Budget and Economic Statement Implementation Act, 2007

Here is a summary of the Bill C-52:

Income Tax Regulations

• Amends the Income Tax Act to provide for various tax changes, including changes to the Canada Disability Savings Act.
• Introduces new rules for reporting and paying taxes on income from rental properties.

Canada Disability Savings Act

• Enacts the Canada Disability Savings Act, which provides for a savings plan to help Canadians with disabilities save for their futures.
• Provides for matching contributions from the government to encourage individuals to contribute to their disability savings plans.

Federal-Provincial Fiscal Arrangements

• Amends the Federal-Provincial Fiscal Arrangements Act to provide for changes to the way provinces and territories are funded by the federal government.
• Introduces new rules for calculating and paying provincial and territorial funding transfers.

Bank for International Settlements (Immunity) Act

• Enacts the Bank for International Settlements (Immunity) Act, which provides immunity from legal process for the Bank for International Settlements in Canada.

Phased Retirement — Amendments Other than Those Concerning Income Tax

• Amends various laws to provide for changes related to phased retirement, including changes to the Pension Benefits Standards Act.
• Introduces new rules for calculating pension benefits and entitlements for individuals in a phased retirement plan.

Advance Market Commitment

• Provides for Canada's contribution to the Advance Market Commitment, which is an international agreement aimed at increasing access to pneumococcal vaccines in developing countries.
• Allows for payments of up to US$200 million to be made from the Consolidated Revenue Fund to support this initiative.

Oil and Gas Operations in Canada

• Amends various laws related to oil and gas operations in Canada, including changes to the Canada Oil and Gas Operations Act.
• Introduces new rules for regulating oil and gas operations, including requirements for environmental assessments and public consultation.

Amendments to the Farm Income Protection Act

• Amends the Farm Income Protection Act to provide for various changes related to farm income protection and risk management.
• Introduces new rules for calculating and paying out farm income protection benefits.