Up to speed: An overview of tax changes in 2008

November 21, 2008 | Last updated on September 15, 2023
5 min read
  • charitable donations;
  • child care expenses;
  • interest expense on money borrowed to earn investment income; and
  • investment counselling fees.

    Tax-Free Savings Accounts (TFSAs)

    Finally, perhaps the biggest tax announcement in 2008 was the introduction of the new TFSA, set to be launched on January 1, 2009. These new accounts will allow Canadian residents 18 years of age or older to contribute up to $5,000 per year to their TFSA, and any income or gains will remain tax free for life when earned inside the TFSA.

    Avoid the administrative onslaught of new account openings in January by opening TFSAs early, where permitted, and then funding them in early 2009.

    Jamie Golombek, CA, CPA, CFP, CLU, TEP, is Managing Director, Tax & Estate Planning, CIBC Private Wealth Management in Toronto. Contact jamie.golombek@cibc.com

    (11/04/08)

    This Advisor.ca Special Report is sponsored by:
  • alimony payments;
  • charitable donations;
  • child care expenses;
  • interest expense on money borrowed to earn investment income; and
  • investment counselling fees.

    Tax-Free Savings Accounts (TFSAs)

    Finally, perhaps the biggest tax announcement in 2008 was the introduction of the new TFSA, set to be launched on January 1, 2009. These new accounts will allow Canadian residents 18 years of age or older to contribute up to $5,000 per year to their TFSA, and any income or gains will remain tax free for life when earned inside the TFSA.

    Avoid the administrative onslaught of new account openings in January by opening TFSAs early, where permitted, and then funding them in early 2009.

    Jamie Golombek, CA, CPA, CFP, CLU, TEP, is Managing Director, Tax & Estate Planning, CIBC Private Wealth Management in Toronto. Contact jamie.golombek@cibc.com

    (11/04/08)

    This Advisor.ca Special Report is sponsored by: