TFSA

  • TFSA - Did You Know . . .

    Posted by lbourgeois on Wednesday, January 04, 2012.

    The 2012 new TFSA room will again be $5,000.  Although many within the financial industry had interpreted the legislation to mean that the annual inflation rate was accumulative so had expected the 2012 new room to be $5,500, CRA announced December 2, 2011 that the 2012 new TFSA room would remain at $5,000.  Read more.

    Read more

  • TFSA - Death of the Holder

    Posted by lbourgeois on Friday, June 24, 2011.

    From what I am hearing, one of the most misunderstood TFSA reporting requirements is when a holder dies and a spouse/common-law partner (clp) was named as successor holder.  Some FIs are simply closing the deceased’s TFSA and transferring the funds over to the surviving spouse’s/clp’s TFSA.  A BIG NO-NO!!  Read more . . .

    Read more

  • TFSA - A Regular Savings Account??

    Posted by lbourgeois on Wednesday, February 17, 2010.

    We are now into year 2 of the Tax-Free Savings Account and the majority of your members who began investing in this new product last year have already moved this year’s $5,000 deposit limit from their regular savings to their TFSA account.  This type of TFSA investor is the easy one.  They add the maximum limit each year and leave it there, no withdrawals.                                 Where the credit unions and other financial institutions are going to have problems is with those members who have keyed on the word “Savings” and treat the TFSA as a normal savings, putting money in, taking money out, putting money in again.   read more

    Read more