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Planning Opportunities with Tax-Free savings Accounts |
As of January 2009, Canadians will be able to contribute up to $5,000 to a Tax-Free Savings Account (TFSA) annually. Investment income earned within the account is earned tax free, regardless of whether it is interest, dividends or capital gains income. It is even a non-taxable event when funds are withdrawn from the account. As a result, the TFSA is widely seen as a welcome addition to an all-too-short list of bona fide Canadian tax shelters. Read more
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