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Tax Free Savings Account Canada

The Canadian Government began the Tax-Free Savings Account (TFSA) program in 2009.  This program was a way for people 18 years or older to be able to put money away tax-free.  The contributions into the TFSA are not deductible for tax purposes like the RRSP, but any income earned within the account are earned tax free and any withdrawals from the account are tax free as well.

Who can open a Tax-Free Savings Account?

    • Anyone who is 18 years of age or older and has a valid Social Insurance Number can open a TFSA.  The year a person turns 18 they cannot contribute until turning 18, but at that time may contribute the maximum for that taxation year.

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Canadian Pension Plan Benefits

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Canada Pension Plan Benefits

If you are over the age of 18 and working in Canada you must contribute to the Canada Pension Plan (CPP).

Your contribution will be based on your earnings per year, your pensionable earnings.

If you are employed, you will pay half the CPP required contribution and your employer will pay the other half. If you have your own self-employed income then you will pay the full contribution yourself. Continue reading

Canadian Old Age Security

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Old Age Security

Canada’s old age security program is on of the largest pension programs in Canada, it not a pension that Canadians pay into, but it’s funds are generated from Government of Canada revenues.

The old age security is a monthly pension that is available to people in Canada that are aged 65 or older. In order to receive this pension when living in Canada you are required to meet certain legal and residential requirements.

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