Submission on draft legislation governing ELHTs
CALU provided further input to the Department of Finance, regarding draft legislation contained in the Budget Implementation Act 2021, governing Employee Life and Health Trusts (ELHTs). This submission, which was prepared by Kevin Wark, Tax Advisor, and Robert McCullagh, Secretary-Treasurer, on behalf of the Health and Welfare Trust (HWT) Task Force, seeks to clarify one interpretive issue, obtain indexing of the $2,500 PHSP limit in the future, and obtain another year extension from CRA for existing HWTs. View the submission
Canadian Business Resilience Network calls on the Prime Minister for national economic re-opening plan
CALU joined with the Canadian Business Resilience Network of the Canadian Chamber of Commerce to call on the Rt. Hon. Justin Trudeau, Prime Minister of Canada to take action. The group penned an an open letter asking the PM to work closely with all of the premiers in developing a pan-Canadian pandemic reopening plan. With COVID-19 vaccination rates rising, infection rates dropping and many Canadians turning their attention towards a post-pandemic future, there is a growing need to have a clear and predictable framework for how and when restrictions will be eased and businesses can reopen. The open letter, which ...
CRA cautions against TFSA maximizer schemes
The Canada Revenue Agency (CRA) is warning Canadians about participating in tax schemes where promoters are claiming that individuals can transfer funds out of their registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) into a tax-free savings account (TFSA) without paying taxes and without regard to the annual TFSA contribution limit.
