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Registered Plans after the 2007 Budget
2007 Budget Includes Significant Changes to Registered Plans
RRIF Planning Needed for Some Taxpayers
Changes to RESP Rules Provide Planning Opportunities
2007 Budget Includes Significant Changes to Registered Plans
- Charles Rotenberg
In keeping with our commitment to provide timely and comprehensive commentary on tax related matters, we are following up on our 2007 Budget Newsletter.
The Budget made significant changes to both Registered Retirement Savings Plans (RRSP’s) and Registered Educational Savings Plans (RESP’s). In addition, a new registered plan, the Registered Disability Savings Plan (RDSP), will make a big difference in how families plan for children with disabilities.
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RRIF Planning Needed for Some Taxpayers
- Arthur Drache
The decision by the government to allow RRSP contributions to age 71 is a welcome return to former rules which were jettisoned a decade or so ago in the name of fighting the deficit. This change also opens up some planning considerations.
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Changes to RESP Rules Provide Planning Opportunities
- Arthur Drache
The changes to the rules relating to registered Educational Savings Plans announced in the federal budget modestly improve the plans for contributing parents and grandparents…but offer some new and very interesting strategies for the well heeled.
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