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Posts Tagged ‘investor’
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| CNSX now approved for Tax Free Savings Accounts |
March 26th, 2009
If you own a Stock on the CNSX you will be pleased to hear that the Canadian National Stock Exchange has been added to the list of “Designated Stock Exchanges”, allowing securities listed on the exchange to automatically be eligible for registered accounts such as RRSPs and Tax-free Savings Accounts, CNSX Markets Inc. said Tuesday.
The designation, made by federal Finance Minister Jim Flaherty, came into effect on Jan. 1, under the Income Tax Act.
CNSX says it is the first stock exchange to achieve this designation since the new criteria and process were announced in July 2008. Accordingly, CNSX will be added to the list of designated exchanges posted on the Department of Finance Web site.
“This designation levels the playing field among stock exchanges in Canada and means that CNSX is competitive in all respects, including allowing investors the ability to buy and hold CNSX-listed securities in their RRSPs and their TFSAs, just as they do with other securities. Along with CNSX’s listing cost advantages and streamlined regulatory model, this will encourage more companies to choose to list on CNSX,” said Rob Cook, president of CNSX.
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| News | cnsx, investor, listing, RRSP, stock, tax free, Taxes, TFSA | No Comments » |
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| Five Common TFSA Myths |
January 19th, 2009
The Tax Free Savings Account (TFSA) is a breakthrough in Canadian finance. The TFSA acts as a high interest savings account where you can grow and withdraw your money completely tax free, whenever you want. Of course, this financial breakthrough has started the rumor mill going as well. Many people are confused about what’s true, what’s false and what the TFSA can really do to help them through the financial hardship.
We’ve outlined the top five myths surrounding the Tax Free Savings Account so you can get a better grasp on TFSA and reap the rewards.
TFSA will negatively impact my OAS, GIS of CCTB:
Fortunately, this is not true. A TFSA will have no impact on your other government benefit plans. Old age security, guaranteed income supplement, Canada pension plans and any other government supplement program, will remain separate from your TFSA. Your TSFA is your money; no one can touch it, regardless of what other accounts you have set up. You can breathe a sigh of relief knowing that, for once, the Government is actually on your side.
Myth 2: TFSA must be withdrawn at a certain time:
Again, not true. The TFSA can be withdrawn at any time, without incurring a withholding fee. Whether you want to use your TFSA as a retirement fund, or use your TFSA as a rainy day fund, or even want to use your TFSA towards your first car purchase or trip around the world, you can withdrawal the amount whenever you feel like it. The only stipulation is that there is a $5000 limit per year ($10,000 for spousal TFSA). How, when, why and where you choose to spend the money is entirely up to you.
Myth 3: TFSA account can…click here to find out all of the most common TFSA myths
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| Tax Free Savings Account Applications | investing, investor, myths, savings, TFSA | No Comments » |
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