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ARTICLE · 27 APRIL 2015

Estate Alert - 2015 Federal Budget Highlights

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Yesterday the Minister of Finance, the Honourable Joe Oliver, presented the federal budget for 2015-2016 ("Budget 2015") in the House of Commons.

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Lori Duffy
Lori Duffy
Pamela Liang
Pamela Liang
John Wilkinson
John Wilkinson
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Yesterday the Minister of Finance, the Honourable Joe Oliver, presented the federal budget for 2015-2016 ("Budget 2015") in the House of Commons. The following is a summary of some of the highlights contained in the budget.

Personal Income Tax Measures

Tax Free Savings Account (TFSA) – Contribution Limit

The TFSA was introduced in 2009 with an annual contribution limit of $5,000. The annual contribution limit increased to $5,500 on January 1, 2013 as the TFSAs were indexed to inflation. Budget 2015 increases the annual contribution limit to $10,000 effective January 1, 2015. However, future annual contribution limits will no longer be indexed to inflation.

Registered Retirement Income Funds (RRIFs) – Minimum Withdrawal Factors

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