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Confusion Reigns Over TFSA Rules
Contribution rules for a popular tax shelter continue to perplex ordinary Canadians, despite a year-long information blitz by the Canada Revenue Agency and the big banks. The agency sent out almost 103,000 letters to holders of tax-free savings accounts this... (Continue reading)
Why Are Investors Only Using GICs and High Interest Savings Accounts In Their TFSAs?
Apparently most investors are using their TFSAs for safe instruments such as GICs and high interest savings account, even though they are eligible for equities, such as stocks and bonds. I’ve seen a couple of instances where the name “Tax... (Continue reading)
Ottawa backs down on tax-free savings account errors
Finally, the government has come to its senses about the 70,000 letters sent to Canadians who made over-contributions to tax-free savings accounts or transferred them without the proper paperwork. In a statement issued this afternoon, the two ministers responsible for... (Continue reading)
The Importance of Paying Attention to Financial Statements
Written on 24 Jun, 2010 at 3:03 in Personal Finance | Comments
I’ll relate my experience to underscore the significance of paying attention to your finances – not just the saving and investing parts but also the all-important records of those money transfers/contributions. I contributed to my TFSA account for 2009 in... (Continue reading)
RRSP Spectacular!
The deadline is looming and Canadians still ponder about whether they should put more money into their RRSPs? When is the Deadline? According the to TD Waterhouse web site the deadline is Midnight on March 1st (so you get an... (Continue reading)
Run, don’t walk, Run to open a TFSA
Written on 29 Jan, 2010 at 22:29 in Personal Finance | Comments
Look. There’s no downside and all kinds of upside to the Tax Free Savings Account. Become a saver, already! Here’s how it works: 1. Set up a Tax Free Savings Account at any Canadian bank you like. 2. Every year,... (Continue reading)
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