Ottawa, April 30, 2010

Archived - Minister of Finance Releases Draft Proposals on Tax-Free Savings Accounts

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The Honourable Jim Flaherty, Minister of Finance, today released for consultation a package of draft Income Tax Act amendments relating to Tax-Free Savings Accounts. These proposed amendments, when enacted, will implement the measures announced in the October 16, 2009 news release entitled Government of Canada Proposes Technical Changes Concerning Tax-Free Savings Accounts.

“Our government is committed to enhancing the fairness of Canada’s tax rules,” said Minister Flaherty. “Tax-Free Savings Accounts are an important vehicle for helping Canadians save. We want to ensure that the rules work appropriately for everyone.”

The accompanying explanatory notes provide additional details regarding the proposed legislative amendments.

Interested stakeholders have until May 31, 2010, to submit comments on the proposed amendments. Comments may be submitted to the Tax Legislation Division at the Department of Finance at Once received by the Department of Finance, all submissions will be subject to the Access to Information Act and may be disclosed in accordance with its provisions.

The Government of Canada will proceed with legislation at an early opportunity to implement the proposed amendments, taking into account any comments received.

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

David Barnabe
Media Relations
Department of Finance

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