Category: Tax-Free Savings Accounts

Federal Government Tables Budget 2019: Investing in the Middle Class

Published by Tim Barrett

Minister of Finance, Bill Morneau, tabled the 2019 Budget today (“Budget Day”). This Thorsteinssons update summarizes some of the main tax takeaways.

The tax measures introduced in the Budget should not impact the vast majority of businesses. As a pre-election…

Taxable TFSAs

Published by David Davies

Almost since Tax-Free Savings Accounts (TFSAs) were first introduced in 2009, the Canada Revenue Agency (CRA) has been intent on clamping down on what it views as inappropriate activities undertaken within TFSAs. One area in particular has raised the ire…

CRA Expands Audits of Tax-Free Savings Accounts (TFSAs)

Published by David Davies

We have reported previously on the audit initiatives of the Canada Revenue Agency (CRA) with respect to Tax-Free Savings Accounts (TFSAs) (http://www.thor.ca/tax-alerts/punitive-tfsa-audits/ and http://thor.ca/blog/2012/11/cra-begins-issuing-tax-free-savings-account-tfsa-reassessments/). Recent discussions and correspondence with the CRA suggest a significant expansion of those audit…