Tax Loopholes in TFSA Rules are Eliminated

In October 2009, Finance Minister Jim Flaherty announced amendments to the Income Tax Act that would put an end to the “tax planning schemes” that undermine the intent of Tax Free Savings Accounts (TFSA) as a savings vehicle. These amendments addressed deliberate over-contributions, asset transfer transactions, ...

69 Comments   |   Posted in Financial Planning for Business Owners,Retirement Planning,Savings and Investments,Tax Planning December 20, 2009