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Some clients still are unclear about the rules regarding contribution limits, withdrawals and penalties

No unanimity in global regulatory reform, IFIC report finds

Excluding TFSAs from CRS reporting requirements better aligns CRS rules with those already in place for FATCA, making it easier for Canadian financial services firms

Clients can designate three main types of beneficiaries for their TFSAs: a successor holder a named beneficiary or an estate. Each type is subject to different taxation and transfer rules

Tax-Free Savings Accounts (TFSAs)

TFSAs are among the most useful investment and tax-planning tools

With the TFSA having become a worthwhile option for your clients, it’s time to consider whether an RRSP has the same allure as it once did for certain investors

Tax-Free Savings Accounts (TFSAs)

Less than a quarter of Canadians are aware of the annual contribution limit of $5,500 and that there is a monthly penalty for overcontributing

Remind your clients of other tax savings options and strategies, including maximizing RRSPs and other registered accounts

A new OSFI report also finds that the use of registered pension plans dropped, in percentage terms, during the past 10 years

TFSA will outperform corporate investments for most business owners in 2015

Jamie Golombek, Managing Director, Tax & Estate Planning, CIBC Wealth Advisory Services, explains that for most incorporated business owners in 2015, investing in a TFSA will beat leaving surplus funds in the corporation for investing, especially with a longer time horizon. Full report: https://goo.gl/6RTAYd

The increase in the TFSA’s annual contribution limit this past spring has small business owner clients wondering if leaving funds in their corporations still makes sense