News Share

The Tax Hub

Daily Tax Newsletter


2 July 2007

Responsive image

Implementation of key Budget 2007 measures

On 12 June 2007, the key measures proposed in Budget 2007, which were contained in Bill C-52, were passed by the House of Commons. The Bill received Royal assent on 22 June 2007. One of the primary tax measures in the Bill was the Tax Fairness Plan, which imposes a new tax on income trusts and other flow-through entities, which were previously tax-free in Canada. The plan also reduces the general corporate income tax rate to 18.5%, as of 1 January 2011. The Bill provides over CAD 1 billion in tax savings for Canadian pensioners and seniors. It also contains a commitment by the government, the Tax Back Guarantee Act, to commit all interest savings from federal debt reduction each year to reducing personal income taxes. There is also a new CAD 2,000 child tax credit that will provide up to CAD 310 per child of tax relief and an increase to spousal and other amounts to provide up to CAD 209 of tax relief for a supporting spouse or single taxpayer that is supporting a child or relative. Legislation containing the remaining Budget 2007 tax measures is still pending.

Powerful Tax Tools


FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.


Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.


Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.


Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.


Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.



Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.


Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.


Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.


Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.


Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.


Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.


Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.


VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.


NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.


Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.


Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Crosss Border Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment Streams.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More