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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, May 8, 2008
2008-037

The Honourable Jim Flaherty, Minister of Finance, today announced regulatory changes are now in effect allowing Canadians to take advantage of Budget 2008 improvements to the administration of Life Income Funds (LIFs).

“Many people, such as seniors, pensioners and individuals facing financial hardship, will now have greater freedom to move their investments and use the money when they want, for what they want,” said Minister Flaherty. “These changes simply reflect the greater range of employment and lifestyle choices available in our fast-paced global economy.”

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* It’s about time! Although I do not have any corporate clients from Ontario anymore .. back in the ‘ole’ days .. I did have clients with multi-jurisdictions. I always dreaded the filing of these wasteful and additional Alberta and Ontario T2’s - it really was a waste of paper. … // HART

The following is now available on the CRA Web site:

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The following is now available on the CRA Web site:

Tax Alert:

The Canada Revenue Agency (CRA) is reminding Canadians to properly indicate their province or territory of residence on their tax returns. This ensures that you are paying the taxes you owe, and allows the CRA to properly distribute the taxes it collects on behalf of provinces and territories.

When you let us know where you were living on December 31, it helps to determine which province or territory will receive your tax dollars. The CRA collects taxes for individuals on behalf of all provinces and territories except Quebec. Services and social programs that you and your family use on a day-to-day basis are directly affected when you don’t pay taxes to the proper province or territory.

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