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The Tax Free-Saving Account (TFSA) can be your treasure chest, hidden from the tax hands of the Canada Revenue Agency (CRA). However, there are certain rules to protect your assets. Remember, the CRA is monitoring your financial transactions. The tax consequences will not be felt immediately after the transaction, but during tax filing at the […]
A tax-free savings account (TFSA) is a powerful tool that can help you build a $1 million savings account that you don’t report on income tax returns. Imagine having $1 million that doesn’t affect your Old Age Pension (OAS) and other government benefits. And yet, many millennials and Gen Zers squander this $1 million opportunity […]
Millennials and Gen Zers are giving away free money by using their Tax Free Savings Account (TFSA) as a bank savings account. They keep their money there and withdraw it to cover immediate future expenses. You will make the biggest financial mistake if you do the same. Keep in mind that cash is a valuable […]
The unused contribution room in the Tax Free Savings Account (TFSA) is a gold mine yet to be explored. Many millennials make the biggest mistake by leaving their TFSA contribution unused. According to 2024 data from Statistics CanadaCanadians aged 35 to 39 had an average unused contribution room of $58,732 in 2022. It is worth […]
2026 will set the tone for new deductions, tax brackets and premium space. The maximum contribution to the Canada Pension Plan (CPP) for 2026 is $4,646.45 if your maximum pension basis is $85,000 or more. The contribution amount is 4.9% higher than $4,430.1 in 2025. How your employer determines your CPP contribution in 2026 First, […]
Many recommend that the ideal age for receiving the Canada Pension Plan (CPP) payout is 65. But that’s not true, as everyone’s financial situation is different. Remember that in the financial world there is no one-size-fits-all solution, but a tailor-made solution, based on the situation and need. If you are 60 years old, healthy, working, […]
The tax liability still applies, but “in fairness to all, the CRA grants a higher level of relief to those who correct an error before being contacted than to those who correct errors after being prompted by notices from the CRA or other administrative authority.” How to download quality for the VDP There are five […]
