A Savings Plan for All Canadians for Their Future The Government proposes to reduce the taxation of savings through the introduction of a Tax-Free Savings Account (TFSA) How the Tax-Free Savings Account Will Work
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Government Programs
Here are links to the Canada Old Age Security OAS program and the Canada Pension Plan CPP: OAS (you can print the 10 page application from here) CPP If you start your pension at 60, your monthly payment is 30 percent lower than if you wait until you’re 65. However, by starting it sooner, you [...]
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In last week’s column, I discussed an advantage of annuity income in reducing one’s taxable income and helping to prevent the clawback of the Old Age Security (OAS) payment. It raised a number of questions about the OAS program. What is it? Who’s eligible? What is the benefit amount and what is the OAS clawback? [...]
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Q. The 2006 federal budget contained a number of proposed changes to personal income tax. What are they? – Terry S. A. Many changes affecting your taxes were proposed in last Tuesday’s Federal budget. Two specific changes to note are the proposed cuts to the GST and personal income tax. These will impact your personal [...]
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Q: Are there any changes I should be making to my investment portfolio in light of the recently passed Bill 43 and 2005 Federal Budget. What impact will this have on my portfolio? Are there any changes I need to make? – Maria L. A: Last week, the 2005 Federal Budget received Royal Assent making [...]
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