Melissa ShinIE Staff
The first federal budget in two years has revived neglected items from the 2019 federal budget, with the Liberal government signalling that it plans to move ahead with several lingering proposals.
IPPs
When a client is no longer a member in a DB plan, the tax rules allow for a tax-deferred transfer of all or a portion of the commuted value of the client’s accrued benefits. This is accomplished either by transferring the full commuted value to another DB plan sponsored by another employer, or by transferring a portion of the commuted value to the client’s RRSP or similar registered plan subject to a prescribed transfer limit (normally about 50% of the client’s commuted value).
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