Major 2008 Federal and Provincial Changes Affecting Individuals
- Thursday, 16 April 2009
Tax-Free Savings Account (TFSA):
The 2008 federal budget introduced a new Tax-Free Savings Account (TFSA) which, beginning in 2009, will allow Canadians who are 18 and older to save up to $5,000 per year in the TFSA investment vehicle. Unlike a registered retirement savings plan (RRSP), investors will not be able to deduct contributions to a TFSA for tax purposes; however, investment income, including capital gains earned within the TFSA will not be subject to tax, even when the funds are ultimately withdrawn.
Tax Arrears Cleanup and Filing
- Thursday, 14 May 2009
By now, as a Small Business Owner you are way into your spring cleanup plans from filing and paper work to updating computer system to changing office furniture. But while you are doing that, have you giving some thought to outstanding tax filing of prior years?
This will need cleanup also. Why not put the breaks on and attend to those more critical issues first? Outstanding taxes filing could cause you and your company much headache in the form of interest and penalty.