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Keyword: TFSAs

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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 […]

CRA shows some leniency on penalties for “unintentional” overcontributions; no breaks for those who manipulate the system

ING Direct pays double interest to kick start tax free savings

  • By: IE Staff
  • October 6, 2010 October 6, 2010
  • 09:16

Taxes on excess contributions may be waived by providing additional information regarding over-contributions

  • By: IE Staff
  • July 26, 2010 October 31, 2019
  • 10:31

Taxpayers given more time to respond to requests for information

Make sure they understand the contribution limits — and what happens when they make a withdrawal

Advisors encouraged to ensure clients complete all of the required paperwork for transferring funds

Only an estimated 25% of Canadians have Tax Free Savings Accounts and most are over 65