To raise awareness of the abuse of older adults in Canada, the Government of Canada has approved funding for 16 projects through the Elder Abuse Awareness component of its New Horizons for Seniors Program.
February 11, 2010
December 22, 2009
The Government of Canada supports seniors in Edmonton
Mr. Peter Goldring, Member of Parliament for Edmonton East, today announced federal support to the ASSIST Community Services Centre under the Government of Canada’s New Horizons for Seniors Program.
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December 11, 2009
Canada Pension Plan and Old Age Security benefit rates effective January 1, 2010
Human Resources and Skills Development Canada today announced the benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS) effective January 1, 2010.
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November 27, 2009
Minister of State (Seniors) promotes healthy and active aging
The Honourable Marjory LeBreton, Leader of the Government in the Senate and Minister of State (Seniors), participated with health and social service providers today at a community health summit organized by VHA Health and Home Support to promote awareness of seniors issues.
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November 26, 2009
Government of Canada and National Seniors Council listen to seniors in Ottawa
At a national round table on seniors’ issues today, the Honourable Diane Finley, Minister of Human Resources and Skills Development, the Honourable Marjory LeBreton, Leader of the Government in the Senate and Minister of State (Seniors), and members of the National Seniors Council (NSC) met with a number of national organizations, including seniors’ groups, to examine the NSC’s two current priorities: volunteering among seniors, and positive and active aging.
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Government of Canada and National Seniors Council listen to seniors in Ottawa
At a national round table on seniors’ issues today, the Honourable Diane Finley, Minister of Human Resources and Skills Development, the Honourable Marjory LeBreton, Leader of the Government in the Senate and Minister of State (Seniors), and members of the National Seniors Council (NSC) met with a number of national organizations, including seniors’ groups, to examine the NSC’s two current priorities: volunteering among seniors, and positive and active aging.
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September 4, 2008
Tax-Free Savings Accounts to help you keep your money – part II
Last week, in the Tax-Free Savings Accounts to help you keep your money – part I post, I answered some of the questions about the Tax-Free Savings Account or TFSA that the Canadian government had proposed in the 2008 budget. In 2009, you will be able to save up to $5,000 every year without being taxed on interest earned. This is great news for savers, especially retired individuals.
Below are answers to some more questions about the TFSA and how it will impact your retirement plans.
Will money earned in a TFSA or withdrawn from a TFSA be considered income for tax purpose?
No, when computing income for tax purposes, you will not have to include money earned in a TFSA or withdrawn from a TFSA.
Will contributions and withdrawals affect my Old Age Security or Guaranteed Income Supplement benefits?
No, any contributions or withdrawals will NOT reduce other benefits that are based on your individual income level.
Since it’s called a tax-free savings account, do I have to put my money in a savings account?
No, you can hold the same investments as a RRSP. This means you can invest in mutual funds, publicly traded securities, GICs, bonds and certain shares of small business corporations. Check with an account or tax lawyer for more information on this.
What investment vehicles will I be able to use?
No more stuffing the cash under your mattress! You’ll be able to open a savings account, invest in mutual funds, publicly traded securities, GICs, bonds and certain shares of small business corporations..tax free!
Can I borrow money to invest in an TFSA and deduct the interest payment?
No, interest on money borrowed to invest in a TFSA would NOT be deductible for tax purposes.
If you have any more questions, please ask them here.
August 29, 2008
Tax-Free Savings Accounts to help you keep your money – part I
Image via Wikipedia The Federal Government has passed legislation to let Canadians save without paying tax on the interest we earn. Soon, you will be able to save up to $5,000 every year without being taxed on interest earned. This is great news for savers, especially retired individuals. Below are some common questions that I’m sure you have thought about and answers to put your mind at ease:
What is a Tax-Free Savings Account?
A tax-free savings account or TFSA is a registered savings account that allows Canadian taxpayers to earn investment income tax-free inside the account.
When can I open a TFSA?
According to the 2008 budget, you can open a TFSA starting in 2009.
Are contributions to the tax-free savings account tax deductible for tax purpose?
No, contributions are NOT deductible.
Are withdrawals of contributions and earnings from the tax-free savings account taxable?
No, withdrawals of contributions and earnings from the TFSA are NOT taxable.
Would there be any restrictions on withdrawals like there is on Registered Retirement Savings Plans (RRSPs)?
No, you can withdraw any amount from your tax-free savings account for any reason.
Are there any tax benefits to making a contribution to a TFSA?
No, contributions to a tax-free savings account would NOT be deductible in computing income for tax purposes.
I have more questions about the TFSA – where do I go?
Watch for part II of this article next week.