Almost one in five Canadians say they don’t understand the benefits of the TFSA
The taxman is working with banks and others to do a better job of explaining the rules for TFSAs
Many clients are confused about how to use these accounts
Source: The Canadian PressCanadians are still confused about the rules for a popular tax shelter heavily promoted by the Tory government and the big banks, a new study suggests.At least 72,000 Canadians were hit with unexpected tax bills last June after getting notices they had violated a key restriction on Tax-Free Savings Accounts, or TFSAs.The […]
Many use TFSAs as emergency funds or short-term investing, missing significant savings opportunities
TFSAs are not always as simple as they look, and it is wise to review the rules regarding which heirs are entitled to continue holding the assets tax-free — and which are not
Almost 40% remain unaware of TFSA investment options
Financial Consumer Agency of Canada would have greater oversight of investment industry
U.S. citizens or holders of green cards living in Canada might be tempted to open a tax-free savings account. But opening a TFSA might result in more trouble than it’s worth. While the U.S. recognizes the tax-deferred status of RRSPs, it does not do likewise for TFSAs.“The RRSP is treaty-protected, so owning one just becomes […]