Budget and Economic Statement Implementation Act, 2007
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:
Short Title
Marginal note:Short title
1 This Act may be cited as the Budget and Economic Statement Implementation Act, 2007.
PART 1Amendments 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 2Amendment Relating to Excise Tax on Renewable Fuels
Excise Tax Act
8 [Amendment]
PART 3Amendments 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 4Disability 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
Marginal note: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
Marginal note:Order in council
Footnote *138 The provisions of the Canada Disability Savings Act, as enacted by section 136, and section 137 come into force on a day or days to be fixed by order of the Governor in Council.
Return to footnote *[Note: Sections 136 and 137 in force December 1, 2008, see SI/2008-63.]
PART 5Incentive for Provinces to Eliminate Taxes on Capital
Federal-Provincial Fiscal Arrangements Act
139 [Amendment]
PART 6Bank for International Settlements (Immunity) Act
Marginal note:Enactment of Act
140 The Bank for International Settlements (Immunity) Act is enacted as follows:
[See Bank for International Settlements (Immunity) Act]
PART 7Phased Retirement — Amendments Other than Those Concerning Income Tax
Pension Benefits Standards Act, 1985
141 [Amendment]
142 [Amendment]
Coming into Force
Marginal note:Order in council
Footnote *143 This Part comes into force on a day to be fixed by order of the Governor in Council.
Return to footnote *[Note: Part 7 in force March 31, 2009, see SI/2009-25.]
PART 8Advance Market Commitment
Marginal note: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 Development, be made out of the Consolidated Revenue Fund to international organizations in order to increase the availability of a vaccine for pneumococcal disease.
Marginal note:Agreements
(2) The Minister for International Development may, subject to any terms or conditions that are established by the Governor in Council on the recommendation of the Minister for International Development and the Minister of Finance, enter into agreements with international organizations for the purpose of the contribution referred to in subsection (1).
Marginal note: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.
- 2007, c. 35, s. 144
- 2013, c. 33, s. 196
PART 9Oil 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 10Amendments to the Farm Income Protection Act
154 [Amendments]
155 [Amendment]
156 [Amendment]
157 [Amendment]
158 [Amendment]
159 [Amendment]
160 [Amendment]
PART 11Federal-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
172 [Amendment]
Transitional Provisions
Marginal note: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 [Repealed, 2015, c. 4, s. 116]
Coming into Force
Marginal note:Newfoundland and Labrador
Footnote *175 (1) Section 172 comes into force, or is deemed to have come into force, on April 1 of the first fiscal year in respect of which Newfoundland and Labrador makes the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act.
Marginal note:Notice
(2) The Minister of Finance shall publish in the Canada Gazette the date on which section 172 comes into force.
Return to footnote *[Note: Section 172 in force April 1, 2010, see Canada Gazette Part I, Volume 146, page 26.]
PART 12Amendments to the Canada Education Savings Act
176 [Amendment]
177 [Amendment]
PART 13Private-Public Partnerships
Marginal note: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 14Tax 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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