Bank statement, EI rates, telecom petition

Summary#

This issue of the Gazette contains several short government notices: a pagination erratum, the unaudited financial statement of the Bank of Canada as at August 31, 2021, a notice setting Employment Insurance premium rates for 2022, and a call for submissions about a petition to the Governor in Council over a CRTC telecom decision with comments due November 1, 2021. Each item is a routine public notice but can matter to different groups (taxpayers, workers, banks, ISPs and their customers).

What it does#

• Erratum: corrects a page-number mistake on the French index page (the number 5960 was wrongly shown as 5060).
• Bank of Canada financial statement (unaudited, as at August 31, 2021):
  • Reports total assets and total liabilities and equity of $494,425.5 million.
  • Shows total investments of $457,964.0 million, bank notes in circulation of $110,879.7 million, total deposits of $353,978.4 million, and total equity of $572.9 million.
• Employment Insurance rates:
  • Sets the national Employment Insurance premium rate at $1.58 per $100 of insurable earnings for 2022.
  • Notes a premium reduction for Quebec residents of $0.38, making the Quebec rate $1.20 per $100.
  • This notice comes from the Canada Employment Insurance Commission under the Employment Insurance Act and Employment Insurance Regulations.
• Telecommunications petition (Notice No. TIPB-003-2021 under the Telecommunications Act):
  • Announces an additional petition from National Capital FreeNet about Telecom Decision CRTC 2021-181 (which dealt with final rates for aggregated wholesale high‑speed access services).
  • Invites written submissions by November 1, 2021. Submissions are to be sent to the Telecommunications and Internet Policy Branch and will be posted on the Innovation, Science and Economic Development Canada website.

Who's affected#

• Readers, librarians, and anyone citing the French index page may notice the pagination correction.
• Economists, journalists, financial analysts, and members of the public interested in central‑bank finances will be the main audience for the Bank of Canada statement.
• Workers and employers across Canada are affected by the change in Employment Insurance premiums; Quebec residents and employers will see a different (reduced) rate.
• Internet service providers, small community networks like National Capital FreeNet, telecom industry groups, consumer advocates, and anyone interested in wholesale broadband pricing could be affected by the petition and any resulting review of the CRTC decision.

Why it matters#

• The pagination erratum prevents citation errors and helps people find the right page in the official record.
• The Bank of Canada statement gives a snapshot of the central bank’s balance sheet and can inform discussions about monetary policy and financial stability.
• The Employment Insurance premium rates directly affect take‑home pay and employer payroll costs for 2022; the Quebec reduction changes the amount Quebec residents and employers pay.
• The telecom petition could lead to a review of a CRTC decision on wholesale high‑speed access rates. That in turn could influence wholesale prices, the costs for smaller ISPs, and ultimately what consumers pay or how services are offered.