Latest news with #FinancialAdministrationAct
Cision Canada
29-05-2025
- Business
- Cision Canada
ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q1 2025 Français
OTTAWA, ON, May 29, 2025 /CNW/ - The Royal Canadian Mint (the "Mint") is announcing its financial results for the first quarter of 2025. These results provide insights into the Mint's activities, the impacts of economic uncertainties and trade barriers on its businesses and its expectations for the next 12 months. "Throughout the first quarter, the Royal Canadian Mint navigated the uncertainties of a challenging and unpredictable global market," said Marie Lemay, President and CEO of the Royal Canadian Mint. "Our talented people invested a lot of time and energy over the last several months to evaluate the impact of U.S. tariffs and respond to the market volatility in a way that positions the Mint to withstand these headwinds over the long-term by adjusting our priorities and capitalizing on opportunities." To read the Mint's First Quarter Report for 2025, please visit The Mint's 2024 Annual Report, including its audited financial statements as at and for the year ended December 31, 2024, was submitted to the Minister of Finance on March 27, 2025, in accordance with the Financial Administration Act Section 50(1). As of the date of this earnings release, the Mint's 2024 Annual Report has not been tabled in Parliament and will not be available for public release until the tabling occurs. About the Royal Canadian Mint The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada's circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada's prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations. For more information on the Mint, its products and services, visit Follow the Mint on LinkedIn, Facebook and Instagram.
Yahoo
29-05-2025
- Business
- Yahoo
ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q1 2025
OTTAWA, ON, May 29, 2025 /CNW/ - The Royal Canadian Mint (the "Mint") is announcing its financial results for the first quarter of 2025. These results provide insights into the Mint's activities, the impacts of economic uncertainties and trade barriers on its businesses and its expectations for the next 12 months. "Throughout the first quarter, the Royal Canadian Mint navigated the uncertainties of a challenging and unpredictable global market," said Marie Lemay, President and CEO of the Royal Canadian Mint. "Our talented people invested a lot of time and energy over the last several months to evaluate the impact of U.S. tariffs and respond to the market volatility in a way that positions the Mint to withstand these headwinds over the long-term by adjusting our priorities and capitalizing on opportunities." To read the Mint's First Quarter Report for 2025, please visit The Mint's 2024 Annual Report, including its audited financial statements as at and for the year ended December 31, 2024, was submitted to the Minister of Finance on March 27, 2025, in accordance with the Financial Administration Act Section 50(1). As of the date of this earnings release, the Mint's 2024 Annual Report has not been tabled in Parliament and will not be available for public release until the tabling occurs. About the Royal Canadian MintThe Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada's circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada's prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations. For more information on the Mint, its products and services, visit Follow the Mint on LinkedIn, Facebook and Instagram. SOURCE Royal Canadian Mint (RCM) View original content: Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CBC
04-03-2025
- Politics
- CBC
Judge rules Yukon gov't has power to edit budgets of independent officers
The Yukon Supreme Court has ruled the territorial government did nothing wrong by changing the budgets of independent offices of the Legislative Assembly after those budgets were already approved by an assembly committee. In an oral decision issued Monday, Justice Edith Campbell ruled the territory's Financial Administration Act takes precedence over the enabling legislation for the ombudsman and the child and youth advocate. Those two offices brought a petition against the government over the finance department's decision to change the budgets of the offices after they'd already been approved by the assembly's Members Services Board, which has historically had final say. The petitioners had argued that giving the finance minister effective veto power over their budgets left them open to potential political interference. Government lawyers said the Financial Administration Act gives the government the authority to oversee every penny it spends, even it goes to agencies considered arm's-length from the government. The Financial Administration Act contains what's called a paramountcy clause. It means the act outweighs any other territorial law in the event of a conflict. Campbell said she agreed with the petitioners argument that the Ombudsman Act and Child And Youth Advocate are written in a way that aims to preserve the offices' independence from government. But Campbell also found no language in those acts that explicitly exempts them from the Financial Administration Act. That, Campbell ruled, created a conflict and therefore the Financial Administration Act takes precedence. Still, Campbell said the independent officers brought an important issue before the courts. And she urged the government to amend the law to ensure the independent offices are truly independent. Ombudsman Jason Pedlar said he's disappointed with the ruling, though he understands Campbell's reasoning. "I think we will be presenting to the Member Services Board the need for the clarity," he said. "This is just a technicality, a conflict of the acts, and we want our Ombudsman Act and Child and Youth Advocate Act amended as soon as possible to deal with the issue." Annette King, the child and youth advocate, likewise tried to look on the bright side of the decision. "We've been dealing with uncertainty in our budgets for the last several months and we needed this decision to be able to know our next steps forward in this path," King said. "Now we do know it's up to the Legislative Assembly to correct the gaps in the legislation. It was really validating to hear the judge describe the intention of our legislation as oversight bodies and the risks to that independence." In a written statement, a spokesperson with the cabinet office said the government is pleased with the decision.
