3 Common Mistakes Canadians make with their TFSA's

In 2009, the TFSA was created to encourage Canadians to save money where it could grow tax free and be free from taxes when withdrawn. Let me get this straight, I can invest money that can grow over time, take it out whenever I want and pay no tax? It seems too good to be true? While yes, there are limits to the account, but when used properly it is by far the best investment vehicle in Canada. For many Canadians however, it is still one of the most misunderstood investment tools. Let’s look at some of the most common mistakes made with these accounts. Canadians don’t use them. Despite the benefits, only 38% of eligible Canadians have a TFSA. In 2009, the contribution limit was $5,000

Major Changes to Life Insurance Taxation are around the corner!

For the first time since December 1, 1982, there are significant changes to the taxation of Life Insurance. These changes will take place as of January 1, 2017. If you are a business owner that is considering Corporately Owned Life Insurance, these changes will have a fairly significant effect on the amount of after tax income received. Fortunately, any insurance applications that are made prior to December 31, 2016 will be grandfathered under the existing rules, and not subject to the higher tax rate. For small business owners, Corporate Owned Life Insurance is very attractive because the policy can be funded by the money inside the corporation, with a significant portion of the proceeds

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