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A tax-free savings account (TFSA, French: Compte d'épargne libre d'impôt, CELI) is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends , earned in a TFSA is not taxed in most cases, even when withdrawn.
The 2008 budget was tabled on February 26, 2008. No new tax cuts were announced in the budget, but Finance Minister Jim Flaherty announced the creation of a new Tax-Free Savings Account, into which an individual can deposit up to $5,000 a year. Flaherty said that it is the "single most important savings vehicle since the introduction of the RRSP".
Capital gains made by investments in a Tax-Free Savings Account (TFSA) are not taxed. Since the 2013 budget, interest can no longer be claimed as a capital gain. The formula is the same for capital losses and these can be carried forward indefinitely to offset future years' capital gains; capital losses not used in the current year can also be ...
As finance minister, Flaherty reduced personal income taxes and corporate taxes, reduced the goods and services tax to 5%, introduced the tax-free savings account, and dealt with the Great Recession; the $55.6 billion deficit in the 2009 Canadian federal budget was eliminated in 2014 as a result of major spending cuts.
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes , administers tax law and policy , and delivers benefit programs and tax credits. [ 4 ]
Canada Customs and Revenue Agency (CCRA; French: Agence des douanes et du revenu du Canada, ADRC) was a department of the government of Canada and existed from November 1, 1999 until December 12, 2003.
In his announcement, Oliver pledged a balanced budget and a potential surplus of approximately $1.6 billion. [ 37 ] [ 38 ] [ 39 ] The previous prediction reported in the CPC's spring 2014 finance release, showed that the federal government "was on track for a $7.5-billion surplus 11 months into 2015-16."
Tax-deferred accounts have two main advantages. Portions of this article were drafted using an in-house natural language generation platform.The article was reviewed, fact-checked and edited by ...