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Today, it takes more brains and effort to make out the income-tax form than it does to make the income. - Alfred E. Neuman 1) Prioritize Three Contributions RRSP Offers best tax sheltering option for...
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We all know that we should put money away for our retirement. The message has hit home and fortunately many of us are putting away at least 10 per cent -- if not more -- of our net income for our senior years. While this is undoubtedly a good thing, there still exists some confusion about these savings vehicles.
Expect these rules to impact your health and wealth
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Peter Bowen says for many people, this might be the most important tax planning season they've ever had.
Parliament will reconvene on December 3. While the priority focus will be on marginal tax rates for the middle class and those making more than $200,000, it's worth paying attention to a proposal that was a key promise from the Liberals: rolling back TFSA contribution limits from $10,000 to $5,500.
Canadians may be able to save more in their Tax Free Savings Accounts (TFSA) but most are still confused by how the account actually works. Tax Free Savings Accounts (TFSA) seemed like a simple concept when it was announced in 2009. Canadians over the age of 18 were allowed to save up to $5,000 per year in a TFSA. But the rules are easily misinterpreted. I know several people who have been hit with overcontribution fines.
OTTAWA - The Harper government's recent move to raise the contribution ceiling on tax-free savings accounts offers little to benefit low- and middle-income Canadians, a new analysis of federal tax dat...
TORONTO -- Ten per cent of Canadians surveyed in a new poll say they typically contribute the maximum amount to their Tax-Free Savings Account and will now invest $10,000. The poll done for CIBC found...
For those who readily have an extra $4500 available every year, after they've paid their taxes, this increase would be an attractive future tax break. But is a higher limit fair to taxpayers across the board? The answer to that question depends on how many taxpayers at various wealth levels will be able to benefit from the higher contributions.
The federal budget announced recently has interesting policies that are expected to affect Canadians. Economic Action Plan 2015 has different components that may affect the lives of Canadians differently. An important aspect of the budget is that it would be balanced in 2015-16 with a projected surplus of $1.4 billion.
Last week the federal government announced a doubling of the annual contribution to the Tax Free Savings Account. Ensuing immediately has been a debate about the merits of this tax policy change. We ought to applaud initiatives that provide savers with more choices, encourage self-determination and empower individuals to take greater control over their financial futures. The TFSA does just that.
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Canadians don't need to wait for the budget to be passed before taking advantage of the TFSA changes announced in it, officials at the Canada Revenue Agency and Finance Department said Friday. E...
Amid criticism that it favours the wealthy and will saddle future governments with a tax leakage problem that could cost billions, Finance Minister Joe Oliver defended his budget's plan to almost doub...
The Liberal finance minister assumed that taxes were useful but indeed a loss -- not to government, but to the citizens who pay the tax. Taxes are necessary, but we must be judicious about the money sent to politicians and civil servants. That includes understanding the money first belongs to Canadians.