Budget and Economic Statement Implementation Act, 2007

Contents

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

1Short title#

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

Part 2 · Amendment Relating to Excise Tax on Renewable Fuels

Part 3 · Amendments Relating to Income Tax

135 #

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

136Enactment of Act#

The Canada Disability Savings Act is enacted as follows:

Consequential Amendment to the Children’s Special Allowances Act

*138Order in council#

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.

Part 5 · Incentive for Provinces to Eliminate Taxes on Capital

Federal-Provincial Fiscal Arrangements Act

Part 6 · Bank for International Settlements (Immunity) Act

140Enactment of Act#

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

Part 7 · Phased Retirement — Amendments Other than Those Concerning Income Tax

Pension Benefits Standards Act, 1985

*143Order in council#

This Part comes into force on a day to be fixed by order of the Governor in Council.

Part 8 · Advance Market Commitment

144Payments#

(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.

(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).

(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.

^note

Part 9 · Oil and Gas Operations in Canada

Canada Oil and Gas Operations Act

National Energy Board Act

152 #

[Amendment]

153 #

[Amendment]

Part 10 · Amendments to the Farm Income Protection Act

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

173Calculation re fiscal year 2008-2009#

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] (repealed)

Coming into Force

*175Newfoundland and Labrador#

(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.

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.

Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.