Posts Tagged Tax-Free Savings Account

TFSA CONTRIBUTION LIMIT HAS INCREASED

 One of the major changes introduced in the 2015 federal budget was the increase in the annual contribution limit for Tax Free Savings Accounts (TFSA) from $5,500 to $10,000, effective January 1, 2015. This new annual limit will apply to 2015 and all subsequent years ...

Comments Off on TFSA CONTRIBUTION LIMIT HAS INCREASED   |   Posted in Investments,Latest News,Retirement Planning,Tax Planning August 03, 2015

Top Ten Reasons You Should Own a Tax Free Savings Account

- If you have maximized your RRSP contributions, the TFSA gives you another way to shelter $5000 per year of your investments from taxes. - TFSAs can be a great place to hold emergency funds as you can hold short-term interest bearing instruments in a tax-sheltered environment ...

Comments Off on Top Ten Reasons You Should Own a Tax Free Savings Account   |   Posted in Financial Planning for Business Owners,Savings and Investments,Tax Planning August 04, 2010

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, ...

Comments Off on Tax Loopholes in TFSA Rules are Eliminated   |   Posted in Financial Planning for Business Owners,Retirement Planning,Savings and Investments,Tax Planning December 20, 2009

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