Investment industry pushes politicians to stop charging GST/HST on mutual funds in RRSPs

This translation has been automatically generated and has not been verified for accuracy.Canada’s investment funds industry is asking candidates in the coming federal election to consider ending sales taxes on mutual funds held in registered retirement savings plans.

IFIC first addressed former prime minister Stephen Harper’s government about taxes on funds in RRSPs in 2007. There were no changes made at that time. Now, as fewer workers are covered by an employer pension plan, to go along with persistently lower interest rates and longer life expectancy, IFIC decided to revisit the issue again and began to speak to the government last spring.

“This efficient and effective solution enables Canadians to keep more of their retirement savings,” IFIC said in its submission. “It is also firmly aligned with the government’s policy priority to help Canadians save more.” The sales taxes on investment funds disproportionately target lower-income investors, IFIC said, as they are a segment of the population that often uses mutual fund products that have embedded investment management and advice fees.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Can anything be done to stop the crisis in B.C.'s forestry industry?High log prices and dwindling timber supply are driving the crisis in British Columbia's forestry industry that has devastated communities and kneecapped the provincial economy, observers say. Yeah, October 21, 2019 TrudeauMustGo A change of government
Source: CTVNews - 🏆 1. / 99 Read more »

Fewer trees, higher costs blamed for devastating downturn in B.C. forestry industryCompanies have announced shutdowns or curtailments in more than two dozen mills in the province, putting hundreds out of work and slashing economic growth predictions sustainable lumber is key moving forward. Article treats the forest industry as above criticism.
Source: globeandmail - 🏆 5. / 92 Read more »