Tag Archives: Roth plans

7th Eternal Truth: Don’t say no to free money from the Government

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Uncle Sam on a white background offering stacks of bills

Today in the Financial Post and online are the seventh and final installment of my series on the 7 Eternal Truths of Personal Finance. The headline and online link is Eternal Truth No. 7: Don’t say no to the few offers of free money from Ottawa.

That applies to Washington to, of course! Either way, and as the article points out, truly free money from Government is a rare thing, since money is really flowing in the opposite direction in the form of taxes.

Still, there are ways to minimize the tax burden in either country, and you shouldn’t say no to them when they’re on offer.

Here’s a summary of the entire series, with links to each of the seven Truths.

 

7 things you may not know about TFSAs

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Canadian Tax-Free Savings Account concept word cloudFrom the latest issue of MoneySense comes this list of 7 things you don’t know about Tax Free Savings Accounts. Note to any American readers: Canada’s TFSA is similar to Roth IRAs.

Here are senior writer Julie Cazzin’s seven facts. Click through above link for more complete explanation.

1.) Whatever amount you withdraw from a TFSA is added to your contribution room in the following calendar year.

2.)  Interest, dividends and capital gains in your TFSA are not considered income, even when you withdraw the money. Continue Reading…