Canada Revenue Agency: Max Out Your TFSA to Avoid Paying Income Taxes

Author: External Author | | Categories: Accountant , Accounting , Bookkeeper , Personal Tax , Personal Tax Preparation , Tax Return

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The Canada Revenue Agency (CRA) collects taxes on our income, administers tax law and policy, and delivers benefit programs. Today, one of the most used benefit programs offered by the CRA is the Canadian Recovery Benefit (CRB).

The CRB provides $500 per week for up to 26 weeks. That’s a great relief program. The problem is, it’s taxable, and it has an end date. So, where can we turn for tax-free income today and in our retirement? We can add stocks like Fortis (TSX:FTS)(NYSE:FTS) and Loblaw Companies (TSX:L) to our TFSAs.

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Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Karen Thomas, MSc, CFA 

Original Article Posted on:  November 17, 2020

Link to Original Article:  https://www.fool.ca/2020/11/17/canada-revenue-agency-max-out-your-tfsa-to-avoid-paying-income-taxes/



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