Moore Stephens
3 tips and traps on tax-free savings accounts

3 tips and traps on tax-free savings accounts

Tax-Free Savings Accounts: contribution room, penalties, when to withdraw, etc. There’s lots of relevant information to know about TFSAs! Each taxpayer can contribute, cumulatively, up to $5,000 to a Tax-Free Savings Account(TFSA) each year for 2009 to 2012,...
RRSP or TFSA: How do I make the right choice?

RRSP or TFSA: How do I make the right choice?

Many of us have the good intention of saving, but don’t always know which option is best for our situation. RRSP OR TFSA? Is it better to contribute to a Registered Retirement Savings Plan(RRSP) or a Tax-Free Savings Account(TFSA)? Yes, funds invested in an RRSP...
Income splitting with your spouse

Income splitting with your spouse

The government generally disapproves of income splitting between family members. However, a special rule in the Income Tax Act(ITA) allows you to split certain pension income with your spouse or common-law partner. Under the rule, you and your spouse can make a joint...