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Posts Tagged ‘Taxes’

Taking Advantage of the TFSA

June 6th, 2009

Canadians are Catching on to the TFSA.

According to a survey by a global market information and insight group, the introduction of the new Tax Free Savings Accounts or TFSAs has caught the attention of many Canadians. ”The combination of advertising by government and financial institutions has translated into a high awareness of the new investment vehicle and good initial uptake,” said Rhonda Grunier, vice-president of TNS Canadian Facts and director of the market research firm’s TFSA study. The survey found that 79 per cent of Canadians are aware of TFSAs, and this is only somewhat behind awareness of the longer running RRSP (94%) and RESP (84%) accounts. There is also little reported confusion between TFSAs and RRSPs. Only 27 per cent say that they do not understand the difference between the two.

Who’s Most Likely to Take Advantage of the TFSA?

According to the survey Middle and Higher Income households are most likely to take advantage.

When it comes to opening a TFSA, already 14 per cent of Canadians have already jumped on the savings wagon. Another 36 per cent of Canadians are either very likely (18%) or somewhat likely to do so (18%) in 2009. Adding those statistics and subtracting from 100 leaves 48 per cent who are not likely to open an account this year.

Not everybody is jumping on the savings wagon.

Although the adoption rate for the new accounts is quite high, it is also true that lower income households are less likely to open an account (28% of Canadians with a household income below $35,000 have opened or plan to open a TFSA versus half of all Canadians).

The number on reason for not opening a TFSA is…

If you haven’t opened up a Tax Free Savings Account chances are it’s not because you don’t see the value. So what is stopping most Canadians from taking control of their financial future? You probably guess it… Money! In fact, among the most frequently cited reasons for not opening a TFSA is a lack of financial resources (41%).

About the TFSA survey.

The survey was conducted using the firm’s national bi-weekly telephone omnibus service, TNS Express Telephone. A total of 1,016 nationally representative Canadian adults were interviewed between February 2 and 5, 2009. For a survey sample this size, the margin of sampling error is plus or minus 3.1 percentage points, 19 times out of 20.

Find out more information on Canada’s adoption of the TFSA or read the full article here: Awareness of Tax Free Savings Accounts Very High: Survey

statistics | savings, tax free savings account info, Taxes, TFSA | No Comments »

Canadians Thank Government For TFSA

May 9th, 2009

Canadians Say “Thank You” to the Government of Canada for Introducing the New Tax-Free Savings Account

OTTAWA, ONTARIO–(Marketwire - May 4, 2009) - On May 5, 2009, the Honourable Jim Flaherty, Minister of Finance, and the Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture), will accept a giant thank you card signed by more than 2,000 Canadians from across the country acknowledging the Government’s introduction of the Tax-Free Savings Account. The thank you card will be presented by Mr. Peter Aceto, President and CEO of ING Direct Canada. The news conference will be followed by a question and answer session.

News | blackburn, flaherty, government, jim, savings, tax free, Taxes, TFSA | 1 Comment »

Reliable Tax Advice Video

May 6th, 2009

Nothing helps increase wealth like good information. It’s that time of year when taxes are around the corner. Here is some timely information for the stressful season.

The Wealthy Boomers Jonathan Chevreau interviews Tax Guru Evelyn Jacks, Tina Di Vito and Malcolm Hamilton.

Master Your Taxes

TFSA RRSP and Deadline Tax Filing

The TFSA Virtuous Cycle

Malcolm Hamilton Talks TFSA

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