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You could have $52,000 in tax-free savings by now.
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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.
The Tories’ plan to double the contribution limit on tax-free savings accounts (TFSAs) hasn’t even been officially announced yet, but critics have already said it’s a giveaway to wealthier Canadians a...
OTTAWA - A new study says the Conservative government's plans to double contribution limits for tax-free savings accounts would cost billions in lost tax revenue and primarily line the pockets of weal...
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The Conservative government is facing calls to change the rules around tax-free savings accounts now before a loophole means some of Canada's wealthiest people could start receiving "welfare...
OTTAWA - A tricky rule keeps tripping up thousands of Canadians who make withdrawals from their tax-free savings accounts, and replace the money too early.Some 54,700 taxpayers got warning packages fr...
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.
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.
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...
TORONTO - Nearly half of Canadians are ready to put money away with their Tax-Free Savings Accounts, but a new survey finds that doesn't necessarily mean they're using them.A poll from CIBC (TSX:CM),...
Tax-Free Savings Accounts were sold by the Conservative government as a way of helping all Canadians to save money, but new research suggests they disproportionately help older white males. A study pu...
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...
NDP leadership hopeful Brian Topp launched the latest salvo in the clash between rich and poor Monday. Declaring growing income inequality to be today’s central economic issue, Topp detailed a series...
OTTAWA - Wealthy Canadians are getting access to a retirement benefit that was intended for the elderly poor, suggests a new report on the country's retirement-security system.An actuarial report on t...
OTTAWA - Contribution rules for a popular tax shelter continue to perplex ordinary Canadians, despite a year-long information blitz by the Canada Revenue Agency and the big banks.The agency sent out a...