Bill C-601

SUMMARY

This enactment amends the Income Tax Act to increase the registered retirement savings plan (RRSP) deduction limit to include a taxpayer’s one-time contribution of any severance pay to an RRSP.

This enactment also amends the Employment Insurance Act to require the Canada Employment Insurance Commission to make regulations to exclude severance pay from the determination of earnings when determining deductions from benefits or the commencement date of the payment of benefits.