The basics on the new ‘tax free savings accounts’
Sunday, November 30th, 2008
Things to know about the new Tax Free Savings
- Starting January 1, 2009, the Tax Free Savings Accounts are available for Canadian residents who are at least 18 years of age.
- You can contribute up to a maximum of $5000 a year. Any unused contribution room gets carried over to the following year.
- Withdrawals from your Tax Free Savings Account will not affect your ability to qualify for Federal income tested benefits like the Child Tax Benefit or the Guaranteed Income Supplement.
- You can open a Tax Free Savings Account and invests in GICs, mutual funds and other investments and not be taxed on any of the growth or earnings.
- You can have more than one Tax-Free Savings Account with different institutions but you cannot exceed your allowable contribution limit. (more…)
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Category Tax Advice | Tags: Tags: CRA, retirement, RRSP, tax, TFSA,
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