GORDON PAPE TFSA PDF

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This copy is for your personal non-commercial use only. Contributions have to be made with after-tax dollars, whereas money going into an RRSP earns a dollar-for-dollar deduction.

They see TFSAs as a better option because at the end of the day any money withdrawn is received tax-free. Respondents aged plus overwhelmingly 64 per cent to 17 per cent said that given the choice of contributing to only one plan they would choose a TFSA. Every month I receive dozens of questions from readers. The majority, by far, relate to Tax-Free Savings Accounts. Where to invest: TFSAs were designed to eliminate taxes on invested money. The RBC survey found that 43 per cent of the assets in these plans are held in savings accounts or cash.

With interest rates so low, any interest earned on that money is minimal and the tax saved even less. One of the problems may be the name: Tax-Free Savings Accounts. If Mr. Flaherty and his team had named them Tax-Free Investment Accounts instead, more people might have realized that they could be used for a wide range of securities, including stocks, mutual funds and ETFs.

Switching accounts: One of the most common mistakes people make is switching a TFSA account to another financial institution. You can also make up any past contributions that you missed.

You are also allowed to recontribute any funds that you withdraw from the plan. But that cannot be done in the same calendar year. More than , people ran afoul of that rule in , prompting the CRA to take a more lenient approach with them. The tax folks are not so forgiving now.

It should be no surprise that Ottawa said no to that idea from the outset. But there is a way this can legally be done in certain circumstances.

A reader wrote to say his wife has no income. But the basic personal exemption would more than offset that. She would end up paying zero tax on the RRSP withdrawal and the withholding tax would be refunded to her. What happens to a TFSA if you leave the country on a temporary basis?

The short answer, as far as the CRA is concerned, is nothing. You can keep your plan until you return. The long answer is more complicated. For starters, you are not allowed to make any contributions to the plan while you are a non-resident. Penalties apply if you do. Worse, if the U. Your TFSA is seen by them as a foreign trust. That means you have to file annual reports on the plan and pay U. After encountering this nightmare, several people have told me they wound up their plans.

Other countries have different rules, so if you are temporarily locating outside of Canada, check with an international tax expert on what to expect. Obviously, there are a lot of wrinkles in the TFSA rules. But make sure you understand the rules before you start. Anyone can read Conversations, but to contribute, you should be registered Torstar account holder. If you do not yet have a Torstar account, you can create one now it is free.

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Gordon Pape

This copy is for your personal non-commercial use only. Contributions have to be made with after-tax dollars, whereas money going into an RRSP earns a dollar-for-dollar deduction. They see TFSAs as a better option because at the end of the day any money withdrawn is received tax-free. Respondents aged plus overwhelmingly 64 per cent to 17 per cent said that given the choice of contributing to only one plan they would choose a TFSA. Every month I receive dozens of questions from readers. The majority, by far, relate to Tax-Free Savings Accounts.

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Gordon Pape’s mailbag: Maximizing retirement savings, TFSA losses and what to do with cash

Gordon Kendrew Pape born is a Canadian author, columnist, and investor. He has written more than 20 books on a variety of subjects, including novels, personal finance, investing and Christmas trivia. Born in San Francisco , Pape moved to Canada as a teenager with his family in From Wikipedia, the free encyclopedia. The Financial Post. Retrieved January 3, The Fund Library.

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