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Find the latest news stories from National Post on the topic TFSA Centre. |
 Tax Free Savings Account: Three different approachesThe Tax Free Savings Account has been around since January 2009 and many are still confused about what it is and types of investments that can be held within it
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 A better TFSA optionAs co-author of the 2001 study that laid the foundation for the Tax-Free Savings Account, which was introduced in 2009, I should be pleased with the Conservative party's campaign pledge to double annual contribution limits to $10,000. TFSAs now have some five million Canadians participating, with total balances approaching $20-billion. Not a bad payoff for a piece of scholarly research!
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 TFSAs need refining more than enlargingComment: Savers are being misled into thinking that they will be able to accumulate any amounts in their TFSA and still receive income-tested benefits in their old age. Responsible public policy would address this issue now
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 Everyone benefits from TFSAs, reallyJonathan Chevreau: Those who think the TFSA overly 'generous' clearly don't realize how mercilessly investors are taxed, when you add income tax to taxes on investment income, property taxes and ultimately consumption taxes
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 TFSAs key for rookie investorsFor frugal young investors, the best way to become a millionaire is to save the current maximum $5,000 a year in a tax-free savings account. But not just any kind of TFSA
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 Seniors and low-income families suffer tax hitChevreau: 'Some bleat about TFSAs benefiting only the wealthy, but CD Howe shows the real issue for the poor is the perverse incentives of effective tax rates hitting 50% or even higher'
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 Sowing the seeds of TFSA confusionCounterpoint: Jonathan Chevreau once again goes into the trenches to fight for the logic of the TFSA, which (he repeats) are NOT just for the wealthy
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 What if you saved nothing?For older Canadians, the good news is it's unlikely they'll starve. But like any business, they'll have to cut back on expenses, raise revenues by working longer or both
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 Podcast: TFSA promises on the campaign trailThe floodgate of campaign promises has started to spill forth as Canada draws closer to its federal election. Two of them in particular have drawn the interest of Canadians looking to save money
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 TFSAs ignored out of confusionThe rules are simple but most of those who don't contribute to their Tax Free Savings Account blame lack of understanding
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 Gen Y displaying financial wisdom belying 'live in the now'
imageIt may come as a surprise to some, but Generation Y may be displaying wisdom beyond their years when it comes to planning for their financial future approach to money and investing. The research shows that 40% of survey respondents between 18 and 29 have RRSPs and 80% plan to contribute the same or more to their RRSP this year. About 21% plan to start contributing to RRSPs before the March 1 deadline. The survey also showed that 44% already have TFSA accounts and another 20% plan to open a TFSA in 2011. "Young people in their 20s are often portrayed as 'living in the now' but the survey results indicate there is a good deal of foresight at work as well," says Dan Collison, regional director with Investors Group.
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 TFSAs largely ignoredTax-free savings accounts may be the single most important change to Canada's tax code since RRSPs were launched in 1957 and yet only 43% of eligible Canadians have one
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 RRSPs, TFSAs duke it outIn the battle being waged between the RRSPs and TFSAs, many commentators have opined that it really comes down to what your tax rates are today versus what you think they might be when you access your registered funds.
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 Maximize your RRSP and TFSAs benefitsA good financial and retirement plan takes into account a person's needs and circumstances at each stage of life, with the goal of optimizing their savings and reducing their tax bill
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 Is the RRSP down for the count?For 50 years, the RRSP has been the unchallenged champion of the tax shelter. But there is a new challenger stepping into the ring: the increasingly mighty TFSA
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 RRSPs not the first choice for the youngA Royal Bank of Canada poll this week suggested fewer young Canadians are saving for retirement in RRSPs, and many analysts think that is just as it should be
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 When does a TFSA trump an RRSP?When does a TFSA trump an RRSP?
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 Live chat: TFSAs take on the mighty RRSPFinancial Post's Jonathan Chevreau and CIBC Wealth's vice-president of tax and estate planning, Jamie Golombek, will host a live chat on the burning questions of this RRSP season, Wednesday, Jan. 19 from 12 noon to 1 p.m. at financialpost.com.
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 Your first financial act of 2011It's an opportune time to execute your first financial act of 2011, i.e. to make a brand new $5,000 contribution to your Tax Free Savings Account
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 A third of Canadians won't make RRSP contribution this yearWith another RRSP season approaching, a 'disturbing' 70% are not fully familiar with the mix of investments in those RRSPs
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 TFSA take-up rate almost doubles from year agoTakeup rates for the new Tax Free Savings Accounts introduced in 2009 have almost doubled from 24% this time a year ago to 43%
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 Guide to a Good Life: Three tax-saving resolutionsBut why not make a New Year's resolution that benefits everyone, like getting free money from the government?
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 More Canadians opening tax-free savings accounts, poll showsTakeup rates for the tax-free savings accounts have almost doubled from 24% this time a year ago to 43%, an Investors Group poll shows. And of those who still have yet to open one, 19% say they will do so in 2011 says the Harris/Decima poll of 2,031 Canadian adults. Meanwhile, the 53-year-old RRSP remains popular, with a 74% penetration. Among RRSP holders, 79% plan to invest as much or more this year as they did last year -- up from 68% last year. Of those without them, 62% said they "didn't have enough money" after living expenses Half have annual household incomes below $40,000 but 35% earned $50,000 to $100,000 a year. Among excuses, 11% preferred TFSAs (a sensible priority for those in lower tax brackets) and 17% wanted to pay off their home mortgages. However, 13% wanted to buy "things they want now."
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 Tax strategy key to retirement planningPlanning for comfortable retirement comes down to three key strategies for entrepreneurs, says Barbara Garbens, a registered financial planner and president of Toronto-based BL Garbens Associates
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 Still confused about TFSAs?You're not alone. Read on for answers to some excellent questions
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