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Federal Budget 2005: Something for Everyone
The 2005 federal Budget is the first tabled by a minority government in twenty-five years, and contains something for practically everyone. From tax cuts, to higher retirement savings limits, to the elimination of foreign content restrictions for deferred-income plans, to health care funding. We provide an overview and analysis of some of the more interesting Budget items and an indication of how they will affect employers.
In Time for the Deadline?
New IRS Form for RRSP and RRIF Reporting
With the April 15th tax filing deadline fast approaching, United States residents who own an RRSP or a RRIF once again need to turn their attention to the puzzling question of what they have to report. The IRS has released a draft new form for this purpose, Form 8891, which considerably simplifies reporting requirements. Employees who live and work in the United States have to report information about their RRSPs and RRIFs to the IRS, and failure to file the required information could lead to substantial penalties.
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