Government of Canada New Canadian Taxpayer's Savings and Investment Plan

It has been said about investments and taxation that first of all that “There is no free lunch” , “Nothing is for nothing”, any government big enough to give you everything you want is big enough to tax and take away every penny that you have in your pocket , bank account and wallet”. Still for Canadians the Government of Canada has given you a break in your taxes for once. That is if you take advantage of this tax investment saving plan.

In 2008 the Federal Government of Canada introduced the “Tax Free Savings Account” (TFSA) program. As a Canadian citizen, wage or investment earner and taxpayer it is your legitimate right as well as privilege to take full advantage of this program and its investment benefits. Those nice people at the C.R.A. Canada Revenue Agency have ensured and guaranteed you as a Canadian rate payer certain specified rights and obligations. By specifically offering you this financial vehicle it should behoove you as a denizen of the Dominion of Canada to take full advantage of this official and registered program. It is your right under the CRA rules as well as the officially sanctioned Canadian Revenue Agency “Taxpayer’s Bill of Rights”.

One of the principle features of the TFSA is its tax-free nature. This is of tremendous benefit to Canadian residents and citizens who for the fast 55 years have relied many on RRSPs (Registered Retirement Savings Plans) or other duly “registered” accounts for their “tax shelter” purposes when it comes to filing their yearly Canadian tax returns each and every springtime.

This specific financial vehicle, the TFSA (Tax Free Savings Account) has more than a few distinguishing if not unique holdings and features. For one unlike a RRSP account that is specifically “tax deferred”, all incomes that are “earned” in a TPSA are totally and fully tax free. Thus this offers a rather exclusive specific planning opportunity to Canadians of all ages; variety and regions are they in Toronto, Vancouver British Columbia Irricana or Sundry Alberta or even residing in a foreign country overseas yet filing an annual Canadian taxation year report submission. The program began in its full implementation on January 2 of this current year of 2009. Basically while the benefits may appear small given the contribution limits as new contribution room becomes available each and every year, the benefits grow and over time the value can really become large and more than substantial.

These there are numerous planning opportunities created the introduction of this financial growth and investment scheduled system program to each and every ordinary and not so ordinary Canadian. It’s a good opportunity now available to citizens of the country of Canada – fully all the provinces and territories from Alberta to Newfoundland and north to the Northwest Territory, the Yukon and even the newest named and created governed area “Nunavut”.

Thus it is wise and prudent for each and every solitary Canadian to review this newly offered federal government of Canada officially created as well as anointed program as yet one more option and cog in the wheel to increase their own, as well as their family’s net worth as well as save substantial taxes over the long run.

After all there is no law on the books in the Country of Canada or at the Canadian Revenue Agency C.R.A. that you should pay more than your fair share of taxes.