Tax Free Savings Accounts

USE YOUR TFSA CONTRIBUTION ROOM TO MAXIMIZE TAX FREE GROWTH

    Starting January 1, 2016, the annual TFSA dollar limit decreased from $10,000 to $5,500 and will be subject to indexation. The TFSA contribution limit for 2018 will remain $5,500. This is since the indexation adjustment for personal income tax and benefit amounts is 1.5% for ...

Comments Off on USE YOUR TFSA CONTRIBUTION ROOM TO MAXIMIZE TAX FREE GROWTH   |   Posted in Investments,Latest News,Tax Free Savings Accounts February 02, 2018

TFSA CONTRIBUTION ROOM IS DECREASED TO $5,500

 Under proposed legislation by the new Liberal government, starting January 1, 2016, the annual TFSA dollar limit for 2016 will decrease from $10,000 to $5,500 and will be subject to indexation. Tax Free Savings Accounts (TFSAs) were introduced by the federal government in 2009. Canadian residents ...

Comments Off on TFSA CONTRIBUTION ROOM IS DECREASED TO $5,500   |   Posted in Investments,Latest News,Retirement Planning,Tax Free Savings Accounts,Tax Planning January 27, 2016

UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS

  Naming your spouse as a beneficiary of your RRSPs, RRIFs, LIFs and LIRAs is usually a good idea as these assets can rollover on a tax deferred basis only to your spouse or common law partner. However, in cases where you may not be married, ...

Comments Off on UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS   |   Posted in Estate Planning,Latest News,Retirement Planning,RRIF,RRSP,Tax Free Savings Accounts April 16, 2015

TFSA CONTRIBUTION LIMIT IN 2015

In 2015, you can contribute a maximum of $5,500 to your TFSA account. You can also carry forward amounts that you have contributed since 2009 and you can deposit amounts that you had withdrawn ...

Comments Off on TFSA CONTRIBUTION LIMIT IN 2015   |   Posted in Latest News,Retirement Planning,Tax Free Savings Accounts,Tax Planning March 18, 2015

TFSA – Another Income-Splitting Tool

f you have a good accountant, you must have heard of income splitting and most likely have been using this strategy to split income with your family members to reduce your overall taxes by ending up in a lower tax bracket. You may also have been ...

Comments Off on TFSA – Another Income-Splitting Tool   |   Posted in Financial Planning for Business Owners,Tax Free Savings Accounts,Tax Planning July 31, 2009