Canadian Mortgage News

September 2010 National News Archive

Minister of Finance Introduces the Sustaining Canada's Economic Recovery Act

OTTAWA, Ontario, September 30, 2010 — The Honourable Jim Flaherty, Minister of Finance, today continued the Government of Canada’s focus on the economy by introducing the Sustaining Canada’s Economic Recovery Act in the House of Commons. The Act, which includes measures from Budget 2010, represents a key component of Canada’s Economic Action Plan.

“We are meeting the challenges of the global economic crisis head-on with Canada’s Economic Action Plan,” said Minister Flaherty. “We continue to move forward with the Plan through the Sustaining Canada’s Economic Recovery Act, which will provide real benefits for families, consumers, businesses and taxpayers.” 

The Act includes measures to:

Help Canadian Families Get Ahead

• Indexing the Working Income Tax Benefit
• Allowing Registered Retirement Savings Plan proceeds to be transferred to a Registered Disability Savings Plan on a tax-deferred basis
• Allowing a 10-year carry forward for Registered Disability Savings Plan grants and bonds
• Implementing Employee Life and Health Trusts
• Further strengthening federally regulated pension plans

Cut Red Tape

• Helping registered charities with disbursement quota reform
• Allowing taxpayers to request online notices from the Canada Revenue Agency
• Reducing the paperwork burden for certain taxpayers

Close Down Tax Loopholes

• Better targeting tax incentives for employee stock options
• Addressing aggressive tax planning related to Tax-Free Savings Accounts

Protect Consumers

• Improving the complaint process for consumers when dealing with the financial services industry

Promote Clean Energy

• Expanding access to Accelerated Capital Cost Allowance for clean energy generation

News source: Department of Finance