Ian Russell, IIAC President and CEO, conducted numerous media interviews following the unveiling of yesterday’s federal budget. Media were particularly interested in his perspectives on the doubling of the maximum annual TFSA contribution and new minimum withdrawal rules for RRIFs.
Ian Russell, the president of the Investment Industry Association of Canada says the $650 million hit to tax coffers over the next 20 years caused by nearly doubling the maximum annual TFSA contribution works out to 0.3 percent to total government revenue, a number that doesn’t take into account the reinvestment of those savings into the economy.
Russell called the TFSA far more innovative than anything on offer in UK or the U.S., and the move to bolster it a win for Canadians.
The full interview is available here.
And here are highlights from coverage on InvestmentExecutive.com:
Ottawa makes significant changes to RRIFs
New minimum withdrawal rules for RRIFS will allow retired Canadians to preserve up to 50% more capital to age 90
Ian Russell, president and CEO of the Investment Industry Association of Canada (IIAC) is disappointed that the age wasn’t extended out beyond 71 or that the annual withdrawal limits weren’t eliminated completely, as the IIAC had recommended.
Still, he adds that the government’s proposal “is a compromise solution that’s quite significant and allows Canadians to save more, so it’s a good thing. This is something that retired Canadians have been asking for, for a long time.”
Read the full article here.