The Canada Revenue Agency updated its income tax folio on advantages for RRSPs, RESPs, RRIFs, RDSPs and TFSAs in Oct. 2018, and has since updated it based on comments from the tax community. Here’s what advisors need to know.
October 16, 2019
The Canada Revenue Agency updated its income tax folio on advantages for RRSPs, RESPs, RRIFs, RDSPs and TFSAs in Oct. 2018, and has since updated it based on comments from the tax community. Here’s what advisors need to know.
October 16, 2019Paying RRSP, TFSA investment fees from outside the accounts not an advantage
The department acknowledges there often isn't a tax motivation when doing so
It's status quo for advisors while the Department of Finance completes a tax policy review
The agency made revisions based on comments received from the tax community
Next time a client has a desire to play games with his TFSA, point out this harsh — but legally valid — punitive tax
Details from the tax folio on advantages
This delay represents a win for industry associations and clients who pay fees on their registered plans from non-registered accounts
The federal tax agency also delays implementing registered fee position
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