Many benefits, such as Canada Child Tax Benefit (CCTB), are determined by the income reported on the T1 returns. If returns are not filed, benefits will be unavailable. Registered Retirement Savings Plan (RRSP) contribution room is also depends on the taxpayer's reported income.
The threshold for use of simplified acquisition procedures for acquisition of commercial items (FAR 13.500) is raised from $6.5 million to $7 million. The cost or pricing data threshold (FAR 15.403-4) and the statutorily equivalent Cost Accounting Standard threshold are raised from $700,000 to $750,000.
Limits on Exception. The money must be used for qualified acquisition costs within 120 days of taking the distribution. These qualifying costs include the purchase price to buy or build a home, as well as any settlement, financing or closing costs. In addition, the exception is limited to $10,000 over the course of your lifetime.