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2008 Federal Budget: Introduction of the Tax-Free Savings Account
On February 26, 2008, Finance Minister Jim Flaherty tabled the 2008 Federal Budget. While overall the Budget was cautious, it did contain a surprise in the form of the new Tax-Free Savings Account (TFSA). Other provisions of interest include new unlocking rules for LIFs, an expanded contribution period for RESPs, an increase in the earnings exemption for GIS recipients and enhanced funding for mental health issues.
Leaves of Absence in Quebec
There are a wide range of situations in which employees may require time away from work. Quebec has traditionally offered a broader range of leaves of absence than other provinces. Further enhancements to Quebec’s available leaves of absence were made by Bill 58, which came into force on December 18, 2007. Employers with operations in Quebec need to be aware of the resulting changes to determine whether they need to adjust their pension and benefit plans or HR practices.
Supreme Court of Canada Grants Leave to Appeal in Kerry
The Supreme Court of Canada will hear an appeal in Elaine Nolan, et al. v. Kerry (Canada) Inc. et al. The outcome of the Kerry decision will be significant for plan sponsors that have used or have considered using the pension fund to pay for administrative expenses, as well as for plan sponsors who wish to apply excess DB assets to satisfy required employer DC contributions.
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