Limits for Tax-Free Savings Accounts Increase by $500
Earlier this week, the Harper Government announced that Canadians will be able to save an additional $500 in their Tax-Free Saving Accounts (TFSA) starting in 2013. This will increase the annual contribution limit to $5,500.
So why are Tax-Free Saving Accounts so great? For starters, they are exactly as their name states…tax free!
A TFSA allows individuals to invest in a number of investments types (high-interest savings account, mutual funds, guaranteed investment certificates, listed securities, or other types of qualified investment products) and any interest, dividends, or capital gains earned are not subject to tax.
Another great feature about TSFA’s, is that any unused contribution dollars can be carried forward to be used in future years.
At LaBarge Weinstein, our Taxation, Tax Planning and Tax Litigation group provides assistance to both individuals and businesses. They can help you with services including: reorganizing business structures to improve tax efficiencies; family trusts; developing and implementing estate plans; use of testamentary trusts and dual wills; and general tax advice.
For assistance with your tax-related needs, please contact one of our tax lawyers:
1) Paul LaBarge – firstname.lastname@example.org; (613) 599.9600 Extension – 201
2) Estelle Duez – email@example.com; (613) 599.9600 Extension – 250
3) Dineen Beath – firstname.lastname@example.org; (613) 599.9600 Extension – 259
Learn more here about Tax-Free Saving Accounts.