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Bill C-59, the Fall Economic Statement Implementation Act, 2023, receives Royal Assent

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July 24, 2024

Bill C-59, the Fall Economic Statement Implementation Act, 2023, received Royal Assent on June 20, 2024.

The bill implements certain provisions of the 2023 fall economic statement and 2023 federal budget, which include among other things:

  • amendments to the retirement compensation arrangement (RCA) provisions under the Income Tax Act to exempt fees or premiums paid to obtain or renew a letter of credit or surety bond from being subject to refundable tax, where the RCA provides supplemental benefits to a registered pension plan or other specified arrangement; and
  • amendments to the leave of absence provisions under the federal Canada Labour Code to introduce new family related leaves and modify the provisions related to bereavement leave.

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