Public Consultations on Draft Proposals to Improve Tax System Launched
A set of draft legislative proposals to implement tax and other related measures announced in Budget 2019 that have not been legislated were released for public comment.
Here are the proposals that would implement Budget 2019 measures:
- Improve consistency of the tax treatment of owners of multi-unit residential properties with that of owners of single-unit residential properties;
- Provide greater flexibility in the managing retirement savings by permitting two new types of annuities under the tax rules for certain registered plans;
- Modify the Income Tax Act to remove the time limitation on the period that a Registered Savings Plan may remain open after a beneficiary becomes ineligible for the Disability Tax Credit, and eliminate the requirement for medical certification that the beneficiary is likely to become eligible for the Disability Tax Credit in the future in order for the plan to remain open.
- Bring the specified multi-employer plan rules into line with the tax rules that apply to other defined benefit registered pension plans
To view the complete list of proposals for public comment, please visit: https://www.fin.gc.ca/n19/19-084-eng.asp
Tax Policy Branch
Department of Finance Canada
90 Elgin Street