Tax-Free-Savings-Account

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Canadians Are Still Stumped by TFSAs

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.
CP

93 Per Cent of Canadians Get Nothing from Doubling the TFSA Limits

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.
CP

How Will the Federal Budget Affect Our Lives?

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.
CP

The TFSA Is a Great Option for All Income Brackets

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.
CP

Oliver, CRA Clarify TFSA Change

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...
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Money Kept by Canadian Taxpayers Is Not a "Loss"

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.
CP

RRSPs: Still Saving After All These Years

The Canadian government first created the Registered Retirement Savings Plan (RRSP) in 1957, to promote savings for self-employed individuals and those without an employer-sponsored pension plan. It's now 2014, and that makes the RRSP 57 years old. The plan is obviously beneficial for many.
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Is an RRSP the Right Choice for You?

We all want to retire at some point, so saving money for the future is a good idea. And RRSPs are one of the best tax shelters available to Canadians. But RRSPs do not offer a great deal of flexibility if you need to withdraw the money early. Before you make an RRSP contribution, you should decide if it is the right choice for you.
Alamy

WTF CRA?

OTTAWA - Tens of thousands of Canadians have again broken the rules for a popular tax shelter, triggering yet another volley of warning letters from the Canada Revenue Agency.The agency has sent some...
Alamy

The Secret Cost Of The TFSA

OTTAWA - A popular savings program created by the federal Conservatives is exacerbating the fiscal pressure on public pension benefits — even as the government prepares to scale back benefits.Prime Mi...