Law:Budget and Economic Statement Implementation Act, 2007

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S.c. 2007, c. 35

Assented to 2007-12-14

An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2007 and to implement certain provisions of the economic statement tabled in Parliament on October 30, 2007

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:


Contents

Short Title

Short title

1. This Act may be cited as the Budget and Economic Statement Implementation Act, 2007.


Part 1. Amendments In Respect Of The Goods And Services Tax/harmonized Sales Tax

Excise Tax Act

2. (Amendment)

3. (Amendment)

4. (Amendments)

5. (Amendment)

6. (Amendments)

7. (Amendment)


Part 2. Amendment Relating To Excise Tax On Renewable Fuels

Excise Tax Act

8. (Amendment)


Part 3. Amendments Relating To Income Tax

Income Tax Act

9. (Amendments)

10. (Amendments)

11. (Amendment)

12. (Amendment)

13. (Amendment)

14. (Amendments)

15. (Amendment)

16. (Amendments)

17. (Amendment)

18. (Amendment)

19. (Amendment)

20. (Amendments)

21. (Amendment)

22. (Amendment)

23. (Amendment)

24. (Amendment)

25. (Amendment)

26. (Amendments)

27. (Amendment)

28. (Amendment)

29. (Amendment)

30. (Amendments)

31. (Amendments)

32. (Amendment)

33. (Amendment)

34. (Amendment)

35. (Amendment)

36. (Amendments)

37. (Amendments)

38. (Amendments)

39. (Amendments)

40. (Amendment)

41. (Amendment)

42. (Amendment)

43. (Amendments)

44. (Amendment)

45. (Amendments)

46. (Amendments)

47. (Amendment)

48. (Amendments)

49. (Amendments)

50. (Amendment)

51. (Amendments)

52. (Amendment)

53. (Amendment)

54. (Amendments)

55. (Amendment)

56. (Amendment)

57. (Amendments)

58. (Amendment)

59. (Amendments)

60. (Amendments)

61. (Amendments)

62. (Amendment)

63. (Amendment)

64. (Amendments)

65. (Amendments)

66. (Amendments)

67. (Amendment)

68. (Amendments)


Income Tax Application Rules

69. (Amendment)


Income Tax Conventions Interpretation Act

70. (Amendment)


Income Tax Regulations

71. (Amendment)

72. (Amendment)

73. (Amendment)

74. (Amendments)

75. (Amendment)

76. (Amendment)

77. (Amendment)

78. (Amendments)

79. (Amendments)

80. (Amendment)

81. (Amendments)

82. (Amendments)

83. (Amendments)

84. (Amendment)

85. (Amendment)

86. (Amendments)

87. (Amendments)

88. (Amendment)

89. (Amendments)


Canada Pension Plan Regulations

90. (Amendment)


Insurable Earnings and Collection of Premiums Regulations

91. (Amendment)


Coordinating Amendments

92. (Amendment)

93. (Amendments)

94. (Amendments)

95. (Amendment)

96. (Amendment)

97. (Amendments)

98. (Amendments)

99. (Amendments)

100. (Amendments)


Part 4. Disability Savings

Amendments Relating to Income Tax

Income Tax Act

101. (Amendment)

102. (Amendment)

103. (Amendment)

104. (Amendment)

105. (Amendment)

106. (Amendment)

107. (Amendment)

108. (Amendment)

109. (Amendment)

110. (Amendment)

111. (Amendment)

112. (Amendment)

113. (Amendment)

114. (Amendment)

115. (Amendment)

116. (Amendment)

117. (Amendment)

118. (Amendment)

119. (Amendment)

120. (Amendment)

121. (Amendment)

122. (Amendment)

123. (Amendments)

124. (Amendment)


Income Tax Regulations

125. (Amendment)

126. (Amendments)

127. (Amendments)


Consequential Amendments

Employment Insurance Act

128. (Amendment)


Old Age Security Act

129. (Amendment)


Coordinating Amendments

130. (Amendment)

131. (Amendments)

132. (Amendments)

133. (Amendments)

134. (Amendment)


Application

135. Sections 101 to 129 apply to the 2008 and subsequent taxation years, except that section 101 also applies to the 2007 taxation year.


