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ARTICLE · 01 FEBRUARY 2008

Checklist For 2008 (Pension Alert)

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Here is our first issue of the Pension Alert in 2008. This issue contains a list of anticipated changes or developments to watch out for in 2008.

CanadaTax
BLG'S Pension & Benefits Group
BLG'S Pension & Benefits Group
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Here is our first issue of the Pension Alert in 2008. This issue contains a list of anticipated changes or developments to watch out for in 2008.

  • Locked-In Rules. Legislative changes to the rules of locked-in accounts were introduced by different provinces in 2007. Most of these changes allow for more flexibility for withdrawals from locked-in accounts. 2008 will be a year of transition for some legislative changes, e.g., old LIF and LRIF will cease to be available on December 31, 2008 in Ontario and LRIF has ceased to be available in Alberta.
  • Phased-In Retirement. The 2007 federal budget proposed changes to the income tax rules to permit phased-in retirement for defined benefit pension plans. Bill C-28 amended the Income Tax Act (Canada) and the Income Tax Regulations to implement the change. The amendments are now effective. In order to fully

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