Common mistakes on TFSA

The name TFSA – Tax Free Saving Account can be quite misleading or confusing. Some people think that it is the same as a regular bank saving account. Moreover, certain banks only offer TFSA account with such limited function. This further confirms their misunderstanding.  In fact, TFSA can be used to hold all kind ofContinue reading “Common mistakes on TFSA”

How to reduce withholding tax by your employer?

First, you can submit the form T1213 called Request to Reduce Tax Deductions at Source to CRA. One common justification to reduce tax is RRSP contribution. Many people wait for the tax refund and feel very happy about it. However, the government hold the refund for a year and don’t pay you any interest. Instead,Continue reading “How to reduce withholding tax by your employer?”