Canada Disability Savings Act

Enactment of Act

Enactment of Act

136. The Canada Disability Savings Act is enacted as follows:

(See Canada Disability Savings Act)


Consequential Amendment to the Children’s Special Allowances Act

137. (Amendment)


Coming into Force

Order in council


Part 5. Incentive For Provinces To Eliminate Taxes On Capital

Federal-Provincial Fiscal Arrangements Act

139. (Amendment)


Part 6. Bank For International Settlements (immunity) Act

Enactment of Act

140. The Bank for International Settlements (Immunity) Act is enacted as follows:

(See Bank for International Settlements (Immunity) Act)


PART 7. PHASED RETIREMENT — AMENDMENTS OTHER THAN THOSE CONCERNING INCOME TAX

Pension Benefits Standards Act, 1985

141. (Amendment)

142. (Amendment)


Coming into Force

Order in council


Part 8. Advance Market Commitment

Payments

144. (1) In respect of fiscal years beginning on or after April 1, 2008 and for the purpose of Canada’s contribution to the Advance Market Commitment, payments not exceeding in the aggregate the Canadian dollar equivalent of US$200 million — less the C$115 million that was paid under the authority of paragraph (b) of Order in Council P.C. 2007-368, which order was dated March 22, 2007 and made under section 3 of An Act to authorize the Minister of Finance to make certain payments, being chapter 36 of the Statutes of Canada, 2005 — may, on the requisition of the Minister for International Cooperation, be made out of the Consolidated Revenue Fund to international organizations in order to increase the availability of a vaccine for pneumococcal disease.

Agreements

(2) The Minister for International Cooperation may, subject to any terms or conditions that are established by the Governor in Council on the recommendation of the Minister for International Cooperation and the Minister of Finance, enter into agreements with international organizations for the purpose of the contribution referred to in subsection (1).

Exchange rate

(3) The rate of exchange that is to be used in order to determine the Canadian dollar equivalent of a payment that is made under subsection (1) is the rate that is determined, by the entity providing foreign banking services to the Receiver General, on the day on which the payment is made.


Part 9. Oil And Gas Operations In Canada

Canada Oil and Gas Operations Act

145. (Amendment)

146. (Amendment)

147. (Amendment)

148. (Amendment)

149. (Amendment)

150. (Amendment)


Consequential Amendments

Canada Petroleum Resources Act

151. (Amendment)


National Energy Board Act

152. (Amendment)

153. (Amendment)


Part 10. Amendments To The Farm Income Protection Act

154. (Amendments)

155. (Amendment)

156. (Amendment)

157. (Amendment)

158. (Amendment)

159. (Amendment)

160. (Amendment)


Part 11. Federal-provincial Fiscal Arrangements

Amendments to the Federal-Provincial Fiscal Arrangements Act

161. (Amendment)

162. (Amendment)

163. (Amendment)

164. (Amendments)

165. (Amendment)

166. (Amendment)

167. (Amendment)

168. (Amendment)


Amendments to the Budget Implementation Act, 2007

169. (Amendment)

170. (Amendment)

171. (Amendment)


Consequential Amendment to the Canada-Newfoundland Atlantic Accord Implementation Act

The following provision is not in force.172. (Amendment)


Transitional Provisions

Calculation re fiscal year 2008-2009

173. If section 165 of this Act comes into force after a calculation has already been made under section 3.91 of the Federal-Provincial Fiscal Arrangements Act of the fiscal equalization payment that may be paid to a province under section 3.6 of that Act for the fiscal year beginning on April 1, 2008, the Minister of Finance may, under section 3.91 of that Act, as enacted by section 165 of this Act, recalculate the fiscal equalization payment that may be paid to the province under section 3.6 of the Federal-Provincial Fiscal Arrangements Act for that fiscal year.

174. (Transitional Provisions)


Coming into Force

Newfoundland and Labrador

Notice

(2) The Minister of Finance shall publish in the Canada Gazette the date on which section 172 comes into force.


Part 12. Amendments To The Canada Education Savings Act

176. (Amendment)

177. (Amendment)


Part 13. Private-public Partnerships

Payments

178. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, a sum not exceeding five million dollars, to an entity designated by the Minister of Finance, to facilitate public-private partnership projects in respect of that entity’s operating and capital expenditures for each of fiscal years 2007-2008 and 2008-2009.


Part 14. Tax Amendments To Implement The 2007 Economic Statement

Amendments Relating to Income Tax

Income Tax Act

179. (Amendment)

180. (Amendments)

181. (Amendment)

182. (Amendment)


Amendments to Implement the GST/HST Rate Reduction

Excise Tax Act

183. (Amendments)

184. (Amendment)

185. (Amendment)

186. (Amendment)

187. (Amendment)

188. (Amendments)

189. (Amendments)

190. (Amendments)

191. (Amendment)

192. (Amendments)

193. (Amendment)

194. (Amendment)

195. (Amendment)


Related Amendments as a Result of the GST/HST Rate Reduction

Air Travellers Security Charge Act

196. (Amendments)


Excise Act, 2001

Amendments to the Act

197. (Amendment)

198. (Amendment)

199. (Amendment)

200. (Amendment)

201. (Amendment)

202. (Amendments)

203. (Amendment)

204. (Amendment)

205. (Amendment)

206. (Amendment)

207. (Amendment)

208. (Amendments)


Application

209. For the purposes of applying the provisions of the Customs Act that provide for the payment of, or the liability to pay, interest in respect of any amount, the amount shall be determined and interest shall be computed on it as though sections 204 to 208 had come into force on January 1, 2008.


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