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CARP's Full Analysis of Budget 2009
For a full summary of CARP's Budget 2009 analysis, please Click here.
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Limited Tax Relief
CARP members will welcome the broad based tax relief available to all lower and middle income Canadians, and the home improvement incentives, together with the $1,000 increase in the age credit. But beyond the re-announcement of the 25% reduction in mandated RRIF withdrawals, there is little in Budget 2009 to address the anxiety facing Canadians who have watched their retirement savings vaporize in the current market chaos. Read more.
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Housing For Low-Income Seniors
Budget 2009 will provide $400 million over two years to build housing for low income seniors to be delivered through the Affordable Housing Initiative to be cost-shared with the provinces. Read more.
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Home Renovations and Seniors’ Housing
The Home Renovation Tax Credit will be helpful for those needing to retrofit their homes to make them safer and more age-friendly not just those seeking to beautify their homes. The 15% tax credit [maximum $1,350] is available on expenditures of $1,000 to $10,000 and applies to renovations, new floors, new furnace, painting, resurfacing a driveway and laying new sod. Read more.
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Pension Protection
The November Economic Statement announced temporary solvency funding relief for federally regulated pension plans. Further assistance is being proposed to increase the 110% limit on asset value smoothing – a formula that determines the deficiency funding requirements.Read more.
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National Securities Regulator - Investor Protection
Investor protection got an important boost with the proposal to introduce the legislation to implement the recommendations of the Expert Panel on Securities Regulation, Read more.
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Older Workers
Older workers will benefit from the added funding to Targeted Initiative for Older Workers [TIOW], the 5-week add-on employment insurance benefits and provisions for long-tenured workers. Read more.
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25% RRIF Withdrawal Reduction Stays
The confirmation of the 25% reduction in mandated RRIF withdrawals announced in the November Economic Statement has to be taken as a small nod to the widespread clamor for a two year moratorium on the mandatory withdrawals but it is a far cry from what is needed.Read more.
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