Monday, April 27, 2015

2015 Federal Budget



As your financial advisors, we make a point of keeping you up to date with current issues that pertain to the financial health of you and your family.

On April 21, Finance Minister Joe Oliver delivered his federal budget for 2015. The following provides an overview of the changes made to the new federal budget that may affect your financial plans.

Tax-free savings account
  • Annual TFSA contribution room doubles from $5500 to $10,000 effective immediately for 2015

Withdrawals from RRIFs (Registered Retirement Income Fund)
  • Mandatory minimums lowered by as much as 28% for seniors aged 71 and older-allowing seniors to preserve their retirement fund for a longer period of time

 Small businesses
  • Small business corporate tax rates will be reduced in stages going from 11% to 9% by 2019

 Foreign asset reporting
  • Streamlined form coming for holdings where the cost is less than $250,000


If you would like to discuss these budget initiatives and how they may affect your financial plan, please don’t hesitate to contact us at (905) 332-6633 or e-mail us at info@c2inc.com 






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