If you’ve never opened a TFSA, you can contribute up to $69,500 today.
The tax-free saving account lets you stash extra cash for just about anything – rainy-day savings, a new house or retirement. A TFSA lets you do this without paying any tax on the growth within the account or on withdrawals.
Still, since the government introduced the TFSA in 2009, it’s estimated that only around half of Canadians have opened one.
olgacpa # vancouveraccountant #taxtips #saving #tax free saving account
Based on news from Department of Finance, the Government of Canada is moving forward with a proposal that would put more money in the pockets of Canadians. The proposal is to amend the Income Tax Act to lower taxes for the middle class, and people working hard to join the middle class, by increasing the Basic Personal Amount (BPA) to $15,000 by 2023.
The enhanced Basic Personal Amount would help to make life more affordable for Canadians. It would mean that middle class Canadians, and people working hard to join the middle class, would pay no federal taxes on the first $15,000 they earn. This planned to be implemented in over four years, starting in 2020.
When fully implemented in 2023, single individuals would save close to $300 in taxes every year, and families, including single parent, would save nearly $600 every year.
The Government also proposes to increase two related amounts, the Spouse or Common-Law Partner Amount and the Eligible Dependant Credit, to $15,000 by 2023.
*This blog is for information only and not to be used as tax advice or planning without first seeking professional advice. Information is subject to change without notice.
** The news are published at Department of Finance Canada website December 9, 2019
CPA BC is proud of female leaders running businesses in BC.
CPA BC recognizes inspirational leaders in it’s Annual Membership Program.
Public and private sector companies need more woman leaders. By providing choice, being open to innovative solutions, and proving greater flexibility in the workplace, balance of work and life can be supported. This will enable more woman to join the workforce and create a better work environment that places people first.
As personal taxes filed for 2018, it’s a good time to think of 2019 tax season and get ready for the next year personal tax filing. RRSP is one of the ways to invest in your retirement and optimize taxes. The notice of assessment will have RRSP deduction limit. Please make sure not to invest over RRSP limit, as that would result in additional tax on over-contributed amounts. Keep our contacts for the next tax season Olga@LCPA.ca / 604-719-5202 / www.LCPA.ca. #olgalipnitskaya #northshoreaccountant #northshoretax #taxincanada #vancouveraccountant #accountantinvancouver #filecorporatetax #filetax #tax #taxrefund #money #filebusinesstax #taxseason #cpa #taxtips #olgacpa #onlinebusiness #growyourbusiness #businessincanada #financiallyfit #supportbusiness #investment
Helping businesses and individuals to file their tax returns in 2019 tax season. Our office published a checklist to assist with collection of required tax slips and documents for accountants. Please use the link: http://lcpa.ca/tax-services-north-vancouver/
Contact our office Olga@LCPA.ca / 604-719-5202 / www.LCPA.ca to file your taxes. #olgalipnitskaya #northshoreaccountant #northshoretax #taxincanada #vancouveraccountant #accountantinvancouver #filecorporatetax #filetax #cpa #taxtips #olgacpa #onlinebusiness #businessincanada #taxplanning