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Current

Tax Free Saving Accounts (TFSA) – Tax Impact on Over-Contribution:

|| June 1, 2013

In a September 1, 2012 Metro News article, it was noted that 76,000 Canadians in 2012 (103,000 in 2011) received a letter from Canada Revenue Agency (CRA) regarding over-contribution to TFSAs. This letter also included a request for tax payment. About 15,000 of these were repetitive Canadians from 2011. It was noted

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Universal Child Care Benefit Payments

|| December 2, 2012

The Universal Child Care Benefit payments are scheduled to be issued on November 18, 2011. If you are the recipient and do not receive your payment by December 2, 2011, you may want to contact CRA at 1-800-387-1193.

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Canada Revenue Agency announces maximum pensionable earnings for 2013

|| November 1, 2012

On November 1, 2012, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $51,100 in 2013 are notrequired or permitted to make additional contributions to the CPP.

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Tax Free Saving Account (TFSA) Limits for 2012

|| January 1, 2012

On December 6, 2011, the Canada Revenue Agency (CRA) announced the TFSA dollar limit of $5,000 contribution room for the year 2012. The limit is indexed to inflation and rounded to the nearest $500 in later years. For 2012, the application of the indexation increase of 2.8%, which is

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