(October 19 – 12:30 ET) – The Investment Funds Institute of Canada is calling yesterday’s federal mini-budget a positive step towards recognizing changes that need to be made to enable Canadians to save for the future. IFIC says a lower capital gains inclusion rate and decreased taxes for most income brackets is a favourable move for all Canadians.
“IFIC has lobbied extensively and we are very pleased that the Federal government lowered the capital gains inclusion rate,” says Tom Hockin, IFIC president and CEO. “This will put more money in the pockets of Canadians and allow increased savings – necessary saving – so Canadians have more opportunity to retire with financial stability.”
IFIC expressed its disappointed, however, that the mini-budget did not contain increases in the current RRSP contribution limits. IFIC says more direct support for average Canadians without defined benefit pension plans is necessary
“If we are really going to provide a foundation on which Canadians can build better lives, the Federal government must increase RRSP contribution limits,” notes Hockin.
-IE Staff