Budget and Economic Statement Implementation Act, 2007 (S.C. 2007, c. 35)
Full Document:
Assented to 2007-12-14
84. (1) The portion of subsection 8504(2) of the Regulations before paragraph (a) is replaced by the following:
(2) For the purposes of subsection (1) and paragraph 8505(3)(d), the highest average compensation of a member of a pension plan for the purpose of a defined benefit provision of the plan, indexed to the calendar year (in this subsection referred to as the “year of commencement”) in which the member’s lifetime retirement benefits under the provision commence to be paid, is,
(2) Subsection (1) applies to the 2008 and subsequent calendar years.
85. (1) Paragraph 8507(3)(a) of the Regulations is amended by striking out the word “and” at the end of subparagraph (v) and by adding the following after subparagraph (vi):
(vii) no part of the period is after the earlier of
(A) the time at which bridging benefits commence to be paid to the individual in circumstances to which subsection 8503(17) applied, and
(B) the earliest day in respect of which benefits have been provided to the individual in circumstances to which subsection 8503(19) applied; and
(2) Subsection (1) applies to the 2008 and subsequent calendar years.
86. (1) Paragraph 8514(2)(a) of the Regulations is replaced by the following:
(a) a debt obligation described in paragraph (a) of the definition “fully exempt interest” in subsection 212(3) of the Act;
(2) Paragraphs 8514(2)(b) and (c) of the Regulations are amended by replacing “stock exchange referred to in section 3200 or 3201” in those paragraphs with “designated stock exchange”.
(3) Subsection (1) applies after 2007.
(4) Subsection (2) comes into force on the day on which this Act is assented to.
87. (1) Paragraph 8516(2)(d) of the Regulations is replaced by the following:
(d) at the time the contribution is made, the plan is not a designated plan.
(2) Paragraph 8516(3)(d) of the Regulations is replaced by the following:
(d) at the time the contribution is made, the plan is not a designated plan.
(3) Paragraph 8516(4)(e) of the Regulations is replaced by the following:
(e) at the time the contribution is made, the plan is not a designated plan.
(4) Subsections (1) to (3) apply after 2007.
88. (1) The Regulations are amended by adding the following after Part XCIII:
PART XCIVPRESCRIBED PROGRAMS OF PHYSICAL ACTIVITY
Interpretation
9400. (1) The following definitions apply in this Part.
- “physical activity”
“physical activity” means a supervised activity suitable for children (other than an activity where a child rides on or in a motorized vehicle as an essential component of the activity) that
(a) in the case of a qualifying child in respect of whom an amount is deductible under section 118.3 of the Act in computing any person’s income for the taxation year, results in movement and in an observable expenditure of energy in a recreational context; and
(b) in the case of any other child, contributes to cardio-respiratory endurance and to one or more of the following:
(i) muscular strength,
(ii) muscular endurance,
(iii) flexibility, and
(iv) balance. (activité physique)
- “qualifying child”
“qualifying child” has the meaning assigned by subsection 118.03(1) of the Act. (enfant admissible)
Prescribed Program of Physical Activity
(2) For the purpose of the definition “eligible fitness expense” in subsection 118.03(1) of the Act, a prescribed program of physical activity is
(a) a weekly program, that is not part of a school’s curriculum, of a duration of eight or more consecutive weeks in which all or substantially all of the activities include a significant amount of physical activity;
(b) a program, that is not part of a school’s curriculum, of a duration of five or more consecutive days of which more than 50% of the daily activities include a significant amount of physical activity;
(c) a program, that is not part of a school’s curriculum, of a duration of eight or more consecutive weeks, offered to children by a club, association or similar organization (in this section referred to as an “organization”) in circumstances where a participant in the program may select amongst a variety of activities if
(i) more than 50% of those activities offered to children by the organization are activities that include a significant amount of physical activity, or
(ii) more than 50% of the time scheduled for activities offered to children in the program is scheduled for activities that include a significant amount of physical activity; or
(d) a membership in an organization, that is not part of a school’s curriculum, of a duration of eight or more consecutive weeks if more than 50% of all the activities offered to children by the organization include a significant amount of physical activity.
