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Tag: Canadian Residents

The Tax Free Savings Account (TFSA) Overview

TFSA Basics

It started with a concept that saving money should be for everyone; All the Canadian residents who are at least 18 years old can now save up to $5000 each year through The Tax-Free Savings Account – a flexible, registered account that allows earning a tax-free investment income that can help you meet short as well as long-term goals. Canadian TFSA will create a new wave to savings and investment.

What is TFSA?

Web definitions: “The Tax-Free Savings Account (TFSA) is an account, which provides tax benefits for saving in Canada. Contributions to a TFSA are not deductible for income tax purposes. Investment income (including capital gains), earned in a TFSA is not taxed, even when withdrawn.

History of TFSA

It was introduced by Jim Flaherty, Canadian federal Minister of Finance, in the 2008 federal budget and came into effect on January 1, 2009. This was the time when recession was on its peak when every other government throughout the world was trying to stimulate spending, not saving. Canadians are awarded with TFSAs permit of Tax savings to tuck away up to $5,000 a year on which there is nothing to pay in taxes on whatever that money earns.

The C.D. Howe Institute As supported this measure: “This tax policy gem is very good news for Canadians, and Mr. Flaherty and his government deserve credit for a novel program”.

Benefits of TFSA

The Tax-Free Savings Account (TFSA) is a new investment option for Canadian residents 18 years and older to earn tax-free investment income to more easily to meet lifetime savings needs. It offers flexible form of investment that allows holder to withdraw money from his/her account at any time, free of taxes. Its allocations into the account are non-deductible; however it represents a lucrative opportunity for the individuals with leftover income to invest in a productive savings, without the burden of time constraints. The Tax-Free Savings Account (TFSA) also complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

TFSA holds a carry-over nature, that’s why any unused portion under $5,000 cap can be carried forward to subsequent years, without any upward limit. It also allows income splitting to an extent, which allows a higher-earning spouse can contribute to the TFSA of a lower-earning spouse.

Investment income in a TFSA are not taxed, even when withdrawn, whether you are earning in interest, dividends or capital gains. This tax-free compound income means that your money will grow more quickly inside a TFSA in relation to your taxable account. Moreover, an annual contribution limit of $5,000 per year will be indexed to the Consumer Price Index (CPI), in $500 increments, assuming 2% inflation, it will go up to $5500 in 2012.

TFSA’s Eligible Investments

Stocks, bonds, mutual funds, GICs, ETFs, savings accounts and else, TFSA can hold any investments that are RRSP eligible, also includes: eligible shares of private corporations, publicly traded shares on eligible exchanges, various debt obligations, installment receipts, money denominated in other currencies, trust interests like mutual funds and real estate investment trusts, annuity contracts, warrants, registered investments, royalty units, partnership units, depository receipts, and rights and options.

How TFSAs different from RRSPs?

Tax treatment of a Tax-Free Savings Account (TFSA) is opposite to a Registered Retirement Savings Plan (RRSP), there is a tax deduction for contributions and withdrawals of contributions and investment income are all taxable with RRSP. On the other hand, there is no tax deduction for contributions to TFSA, and also there is no tax on withdrawals of investment income or contributions from the account. Every person is entitled for investment money up to $5,000 per year that can be placed into a TFSA. This amount can then be withdrawn without penalty and a time limit. Unlike RRSP’s that must be withdrawn before the holder reaches 71, where the TFSA doesn’t expire. Moreover, the contribution room for the funds withdrawn from a TFSA is reallocated in the tax year after the withdrawal, unlike the RRSP, where the contribution room is permanently reduced once the contribution is made.

In the words of The Canada Revenue Agency (CRA) that describes the difference between a TFSA and an RRSP: “An RRSP is primarily intended for retirement. The TFSA is like an RRSP for everything else in your life“.

Does TFSA require expansion?

According to Stephen Harper’s latest proposal it would double the contribution limit to the Tax Free Savings Account (TFSA) to $10,000 a year; Harper pledges to raise tax-free savings limits. It’s good news for people who are already rich enough to get more tax credit on their easy savings and the banking sector that would willing to see expansion of the TFSA that mean they will get more deposits, more lending and resulting in more profits. The richer would get a bigger tax shelter. But on the other hand there is no broad based demand to double the limit. Indeed, TFSA is a good program and rather than expansion it should be capped.

I always appreciate Stephen Harper and his government because these people have to face a biggest global recession and have successfully handled in keeping up our dollar value but our economy is still under pressure with a group of those people who are still unemployed, without enough savings to invest into future and looking for the better jobs and if it’s really mandatory to go for an expansion then people with financial concern really want to know about:

  • Have the majority of the Canadians already taken the TFSA program?
  • How TFSA expansion will affect future tax revenues?

It seem there are lot of people who don’t agree with a TFSA expansion program; Armine Yalnizyan is a senior economist with the Canadian Centre for Policy Alternatives, here’s you can also read his own findings, Who really benefits from TFSA? The wealthy, for sure.

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How To Get Free Credit Report Canada With My Credit Score

Why do I need to check my free credit report Canada with my credit score?

