TFSA

[Buddy5]

me and my soon to be wife put 10,000 in the prairies basket. i hope i didn't screw up and the economy will start to recover sooner than later. had to lock that one in for 5 years though, but we want to buy a house in 10 so that didn't matter to me.

[ado089]

Of course single equities qualify. This is a far better system to rrsp's With rrsp's you avoid paying taxes on $10,000 just to trurn around and pay it later on $50,000, were as with this you pay tax on $10,000 (well not quite but close) and don't pay it on $25,000 later. That sounds like better tax avoidance than any paper game you can do to hide income.

[cottonpicken]

http://www.tfsa.gc.ca/


http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/nvstmnts-eng.html

Also says canada savings bonds can be Transfered into the plan.

[JoeyPotato]

I was told you can put the whole $5000 contribution
into a single stock. It does not have to be a fund. This
is a great idea as the right resource play could yield a
large return that would not be taxable.

[rsmith]

Was reading the opinions of some "expert" last weekend who was suggesting that the Govt. will feel the pinch of this program in about 5 or 6 years. That there is some talk going around in Ottawa about scrapping the Capital gains tax altogether and reinstating the Estate tax that was scrapped in 1972. That transfer between spouses would be allowed but not to children, resulting in a tax of about 40%.

That would be devastating to the Family Farm and a bonanza to Life insurance salesmen.

Anybody else hear this speculation?

The Estate Tax is really

[Hopperbin]

Heard 8 years ago already that the Capital Gains exemption may not be around forever yet it was just increased to 3/4 million so I think it was just the accountant mostly wanting the 15000 dollar deal to create another corp. from the old one so farmer could get tax free money earlier.
My opinion is that the Capital Gains Exemption will be around longer than me.

[cottonpicken]

Perverbial rock and a hard spot.

Increase spending=lower taxes?

A trillion of our own unfunded liabilities=lower taxes?

CIBC bank broke=lower taxes?

CMHC taking billions of worthless morgage onto our backs=lower taxes?

More taxes=more death to consumption economy?