How to pay for education from tax free savings accounts

How to pay for education from tax free savings accounts

Tax-Free Savings Accounts (TFSAs) are a popular investment vehicle in Canada that allow individuals to save and invest money without paying taxes on the growth or income generated within the account. TFSAs were introduced in 2009 as a way to encourage Canadians to...
How a health savings account affects your taxes

How a health savings account affects your taxes

Health Savings Accounts (HSAs) are tax-advantaged savings accounts that are designed to help individuals and families save money for medical expenses. They were introduced in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. The...
What is the child tax credit in 2024?

What is the child tax credit in 2024?

The Child Tax Credit is a tax benefit provided by the government to help families with the cost of raising children. It is a credit that can be claimed on a taxpayer’s federal income tax return and can reduce the amount of tax owed. The purpose of the Child Tax...
How does an S corp save taxes?

How does an S corp save taxes?

S Corporations, also known as S Corps, are a popular business structure that combines the benefits of a corporation with the tax advantages of a partnership. An S Corporation is a legal entity that is separate from its owners, known as shareholders. It provides...
Are savings account taxable?

Are savings account taxable?

Savings accounts are a fundamental tool in personal finance. They provide individuals with a safe and secure place to store their money while earning interest. The interest earned on savings accounts can help individuals grow their wealth over time. However, it is...
small business tax saving ideas

small business tax saving ideas

Tax savings are crucial for small businesses as they can significantly impact the bottom line. By implementing effective tax saving strategies, small business owners can reduce their tax liability and keep more money in their pockets. In this article, we will explore...