Learning the basics of the credit report process helps you in maintaining your good financial health because credit bureau collects and maintains how you are doing with your financial responsibility, and to provide it for the people and the organizations who need to find out, have direct concern and interest in your financial history like your employer, business partner or a lender, where your credit score shows your credit risk or advantage. Its a number that has been calculated through a mathematical formula  that measure through assorted variables in your credit report such as your payment history, public records, and debt to income ratio. Here in Canada, according to Equifax’s ScorePower Report, FICO scores range between 300 (bad credit rating) and 900 (excellent credit rating), where lowest number shows you have been suffering from a critical and a bad credit situation likely to default and high credit score brings more and more advantages, like if you are applying for a loan your interest rates depends on it, rates will be higher if your credit score is low and in case of high credit ratting you will get best possible lower rates. The one big investment is your mortgage and most of the people know how good score has brought thousands of dollars in savings to their mortgage repayments. Your  Credit score brings an instant summary that holds just three numerical digits to know your creditability.

Getting a free credit report in Canada holds more advantages for Canadian residents in relation to the American residents but lot of people here in Canada even don’t bother to check their credit profile, this may also be possible that they don’t know if they are entitled to a free credit report or not. Although you will be offered a free credit report Canada but it doesn’t mean that it holds your credit score rating attached. Possibilities are, you may or may not get your credit score with your free credit report, “How To Get Free Credit Report Canada With My Credit Score”, lets clear this phrase.

There are lot of options you may order your credit report, like by phone, fax, e-mail, general mail or online form but getting your credit report at your physical address through your mail request and instant delivery through internet media are the safest and easiest methods.

By mail its free! The credit-reporting agencies will provide you, by mail, with a free copy of your report on receiving your request in writing. Getting a free credit report this way will not provide you with your credit score and it also take some days to reach you.

By Internet some fees apply! You can also order your credit report through TransUnion and Equifax Canada from these reporting agencies’ websites online. This method is quite easy, safe and fast since you will receive your credit report online almost instantly, may take just few minutes after you made your request and other good thing you will awarded with your credit score too. However, these credit-reporting agencies charge a small fee for providing you with an online copy of your credit report and score.

How to get free credit report online that contains your free credit score?

The only way you can obtain your credit score through online applications supplied by these two credit reporting agencies’ on their websites. The fee charged for your credit score might be higher than the cost of receiving your credit report online. However, the cost of your credit score will always include an online copy of your credit report. Moreover, your paid credit report subscription also includes several other features these companies may have but common one is offering you your credit identity protection. The intention of writing these few sentences up are just to make it clear for you that free credit report with free credit score can only be obtainable through these credit reporting companies online, TransUnion and Equifax Canada and it does hold a cost. Now question stands here then how this advertising media is using the phrases free credit report Canada like “free credit score Canada” “free credit report Canada online”, “free credit report Canada Equifax”, “free credit report Canada TransUnion”, “Equifax free credit report Canada” and more like these.

You know how this advertising environment have been so tighten enough today when we have plenty of platforms to select products and services we require and this kind of market behavior and customer’s trend in finding opportunities the main suppliers, producers and marketers are just trying to reach their market and consumers beside trying to balance their own business competitiveness, such kind of aggressive statements that looks golden opportunities, make them prominent to be readily click-able are not false but it require some limitations attached. That’s why (Federal Trade Commission) FTC new rules implemented early this year in America to restrict such free credit report offering through these credit reporting agencies to safeguard consumers interest from such free credit report scam happening by printing these sentences as bellow:

THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV.
You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.

Its compulsory by law to print this above statement on the website’s web pages that contains such free credit report offering and those companies could face fines for not expressing full disclosure about free reports. Although its an American rule for the American websites but we should adopt it on ethical grounds till its not come up as a legislation. How this is true we can have our credit report in Canada free online that holds our free credit score?

You will find several websites offering you a 7 days, 15 days, 30 days or else free trial period for their such services, which offers you to view your free credit report in Canada online for the said period and after expiring you must sign up to carry on using the same service as paid one and some also offers the same free trial service if not canceled before the expiry of the said period you automatically becomes there paid member to be liable for the paid subscription. That’s why always carefully read first about the terms and conditions for the said free Canadian credit report offering, you are going to sign for. Some people will use the same service to view their free credit report in Canada and then just cancel their subscription or a membership before the expiry of the said period.

This is how to get your free credit report Canada that also holds your free credit score, its a good way but you have to remember to cancel your membership with the said company before the free trial period will be up, otherwise they will be start charging you for a service that you no longer been using.

The Canadian credit reports and scores offering system in Canada is very similar to that in the United States, like we both have two common credit reporting agencies working among us, which are Equifax and TransUnion (Experian, the third one has closed its operations in Canada on April, 2009). But there is, however, one main key difference that brings more advantage to us in Canada, is that, unlike the United States, where a consumer is allowed only a single copy of annual free credit report once in a year, in Canada the consumer may order a free copy of their credit report as many times in a year he/she may without any restrictions but as long as the request is made in writing for the printed copy to be delivered by mail. You will find printed statistic on your free credit report that how many times you have received such copies and good thing is this, it doesn’t bring any effect on your credit score.

For more information on how to build or improve your credit history, and how to check for signs of identity theft along the sample credit report Canada and credit score documents you may visit Financial Consumer Agency of Canada. The Government of Canada offers a free publication called Understanding Your Credit Report and Credit Score that you can read online free there, you may also order a hard copy of said publication that is available free of cost to residents of Canada.

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