Canada Revenue Agency: Big TFSA and RRSP Changes in 2021
The Canada Revenue Agency (CRA) proactively makes adjustments to the tax system to align with the state of the economy and prevailing government policy. The CRA had its work cut out during 2020 due to the unprecedented global health and economic crisis.
With 2020 ending and paving the way for 2021, the CRA also has to account for the record deficit and overall impact of the novel coronavirus. Investors are keenly eyeing updates for the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) that will come into effect each year.
Original Article Source Credits: Yahoo Finance , https://ca.finance.yahoo.com/
Article Written By: Adam Othman
Original Article Posted on: December 3, 2020
Link to Original Article: https://ca.finance.yahoo.com/news/canada-revenue-agency-big-tfsa-180019749.html