The Canadian federal budget for fiscal year 1978–79 presented by Minister of Finance Jean Chrétien in the House of Commons of Canada on 10 April 1978.
Prior to the budget, RRSP owners who turned 71 were forced to either:[3] Starting on the day of the budget speech, two additional options were provided: The conversion of the RRSP into annuities or RRIF must occur between ages 60 and 70 (included).
[4] Other less substantial changes to personal income tax rules were enacted as part of the budget: The budget contained a series of technical changes and improved support for R&D expenditures: The most notorious measure of the April 1978 budget is the temporary reduction of retail sales taxes aimed at stimulating the economy.
An enhanced proposal is made in the budget:[9][10] Ontario and Manitoba opted for the first option (six-month 3% cut with a 2/3 compensation from the federal government) while British Columbia and Saskatchewan opted for the second.
At the time of the budget speech, the Quebec government had not officially answered to the federal proposal.