Tax-News-Updates

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 Unlike RRSPs, contributions to an RESP are not tax–deductible nor are they taxable when withdrawn.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have all earnings (capital gains, dividends and interest) on the investments inside the RESP accumulate tax-free until withdrawn.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 …

RESP FOR TAX PURPOSE Read More »

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contributions are not tax deductible; however, any investment income within the account will not be taxed, even when withdrawn.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 …

Tax‐Free Savings Account (TFSA) – The Tax Perspective Read More »