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TAX-LOOPHOLES IN TFSA RULES ARE ELIMINATED

10 hours ago ago from Tina Tehranchian, MA, CLU, CFP, CHFC - Financial Planning for Business Owners

In October 2009, Finance Minister Jim Flaherty announced amendments to the Income Tax Act that would put an end to the “tax planning schemes” that undermine the intent of Tax Free Savings Accounts (TFSA) as a savings vehicle. These amendments addressed deliberate over-contributions, asset transfer transactions, prohibited investments and non-qualified investments. Deliberate Over-Contributions One of these “tax planning schemes” ...

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