RRIF, Economic and Fiscal Statement

The Canada Revenue Agency posted information on its Web site on 9 Dec. announcing that it is the Government's intention to proceed with the RRIF proposal: (25% reduction of required minimum withdrawal amount for RRIFs for 2008).

For detail see: http://www.cra-arc.gc.ca/whtsnw/tms/rrf-fq-eng.html

New meeting place

Note that from January 15, 2009 the regular monthly meeting of your Board of Directors will be help at the Military Communications and Electronics Museum at CFB Kingston, 95 Craftsman Blvd, Highway 2, Kingston East. These meetings, held every third Thursday of the month, except for July, August and December, are open to all members of the Kingston and District Branch.
Click for a map.

Prorogation & the Economic and Fical Statement

According to the "House of Commons Procedure and Practice", edited by Robert Marleau and Camille Montpetit:

"All unfinished business is dropped from or “dies” on the Order Paper and all committees lose their power to transact business, providing a fresh start for the next session. No committee can sit during a prorogation. Bills which have not received Royal Assent before prorogation are “entirely terminated” and, in order to be proceeded with in the new session, must be reintroduced as if they had never existed."

Since Parliament was suspended (prorogation) until January 26, the announced 25% reduction of required minimum withdrawal amount for RRIFs for 2008 will not be adopted before the end of the year. However, this will not affect the “in-kind” asset transfers (sale of assets not required), which were already permitted under the income tax rules.