Report on the November 27th ñ Economic and Fiscal Statement

On November 27, 2008, Finance Minister Jim Flaherty presented the 2008 Economic and Fiscal Statement for Canada, providing an update of Canada's current and short term financial outlook, which points to a recovery by 2011 to the fiscal outlook predicted in the 2008 budget and some temporary tax relief for seniors as well, while taking the pressure off organizations struggling with current pension funding deficiencies caused by the world financial crisis. Special reports on these rules follow.

• Reduction in amounts required for minimum withdrawals in RRIFs for 2008
• Economic and fiscal outlook statistics show recovery, soon
• Extension of private pension plan solvency funding from 5 to 10 years may provide reprieve

In addition, spending limitations, including the elimination of $1.95 per vote subsidy by taxpayers to political parties effective April 2009 and annual wage increase limitations for public service employees of 2.3% for 2007-08, and 1.5% from 2009 to 2011. These two controversial measures may rock the boat for a minority government.