Tax ideas for a future federal budget

C.D. Howe Institute offers up proposals

WTax Expert hile the speculation around when and what will be contained in Finance Minister Bill Morneau’s second federal budget continues unabated, some interesting ideas — some old, some new — were floated this week with the release of the C.D. Howe Institute’s annual “shadow budget” for 2017, co-authored by William Robson, Alexandre Laurin and Rosalie Wyonch. Here are some of the proposed changes the Institute has put forward for discussion. reflect this change. For example, we can’t contribute to our RRSPs beyond age 71 and after this age, we’re required to draw down a minimum prescribed amount each year from our RRIFs (or annuitize our RRSP).

The report recommends that, starting on Jan. 1, 2018, the age at which contributions to tax-deferred retirement saving schemes must end should be increased to 72 and, every six months after that date, the contribution time frame would be further increased by one month.