Missed tax opportunities in the Budget

Eng says a moratorium might have deferred tax revenue in the short term but if seniors were not forced to deplete their RRIFs, there would be more tax down the road when the market recovers. The only other break was for deceased RRIF holders: Losses incurred between death and the RRIF’s distribution to beneficiaries can be carried back and applied to RRSP/RRIF amounts included in the year-of-death tax return. That primarily benefits heirs to an estate, not RRIF holders, Eng said.

Jonathan Chevreau is author of Findependence Day and blogs at www.wealthyboomer.ca

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