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Canada

2 July 2007

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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.

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