Home Budget 2015

Proposed changes to RRIFs, TFSAs find favour

Current period of six weeks extended to six months

Two initiatives extend an RDSP deadline and offer credits for home accessibility improvements

Among other measures, the federal government is proposing a reduction to the small business tax rate to 9% by 2019 from 11% today

The ‘too big to fail’ measures will follow international principals

New minimum withdrawal rules for RRIFS will allow retired Canadians to preserve up to 50% more capital to age 90

New national strategy for financial literacy to be unveiled in coming months

Measures pioneered by provinces to improve cooperation backed by Ottawa

New annual limit will be $10,000, double the amount of the TFSA’s original yearly contribution

Change brings relief for investors with relatively modest foreign property holdings