{"id":498656,"date":"2024-12-16T17:36:10","date_gmt":"2024-12-16T22:36:10","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=498656"},"modified":"2024-12-16T17:36:10","modified_gmt":"2024-12-16T22:36:10","slug":"fall-economic-statement-released-after-freeland-resignation-delay","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/industry-news\/fall-economic-statement-released-after-freeland-resignation-delay\/","title":{"rendered":"Fall economic statement released after Freeland resignation delay"},"content":{"rendered":"
It was a wild day on Parliament Hill as Chrystia Freeland resigned from her role as Finance Minister, just hours before she was expected to present the fall economic statement. Her resignation letter cited fiscal policy differences with Prime Minister Justin Trudeau.<\/p>\n
We’ve identified four headlines in the statement for financial advisors.<\/p>\n
The federal government intends to bring legislation that will exclude the Canada Disability Benefit as income under the Income Tax Act.<\/p>\n
This proposal will \u201censure Canada Disability Benefit recipients keep the full value of their benefits, including other federal income-tested benefits and programs\u201d like the Canada Child Benefit and GST credits.<\/p>\n
Ottawa called on provinces and territories to ensure that Canada Disability Benefit recipients don\u2019t face reductions in provincial and territorial disability support programs.<\/p>\n
\u201cThe government will be monitoring the decisions of provinces and territories and is prepared to take action to ensure the federal benefit is not clawed back,\u201d the document read.<\/p>\n
The benefit, which will distribute up to $200 a month<\/a> to eligible beneficiaries beginning in July, was announced in Budget 2024 and expected to cost $6.1 billion over six years beginning in the 2024-25 fiscal year.<\/p>\n The Liberal government will work on legislation to allow the Canada Revenue Agency (CRA) to automatically file a tax return on behalf of certain lower-income Canadians and provide new funding for the agency to crack down on tax evasion.<\/p>\n If implemented, eligible Canadians will receive a pre-filled tax return<\/a> based on CRA data and can review and modify their information. If they don\u2019t opt out of the automated filing process, the tax return would be filed by the CRA on their behalf.<\/p>\nAutomatic tax filing, tax evasion crackdown funding for CRA<\/h2>\n