Budget and Economic Statement Implementation Act, 2007 (S.C. 2007, c. 35)

• 181. (1) Paragraphs (b) to (e) of the definition “general rate reduction percent-age” in subsection 123.4(1) of the Act are replaced by the following:

  • (b) that proportion of 8.5% that the number of days in the taxation year that are in 2008 is of the number of days in the taxation year,

  • (c) that proportion of 9% that the number of days in the taxation year that are in 2009 is of the number of days in the taxation year,

  • (d) that proportion of 10% that the number of days in the taxation year that are in 2010 is of the number of days in the taxation year,

  • (e) that proportion of 11.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and

  • (f) that proportion of 13% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year.

• (2) Subsection (1) applies to the 2008 and subsequent taxation years.

• 182. (1) Paragraphs 125(1.1)(b) and (c) of the Act are replaced by the following:

  • (b) that proportion of 17% that the number of days in the taxation year that are after 2007 is of the number of days in the taxation year.

• (2) Subsection (1) applies to the 2008 and subsequent taxation years.

Marginal note:2006, c. 4, s. 2(1)

• 183. (1) The description of G in paragraph (a) of the definition “basic tax content” in subsection 123(1) of the Excise Tax Act is amended by striking out the word “and” at the end of clause (A) and by replacing clause (B) with the following:

  • (B) 6%, if the amount determined for D is included, or would be included if the tax became payable, in the description of A in subsection 225.2(2) for a reporting period of the selected listed financial institution that ends after June 30, 2006, but before January 1, 2008, and

  • (C) 5%, in any other case,

• Marginal note:2006, c. 4, s. 2(2)

  (2) The description of P in paragraph (b) of the definition “basic tax content” in subsection 123(1) of the Act is amended by striking out the word “and” at the end of clause (A) and by replacing clause (B) with the following:

  • (B) 6%, if the amount determined for M is included, or would be included if the tax became payable, in the description of A in subsection 225.2(2) for a reporting period of the selected listed financial institution that ends after June 30, 2006, but before January 1, 2008, and

  • (C) 5%, in any other case,

• (3) Subsections (1) and (2) come into force, or are deemed to have come into force, on January 1, 2008.