After Tax Proposals, Investors Need to Be Making the Most of Their TFSAs
In July, the Department of Finance proposed changes to the tax policy for small businesses. These changes are in part due to the increased number of temporary, part-time, and contract work, who operate as private corporations, in comparison to the traditional salaried worker. As a result, Canadians, especially non-salaried, should be taking advantage of their Tax-Free Savings Account (TFSA).
- Independent contractors, on-demand workers, remote workers, and other areas, make up 20-30% of the workforce today.
- In light of these trends, it is no accident that the Canadian government is looking to close loopholes for small businesses.
- Investing in stocks can provide growth and income for investors to boost tax-free capital growth.
“All Canadians should be taking advantage of the room in their Tax-Free Savings Accounts (TFSA), but for those in the gig economy, getting the most out of their TFSAs is crucial.”