The 2005 federal budget — HR implications for employers

By C. Ian Genno
|Canadian HR Reporter|Last Updated: 03/28/2005

On Feb. 23, the Honourable Ralph Goodale, federal Minister of Finance, tabled his second budget. The budget contains a number of positive announcements relating to employers' HR interests — in particular, the elimination of the foreign content limit, and an increase in the contribution and maximum benefit limits for registered retirement savings and pension plans.

Elimination of the foreign content limit

The budget eliminates the 30 per cent foreign content limit for registered retirement savings and pension plans, effective for 2005 and subsequent years. Registered plan assets may now be invested in eligible foreign investments without limit.