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  • ACC Asks Government of Canada for the Immediate Allowance of Tax-Free Withdrawals from RRSPs for 90 Days

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    Atlantic Chamber
    Friday, March 20, 2020
    March 20, 2020

    Hon.  Bill Morneau
    Minister of Finance
    House of Commons
    Ottawa, ON  K1A 0A6
     
    Re: Request for the Immediate Allowance of Tax-Free Withdrawals from RRSPs for the next 90 Days.

    Dear Minister Morneau,

    On behalf of our 94 member chambers and network of 16,000 businesses in Atlantic Canada, we would like to thank the Federal government, yourself and your staff for the strong commitment of support to the public and the business community. The current and future impacts of attempts to curtail the spread of COVID-19 are huge and as a group we commend your initial efforts.

    We also recognize the limitations of what government can do in the form of direct support to personal and commercial finances. To that end, the Atlantic Chamber of Commerce is asking the Government of Canada to consider allowing for immediate tax-free withdrawals from RRSPs for a period of 90 days up to a maximum of $10,000. Such an initiative could assist people and business owners to help themselves and potentially forestall an increase in bankruptcies.

    In addition, this type of allowance will put more money into the economy and potentially fill the gap between the announcement of support measures this week and the receipt of funds to pay obligations.
    We do not purport to have done an exhaustive analysis of the long-term impact and respectfully submit this concept on the basis of a desire to provide more opportunities to diminish the level of stress being experienced by employees and employers across the country during this difficult time.

    Best Regards,

    Sheri Somerville
    CEO | Atlantic Chamber of Commerce
    sheri@atlanticchamber.ca
    506-654-1622
     
    CC:
    Hon, Mélanie Joly, Minister of Economic Development and Official Languages
    Hon. Bill Blair, Minister of Public Safety and Emergency Preparedness
    Hon. Blaine Higgs, Premier of New Brunswick
    Hon. Dwight Ball, Premier of Newfoundland & Labrador
    Hon. Stephen McNeil, Premier of Nova Scotia
    Hon. Dennis King, Premier of Prince Edward Island
     

  • Business Truth & Reconciliation Business Truth & Reconciliation

    The Atlantic Chamber of Commerce takes proactive steps to promote reconciliation and respect for Indigenous rights within the corporate sector. In response to the Truth and Reconciliation Commission's Call to Action 92, the Chamber urges its members to embrace the United Nations Declaration on the Rights of Indigenous Peoples as a guiding framework.

     

    Recognizing the importance of education, the Chamber encourages businesses to provide comprehensive training for management and staff on the history of Indigenous peoples, including the legacy of residential schools, Indigenous rights, and Aboriginal-Crown relations. Emphasizing intercultural competency, conflict resolution, and anti-racism, these efforts aim to foster a more inclusive and harmonious corporate environment rooted in mutual understanding and respect.

    Learn more click here