I have a tax free account
By suspenseful
@suspenseful (40192)
Canada
February 5, 2009 2:10pm CST
Finally they have done in Canada what has been common in many other countries, we can now open a tax free account, where the interest is tax free. Right now we can deposit up to $5,000 a year, and even though we may take some out for expenses, etc. we will not have to worry about that getting taxed on withdrawal. This is a boon because for years us Canadians have had to worry that if we save over a certain amount of if we have $10 of interest, that is taxed especially if that amount puts us in the next tax bracket.
So how many of you Canadians have opened a tax free account? I am not going to ask what you will use it for, but for me I plan to use it to save for a computer and after that who knows? Maybe a trip, maybe for my funeral, who knows?
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