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Canada's Bill C-47 receives royal assent

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July 28, 2023

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Canada’s Bill C-47, Budget Implementation Act, 2023, No. 1, received royal assent on June 22.

The Bill includes amendments to the Income Tax Act (ITA), Excise Tax Act (ETA), Pension Benefits Standards Act, 1985 (PBSA), Pooled Registered Pension Plans Act (PRPPA), Canada Labour Code (Code) and the Dental Care Measures Act (Dental Act).

This legislation affects Registered Education Savings Plans (RESPs) and Registered Disability Savings Plans (RDSPs) as follows:

  • RESPs: Limit boosted on educational assistance payment to $8,000; divorced or separated parents can open joint RESPs.
  • RDSP: Siblings could now qualify as family member plan holders for RDSPs.

To read the details of Bill C-47, click here:

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