Mustafa Alam

CRA is going to lock out 800K taxpayers online accounts tomorrow

Canada Revenue Agency (CRA) will be locking 800,000 online taxpayer accounts tomorrow. CRA found that some credentials such as user IDs and passwords may have been compromised. As a preventative measure, these additional CRA user IDs and passwords, along with those associated with locked accounts in February, will be revoked and instructions will be made …

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RESP FOR TAX PURPOSE

RESP FOR TAX PURPOSE: Is there a tax deduction for RESP? Unlike RRSPs, contributions to an RESP are not tax–deductible nor are they taxable when withdrawn. The main benefit of the RESP is the ability to have all earnings (capital gains, dividends and interest) on the investments inside the RESP accumulate tax-free until withdrawn. Is there a tax deduction for RESP? What kind of tax rules apply to …

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Tax‐Free Savings Account (TFSA) – The Tax Perspective

The Tax‐Free Savings Account (TFSA) is an account that allows individuals to earn tax‐free investment income. Canadian residents aged 18 years or older can open and contribute to a TFSA Account. TFSA contributions are not tax deductible; however, any investment income within the account will not be taxed, even when withdrawn. This investment income has …

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