Q & A

A Tax Free Savings Account (TFSA) is a flexible registered account which allows Canadians to watch their investments, including interest, capital gains, and dividends grow tax free.

Canadians age 18 and over, with a Social Insurance Number are eligible to contribute $5000 per year (indexed).

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The RDSP is a new registered savings plan that permits individuals to save up to $200,000 on a tax-deferred basis for someone with a disability. It also comes with generous government incentives in the form of the new Canada Disability Savings Grant and the Canada Disability Savings Bond, which can provide up to $90,000 in free government money based on only $30,000 of personal contributions.

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The 2011 contribution limit is the lesser of 18% of 2010 earned income or $22,000. Please keep in mind that Pension Adjustments may have an affect on this.

Remember that earned income not only includes employment, self-employment or professional income, but also rental income.

 

 

 

 

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