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Brief
The Borrowing Authority Act is an Act to provide the Minister of Finance with borrowing authority and to provide for a maximum amount of certain borrowings. The Act allows the Minister, with the authorization of the Governor in Council, to borrow money on behalf of Her Majesty in right of Canada by way of the issue and sale of securities or otherwise. However, despite this, the total amount borrowed must not exceed $2,126,000,000,000. Exceptions are made for amounts borrowed under certain orders made under the Financial Administration Act, and the Minister is responsible for ensuring that the maximum amount is not exceeded. The Minister must also table reports in Parliament every three years, indicating the total amount of borrowed money and whether the maximum amount should be increased or decreased. This Act was enacted by section 103 of chapter 20 of the Statutes of Canada, 2017, and came into force on November 23, 2017.
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