Human Resources Legislative Update
Federal Government Introduces 2014 Budget Bill
Date: April 1, 2014
On March 28, 2014, the federal government introduced Bill C-31, the Economic Action Plan 2014 Act, No. 1, omnibus legislation intended to implement a number of initiatives first announced in the 2014 federal Budget, Economic Action Plan 2014.
Bill C-31 contains a number of measures we previously reported in our February 13, 2014 FTR Now, “Federal Budget 2014,” including:
- amendments to unreduced pension-to-RRSP transfer limits;
- enactment of new legislation required to permit ratification of the recently signed intergovernmental agreement with respect to the United States Foreign Account Tax Compliance Act and the exchange of tax information – specifically, the Canada-United States Enhanced Tax Information Exchange and Implementation Act, with consequential amendments to the Income Tax Act (Canada) relating to reporting obligations;