The You First Blog

New $10,000 TFSA limit approved

April 24, 2015
Odette Morin

              BREAKING NEWS The CRA has come out and confirmed that the TFSA increase to $10,000/year is effective immediately (before budget gets passed into Law).  You can top up your limit now. The total maximum contribution from all previous years to date is $41,000.  If you have maximized every… Read More

        The Federal Government delivered its “New Balance” budget today offering lots of goodies for everyone. Here are the most important announcements affecting your financial planning: No new tax cuts. TFSA limit is being increased from $5500 to $10,000 per year effective immediately. This happens as soon as the budget is passed… Read More

Surprise! Surprise! Vancouver is not the most expensive city for first-time home buyers. “Despite being Canada’s most expensive real estate market in general, Vancouver was second to another major city in terms of how much first-time home buyers spend on a property, according to a recent survey by Genworth Canada. First-time buyers in the city… Read More

I read this article this week about ways to waste a valuable tax refund.  Here is the link below. Just remember that a refund is not free money.  It is tax you overpaid from your paycheque or other source of income.  Don’t fool yourself.  It is not a true windfall. If you spend this money… Read More

This is a question you must answer on your tax return.  If you say yes, you have to complete T1135 which outlines the value of the foreign property and the income derived from them. Failure to report your worldwide income and assets will trigger a hefty penalty. The penalty for a late filed T1135 is… Read More