TFSA contribution space

How Much Money Can You Put in a Tax-Free Savings Account (TFSA)? Each year has its dollar limit; for 2021 it is $6,000. But if you haven’t contributed the full amount per year, you probably have more leeway. Our TFSA contribution margin calculator can help you figure that out. And if you’re debating between a TFSA and an RRSP, you’ll find our explanation of the two tax-sheltered investments very helpful.

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Tax Tips for Canadians

To help you navigate tax season, we’ve rounded up our 15 most popular and helpful tips, from how long to keep tax records to what happens if you lie on your tax return. You’ll also find advice for handling US investments, how much money to set aside for taxes if you’re self-employed, and much more, with links to our full articles on each topic. There really is something for everyone.

Read all 15 Tips: Introduction to the 2021 Tax Season: Our roundup of the best tax tips for Canadians.

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Protect yourself against fraud

While tax scams are nothing new, the pandemic has spawned a new wave of fraud cases, particularly around COVID-related support programs, such as the Canada Emergency Response Benefit (CERB). COVID-19 phishing email scams gave hackers and scammers the personal and/or bank details to claim the benefits.

If you suspect you have been a victim of fraud, collect all relevant documents including your T4, T4As, bank statements, receipts of related transactions, as well as emails or text messages related to the scam. Immediately report the fraud or scam to the Canadian Anti-Fraud Center (CAFC) and the police. Also immediately change all your passwords for financial accounts that you think are being targeted, as well as your email addresses,

Read how one Canadian handled using their name for CERB fraud: “I’m a victim of CERB fraud – two years later, I’m still dealing with the tax implications”

This post Income Tax Guide: Deadline for Filing Your 2021 Return, Tax Brackets and More

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