A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
Canada’s tax system is based on self-assessment, but CRA has substantial powers and latitude to assess and reassess those returns as it sees fit, leaving the onus to prove otherwise with the taxpayer.
In deciding which of the two tax preferred investment vehicles should be used for various lifecycle purposes – the TFSA or the RRSP - advisors and their clients should carefully consider all the advantages of investing in and withdrawing from each vehicle.
What should you do with your RRIF withdrawals once you’ve generated the tax with the funds?
Thinking of making a big change in your career path? Maybe it’s time to take control and be your own boss?