) was transferred from Alberta Treasury to Alberta Finance. The purpose of the Securities Act is to regulate and monitor the operation of the capital market in Alberta. Later in 2001, Alberta Regulation 140/2001 repealed the designation of responsibility and transferred the responsibility to the common responsibility of the Minister of Revenue and the Minister of Finance. <p>;Also in 2004 as per Order in Council 552/2004, Alberta Revenue was shut down and its responsibilities were transferred to Alberta Finance. <p>;Later on in 2006, Alberta Regulation 317/2006 would assign the specific statutes that Finance would be responsible for, as follows:<br>;<ul>;<li>Alberta Capital Finance Authority Act;<li>Alberta Corporate Tax Act, except Section 26.41;<li>Alberta Heritage Savings Trust Fund Act;<li>Alberta Income Tax Act;<li>Alberta Personal Income Tax Act;<li>Alberta Taxpayer Protection Act;<li>Alberta Treasury Branches Act;<li>Civil Service Garnishee Act;<li>Credit Union Act;<li>Employment Pension Plans Act;<li>Farm Credit Stability Act;<li>Financial Consumers Act;<li>Fuel Tax Act, except sections 12(3), (4) and (5), 34(c), 37(2), 42 and 51(1)(j) and (aa);<li>Government Fees and Charges Review Act;<li>Income Trusts Liability Act;<li>Insurance Act;<li>Loan and Trust Corporations Act;<li>Members of the Legislative Assembly Pension Plan Act;<li>Municipal Debentures Act;<li>Pension Fund Act;<li>Public Sector Pension Plans Act;<li>Securities Act;<li>Securities Transfer Act;<li>Statistics Bureau Act;<li>Tobacco Tax Act;<li>Tourism Levy Act. </ul>;<p>;Responsibility for the Fuel Tax Act was transferred to the common responsibility of the Minister of Finance and the Minister of Agriculture and Food. Responsibility for the Alberta Corporate Tax Act continued to be designated as common responsibility for the

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