Archive: November, 2020

Eliminating the Registered Retirement Income Fund (RRIF) minimum withdrawal amount

Mr. McCauley, MP, requested the PBO to cost the elimination of the annual RRIF minimum-withdrawal amount.  As a result, RRIF holders would withdraw less, thereby reducing government revenues, as RRIF withdrawals are considered taxable income.

PBO has assumed that the annual minimum-withdrawal amounts will remain the threshold for determining whether RRIF withdrawals are subject to tax withheld at the source, in accordance with current rules.

PBO has assumed the policy would take effect on January 1, 2021.

The Joint Support Ship program and the MV Asterix: a Fiscal Analysis

In response to a request from the House of Commons Government Operations and Estimates Committee (OGGO), this report estimates the construction costs of the Joint Support Ship program to build two supply ships and costs of contracting converted commercial vessels named the MV Asterix and the Obelix to provide military support. This report also attempts to compare the two projects by incorporating additional project cost elements.

Fiscal Sustainability Report 2020: Update

This report updates PBO’s February 2020 assessment of the sustainability of government finances over the long term for the federal government, subnational governments and public pension plans. It incorporates federal and provincial budgetary measures up to 1 September and 30 October, respectively.

Update: Five-Year Cost Estimate of the Guaranteed Basic Income

On July 7, 2020, the Parliamentary Budget Officer (PBO) reported on costs arising from the implementation of a guaranteed income program for the last six months of 2020-21. The program parameters were based on Ontario’s basic income pilot project. PBO presented three estimates based on scenarios that phase out the benefit by $0.50, $0.25 and $0.15 for each dollar of employment income. Additionally, participants receiving Employment Insurance or Canada Pension Plan payments would have their basic income reduced dollar for dollar.

Fiscal Analysis of Federal Pay Equity

To assist parliamentarians in their role to scrutinize the raising and spending of public monies, this report provides an overview of the spending measures associated with the Government of Canada’s proactive pay equity regime within the federal public and private sectors.

Supplementary Estimates (B) 2020-21

This note presents a detailed analysis of the Government’s second supplementary estimates for the 2020-21 fiscal year, which seeks Parliament’s approval of $20.9 billion.