Finance Canada’s response to CPA Canada’s submission on the RRSP and RRIF

Learn about the federal government’s response to a submission by Chartered Professional Accountants of Canada (CPA Canada) on the proposed changes to the Registered Retirement Savings Plan (RRSP) and the Registered Retirement Income Fund (RRIF).

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On October 28, 2011, the Joint Committee on Taxation of the Canadian Bar Association and CPA Canada weighed in with its policy perspectives on the Department of Finance’s proposed plans for the RRSP and the RRIF, which were included in the 2011 Budget. These proposals were implemented in Bill C-13, which received Royal Assent on December 15, 2011, and amended certain provisions of the Income Tax Act by expanding the existing anti-avoidance rules for RRSPs and RRIFs to make them similar to the anti-avoidance rules for Tax-Free Savings Accounts.

On September 13, 2012, Finance Canada responded to CPA Canada’s submission to discuss, as well express its approval of, some of the committee’s suggestions, and to explain its policy positions.