Budget Implementation Act, 2007

This Act amends various laws related to financial institutions, bankruptcy, and environmental sustainability.

Part 1 makes amendments to the Bankruptcy and Insolvency Act to clarify the definition of a "claim" in relation to eligible financial contracts. It also adds a new provision that allows for the use of an approved person or organization to assist with the distribution of claims in certain circumstances.

Part 2 amends the Canada Mortgage and Housing Corporation Act to provide for the establishment of a trust fund to support first-time homebuyers and to increase funding for the Canada Mortgage and Housing Corporation's affordable housing programs.

Part 3 makes amendments to the Payment Clearing and Settlement Act to clarify the rules regarding the operation of payment systems and to provide for the regulation of payment service providers.

Part 4 amends the Winding-up and Restructuring Act to provide for the establishment of a process for the resolution of distressed financial institutions.

Part 5 provides for the coming into force of certain provisions of this Act, including Part 1.

Part 6 makes amendments to various laws related to environmental sustainability, including the Canada Mortgage and Housing Corporation Act, the Payment Clearing and Settlement Act, and the Winding-up and Restructuring Act. These amendments provide for the establishment of a trust fund to support environmental initiatives and increase funding for certain programs.

Part 7 provides for the payment of $30 million to the Province of British Columbia to promote fair and equitable economic development in an environmentally sustainable manner.

Part 8 makes amendments to various laws related to environmental sustainability, including the Canada Mortgage and Housing Corporation Act, the Payment Clearing and Settlement Act, and the Winding-up and Restructuring Act. These amendments provide for the establishment of a trust fund to support environmental initiatives and increase funding for certain programs.

Part 9 provides for the payment of $1.519 billion to a trust established to support provincial and territorial projects that reduce greenhouse gas emissions and air pollutants.

Part 10 provides for the payment of $614.1 million to a trust established to provide funding to Ontario, Manitoba, and Saskatchewan for post-secondary education and training.

Part 11 provides for the payment of $300 million to a trust established to support human papillomavirus immunization programs in the provinces and territories.

The Act also includes transitional provisions related to the coming into force of certain provisions.