via Globe and Mail | May 18, 2015
Budget changes welcomed, but financial planners say they don’t go far enough
With an election just a few months away, the recent federal budget clearly had one eye on eliminating the deficit and one eye on Canada’s seniors who — no surprise here — go to the polls in large numbers.
From a personal finance perspective, much of the reaction was centred on Ottawa’s decision to almost double the annual contribution room for tax-free savings accounts to $10,000.
RRIF withdrawal rules questioned as seniors live longer
TFSA limit hiked to $10,000 as election budget delivers few goodies
But the budget proposal to change how much of your own retirement money you are forced to access after you turn 71 could have broader impact and will eventually affect millions of RRSP holders.