Starting in 2015, you can contribute up to $10,000 annually to your TFSA (up from $5,500)
What this means is that the total lifetime contribution limit up to 2015 is now $41,000, so if you haven’t already contributed, you could move that much of your investments into a tax free account immediately, and stop paying tax on any investment income from that money.
What better way to avoid a bunch of those little T3 and T5 investment income slips that you get every year, and that make your tax return less… well… taxing?
Effective for the 2014 tax year, the new Family Tax Cut provides families can reducing the family’s taxes by up to $2,000.
The calculation itself is a little complicated, but if you are a couple with kids under 18, this will almost certainly save you money.
The basic concept is to level the playing field for all families. Thanks to progressive tax rates, when a couple earns two equal incomes, they pay lower taxes than a couple with the same total income, but with one higher income earner. This new policy estimates the tax impact of splitting the income equally between the couple, and directly reduces the taxes of the higher income earner.