The Canada Revenue Agency warns Canadians of
mail scam
The Canada Revenue
Agency (CRA) is warning taxpayers to beware
of a recent scam where some Canadians are
receiving a letter fraudulently identified
as coming from the CRA and asking for
personal information. The letter is
not from the CRA. A
PDF version of the
letter is
available on the CRA Web site at
www.cra.gc.ca/alert.
For more information, click
here...
Source Canada Revenue
Agency website.
Tax Free Savings Account (TFSA)
How the Tax-Free Savings
Account Will Work
-
Starting in 2009, Canadian residents age
18 or older will be eligible to
contribute up to $5,000 annually to a
TFSA, with unused room being carried
forward.
-
Contributions will not be deductible.
-
Capital gains and other investment
income earned in a TFSA will not be
taxed.
-
Withdrawals will be tax-free.
-
Neither income earned within a TFSA nor
withdrawals from it will affect
eligibility for federal income-tested
benefits and credits.
-
Withdrawals will create contribution
room for future savings.
-
Contributions to a spouse’s or
common-law partner’s TFSA will be
allowed, and TFSA assets will be
transferable to the TFSA of a spouse or
common-law partner upon death.
-
Qualified investments include all
arm’s-length RRSP qualified investments.
-
The $5,000 annual contribution limit
will be indexed to inflation in $500
increments.
For more information, click
here...
Source
Department of Finance Canada website.