Mixed-use Facility
(3) For the purpose of the definition “eligible fitness expense” in subsection 118.03(1) of the Act, a prescribed program of physical activity is that portion of a program, which program does not meet the requirements of paragraph (2)(c) and is not part of a school’s curriculum, of a duration of eight or more consecutive weeks, offered to children by an organization in circumstances where a participant in the program may select amongst a variety of activities
(a) that is the percentage of those activities offered to children by the organization that are activities that include a significant amount of physical activity; or
(b) that is the percentage of the time scheduled for activities in the program that is scheduled for activities that include a significant amount of physical activity.
Membership
(4) For the purpose of the definition “eligible fitness expense” in subsection 118.03(1) of the Act, a prescribed program of physical activity is that portion of a membership in an organization, which membership does not meet the requirements of paragraph (2)(d) and is not part of a school’s curriculum, of a duration of eight or more consecutive weeks that is the percentage of all the activities offered to children by the organization that are activities that include a significant amount of physical activity.
Horseback Riding
(5) For the purpose of the definition “physical activity” in subsection (1), horseback riding is deemed to be an activity that contributes to cardio-respiratory endurance and to one or more of muscular strength, muscular endurance, flexibility and balance.
(2) Subsection (1) applies after 2006.
89. (1) The Regulations are amended by replacing “stock exchange referred to in section 3200” with “designated stock exchange in Canada” in the following provisions:
(a) subparagraph 4900(1)(i)(i);
(b) the portion of subparagraph 4900(1)(i)(ii) after clause (C);
(c) the portion of 6201(1) before paragraph (a);
(d) the portion of subsection 6201(2) before paragraph (a); and
(e) the portion of subsection 6201(4) before paragraph (a).
(2) Subsection (1) comes into force on the day on which this Act is assented to.
C.R.C., c. 385Canada Pension Plan Regulations
Marginal note:SOR/97-472, s. 1(2)
90. (1) Paragraphs 8(1.12)(a) and (b) of the Canada Pension Plan Regulations are replaced by the following:
(a) the average monthly withholding amount in respect of an employer for either the first or the second calendar year before the particular calendar year that includes that time is less than $3,000;
(b) throughout the 12-month period before that time, the employer has remitted, on or before the day on or before which the amounts were required to be remitted, all amounts each of which was required to be remitted under subsection 21(1) of the Act, under subsection 82(1) of the Employment Insurance Act, under Part IX of the Excise Tax Act or under subsection 153(1) of the Income Tax Act; and
(2) Subsection (1) applies in respect of amounts required to be deducted or withheld after 2007.
SOR/97-33Insurable Earnings and Collection of Premiums Regulations
Marginal note:SOR/97-472, s. 2(2)
91. (1) Paragraphs 4(3.1)(a) and (b) of the Insurable Earnings and Collection of Premiums Regulations are replaced by the following:
(a) the average monthly withholding amount in respect of an employer for either the first or the second calendar year before the particular calendar year that includes that time is less than $3,000;
(b) throughout the 12-month period before that time, the employer has remitted, on or before the day on or before which the amounts were required to be remitted, all amounts each of which was required to be remitted under subsection 82(1) of the Act, under subsection 21(1) of the Canada Pension Plan, under Part IX of the Excise Tax Act, or under subsection 153(1) of the Income Tax Act; and
(2) Subsection (1) applies in respect of amounts required to be deducted or withheld after 2007.
Coordinating Amendments
Marginal note:Bill C-10
92. Sections 93 to 100 apply if Bill C-10, introduced in the 2nd session of the 39th Parliament and entitled the Income Tax Amendments Act, 2006 (referred to in those sections as the “other Act”), receives royal assent.
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