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2007 Federal Budget: Retirement Rule Changes and Tax Relief
Finance Minister Jim Flaherty tabled the 2007 Federal Budget on March 19. The Budget contained a range of proposals relating to retirement, including relaxing federal tax rules to permit phased retirement and pension income splitting. Other measures would change the Registered Retirement Savings Plan and registered pension plan age limits and expand the range of investment options available to such plans. In addition, the Budget contained some interesting health care reform and funding items, and introduced a number of tax measures for lower and middle income Canadians in the areas of child care, education, and aid for the disabled.
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