CBC
02-03-2025
- Business
- CBC
Ruling expected Monday in Yukon court case with major implications for government
A case in front of the Yukon Supreme Court has major implications for the territorial government, regardless of who wins. The Yukon's ombudsman and child and youth advocate filed a petition seeking a court order that would undo changes to their offices' budgets imposed by officials with the finance department. Justice Edith Campbell is expected to deliver her decision Monday. Over two days of arguments this past week, lawyers for both sides plumbed the most arcane depths of the law. At the heart of the dispute is a conflict between the executive branch of government (also known as cabinet) and the legislative branch. Historically, the budgets of independent officers have been approved by the Members Services Board, a five-member, all-party committee of the legislature that manages the assembly's affairs. That's because the legislative assembly as a whole and the government are not the same thing. Shauna Stikeman, who's representing the child and youth advocate, argued the legislation that established the ombudsman office clearly set out a budgeting process that is meant to keep the office free from political interference from the government. Allowing the finance minister to muck about with those budgets, she said, opens up the risk that governments could punish the independent officers when they issue findings the government doesn't like. "Any erosion of this trust risks eroding public confidence in these institutions," Stikeman said. "This is about so much more than dollars and cents." Lawyers for the government, meanwhile, say the territory's Financial Administration Act takes clear precedence and requires that every dime of public funds must pass through, and be approved by, the finance department's Management Board. "There is no category of money out there that isn't captured by the Financial Administration Act," said government lawyer I.H. Fraser. Fraser also tried to squeeze the petitioners' case between two other legal principles. For one thing, he argued, the officers' budgets are now shielded from court action by parliamentary privilege, a unique set of rights that extends to the assembly and its members. While parliamentary privilege normally applies to actions within the assembly, Fraser said privilege also applies to bills that are in the process of being drafted (in this case, the territorial budget). "If you're in the legislative process, then parliamentary privilege applies," he told Campbell this week. "There's nothing a court can properly do about it." At the same time, Fraser said the petitioners' case is premature because the legislature has yet to sit — the spring session begins March 6 — and finalize the budget. Floyd McCormick, the clerk of the Legislative Assembly from 2001 to 2019, said the case shows the need for clearer rules to protect the assembly's independence. "Regardless of how it turns out, whether the ombudsman and the child and youth advocate are successful or not, the legislature needs to change legislation in order to make sure that it's clear that Member Services Board authority is distinct from that of the Department of Finance," he said. McCormick, who was in the courtroom for two days of arguments, acknowledged he supports the independent officers in the case. But he said the issues at play are important and, to him at least, interesting. "You have one side making their arguments and you feel that's pretty solid. And then the other side gets up and make arguments and well, you know, these people have a good point too," he said.
CBC
14-02-2025
- Business
- CBC
Yukon agencies making much ado about nothing, gov't says in response to budget dispute
Yukon's finance minister says the territory's ombudsman and its child and youth advocate are overreacting with some "rhetorical excess" by claiming potential government interference in the budgeting process for their offices. And the minister says a petition by those offices to Yukon Supreme Court is essentially asking the court to interfere where it shouldn't — and should therefore be tossed out. Ombudsman Jason Pedlar and child and youth advocate Annette King went to court last month in a bid to get finance department officials to butt out of the budgeting process for independent offices of the Legislative Assembly, including theirs along with the information and privacy commissioner, the public interest disclosure commissioner, and Elections Yukon. They accuse the territory's finance department of "unlawful intervention" in setting their annual budget and they've asked the court for a writ of mandamus — essentially, an order forcing the government to do something set out in law. The dispute flared up in November, when Pedlar, King, and Maxwell Harvey, the chief electoral officer, all complained finance department officials vetoed budget increases for their offices. At issue is the question of who precisely has the final say on budgets submitted by independent offices of the assembly. The court petition asserts that the budgets approved for each office by the assembly's all-party members services board should be approved as-is by the finance minister, before being included in the annual budget. In a response filed to court last week, Finance Minister Sandy Silver rejects their complaints, calling them "speculative and premature." The minister argues that he has not yet tabled the annual budget — that's expected next month — and so the suggestion of political interference by his office is a "purely speculative hypothetical question," and the issue is not a "live dispute." "The materials make frequent reference to 'political interference' as a basis for immediate court action. However, this disturbing assertion turns out to be a matter of rhetorical excess rather than of fact or evidence," the minister's response reads. Just following the law, minister argues It also says the finance department is simply following territorial legislation laid out in the Financial Administration Act. That act spells out the role of the government's management board in the budgeting process. Silver's actions to date "are fully authorized by, and in complete compliance with, the Financial Administration Act," his response reads. The minister also suggests that the Yukon Supreme Court is essentially being asked to violate a sacrosanct principle of legislative independence. It says granting a court order in this case would violate parliamentary privilege — something the Supreme Court of Canada has clearly said courts cannot do. "It is impossible to identify an activity more obviously legislative in nature than the introduction of budgetary legislation in the Legislative Assembly by a minister of finance," Silver's response to the Yukon court reads. "This application therefore asks the Supreme Court of Yukon to undertake a startling reversal of several hundred years of constitutional precedent on the relationship between courts and the legislature in a parliamentary system based on the Westminster model." None of the claims in the petition have been tested in court. There's no date set yet for a hearing.
