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