Taxes | Tax Free Savings Account Info.com


Your Income Range

Regular Investment
$
Rate of Return

Lump Sump
$
Term of Investment
(In Years)



For illustrative purposes only, not for financial planning. Please read the assumptions.

Tfsa Information

Posts Tagged ‘Taxes’

Important TFSA News, Resources and Links

May 4th, 2009

Every day more and more Canadians are learning about the Tax Free Savings Account (TFSA) every day. ING Direct says about 170,000 customers have signed up since early October. At RBC Direct Investing in Toronto, Donna Nelson says more than 2% of the company’s clients opened TFSAs in the first two weeks of January — an impressive number considering RBC Direct Investing is one of Canada’s leading online brokerages.

Have you just heard about the TFSA now? Don’t worry, many people are just learning their way around as well. If you are looking for a short list of great resources on the Tax Free Savings Account (TFSA) then look no further. We have compile the following list as a go-to resource and reference for you. If you know of a valuable site that would benefit others and want us to add it, feel free to drop us a line and let us know.

Meet Mr. Jamie Golombek.

Jamie is a contributing writer to the Financial Post and National Post. His number one resolution is to open a TFSA. According to Golombek “the new tax-free savings account, launched Jan. 1, is the ideal place to put up to $5,000 of savings and earn tax-free income and/or gains for life. Any withdrawals are not taxed, do not negatively affect eligibility for government-tested benefits and can be re-contributed the following calendar year.”

Here are a few more of his financial resolutions. The full article including the rest of Golombek’s Top 10 tax tips for 2009 is available here:

Resolution #2: Maximize RRSP contributions. The RRSP limit for 2009 is the lesser of 18% of 2008 earned income or $21,000. Get a head start on your 2009 contribution today.

Resolution #3: Set up a spousal RRSP. The primary benefit of a spousal RRSP is that funds withdrawn can generally be taxed in the hands of the (hopefully) lower-income spouse.

Resolution #4: Earn tax-efficient investment income. For those who have maxed out their RRSP and TFSA contributions, consider tax-efficient investment income outside of these tax-sheltered plans by investing in Canadian dividends, which are eligible for the dividend tax credit, and capital gains, which are only half-taxable.

There are many other good ideas that Jamie lays out in his article. I recommend you go and read it at your first convenience. If you are looking for more information on whether to contribute to the TFSA or RRSP this season click here.

TFSA & RRSP | financial post, jamie golombek, RRSP, Tax Free Savings Account, Taxes, TFSA | No Comments »

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.

Article Source