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New tax saving account limit, how it’s going to affect you as a canadian

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New tax saving account limit, how it’s going to affect you as a canadian

  1. 1. New Liberal government has recently announced many changes in tax and one of the changes is Tax Free Savings Account (also known as “TFSA”). As of January 1, 2016 this limit has decreased back to $5,500 per person from $10,000 that was available during Conservative government since 2009 – Inception of TFSA. The TFSA program started in 2009 for those who are 18 years or older with a valid Social Insurance Number (SIN) to help them save tax-free throughout their lifetime. Contributions to this plan is not tax deductible for income tax purpose and income earned through money invested in this plan is tax free even when withdrawn. This plan meant for Canadian residents. Those who become non-resident of Canada and have funds kept invested in this plan will have 1% tax charged (while they are non-resident) for every month the funds stays invested in the plan. Those individuals or families moving out of Canada are advised to contact our office for further details and TFSA planning opportunity while moving to USA or other countries out of Canada. What happens when you become a non-resident of Canada? As mentioned, TFSA is meant for those who are residents of Canada. However, circumstances change for people who move to Canada or move Out of Canada. If you are considered a non-resident of Canada or move out of Canada and become a non-resident individual who is 18 years or age or older:  You will be allowed to keep your TFSA and you will not be taxed in Canada on any growth or for withdrawal;  Any withdrawals that you make during your non-residency will be added back to your room. However, this will be available only when you return back to Canada or reestablish your residential ties with Canada; and  You will not have any room accrual while you are a non-resident of Canada You must consult your tax advisor for further details and get advice on becoming a resident or non-resident of Canada. While rules may be as described, other countries (i.e. United States) may have different rules for the same treatment. If you consider moving south of the border (or any other countries for that case), you are encouraged to consult your trusted Cross-border tax advisor who can assist your TFSA, RRSP and other vehicles that may benefit you in a long-run. For more information Visit : http://rakesh.ca/