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September, 2019

5 dos and don’ts of tax-free savings accounts – National

TORONTO – Tax-free savings accounts: A great way to pay less tax on your savings, but also a program that more than 50,000 Canadians are doing wrong.

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That’s how many people the Canada Revenue Agency (CRA) warned earlier this year that they’re facing a one per cent tax penalty on over-contributions–depositing more money in a tax-free account than they’re legally allowed. Many of those people were likely under the impression they were following the rules.

Read below for the dos and don’ts of TFSAs, and some examples of how to calculate what you’re allowed to put in and take out.

1. Don’t go over the maximum contribution amount

This is the maximum you’re allowed to contribute to a tax-free savings account since they were launched in 2009. It applies to people who were at least 18 years old that year.


So if you don’t yet have a TFSA and you were born before 1992, you can contribute a total of $31,000.

If you’re at the maximum total contribution amount and you go over the allotted amount per year, the CRA will impose a tax of one per cent per month for each month (or part of a month) that the excess money is in the account. You’ll keep getting taxed until you withdraw the excess amount, or if it’s absorbed by extra contribution room in later years.

See examples from the CRA of tax payable on excess TFSA amounts

2. Do keep track of your contribution room each year

Keep track of your how much contribution room you have through the financial institution holding the TFSA – it will report your contributions and withdrawals.

3. Don’t go over the total contribution allowance if you open more than one TFSA

You are allowed to open more than one TFSA, but the total contributions to all accounts is the same as it would be if you only had one account  (i.e. $31,000 if you’ve reached the maximum amount each year up to 2014).

4. Do fill out the proper tax forms if you go over the maximum

For any year you need to pay the one per cent tax because of an excess TFSA amount, you must complete and file two forms by June 30 of the year following the calendar year in which the tax arose.

Those papers are Form RC243, Tax-Free Savings Account (TFSA) Return, and Form RC243-SCH-A, Schedule A -Excess TFSA Amounts.

5. Don’t replace TFSA contributions that you’ve withdrawn until the next calendar year

This is where many people get confused.

Withdrawals from your TFSA don’t reduce the total amount of contributions you’ve already made for the year—so think of that $5,500 per year (as of 2013) as the total amount you can put in for the calendar year, no matter what you take out.

So if in January 2014, you have a TFSA with the maximum total contribution of $31,000, and you decide to withdraw $6,000 in June 2014, you have to wait until at least January 1, 2015 to replace the $6,000. If you do it before then, you will be taxed one per cent by the CRA until you withdraw that extra cash.

See the CRA’s examples of making and replacing withdrawals here

One Ottawa fire hydrant has made the city more than $65k since 2008 – Toronto

OTTAWA – There’s a fire hydrant in the national capital that spouts cash.

Tucked away on a side street of Ottawa’s Little Italy neighbourhood is a hydrant that’s responsible for more parking fines than any other in the city.

The little yellow fireplug on Beech St. between Preston St. and Rochester St. has netted the city more than $65,000 since 2008.

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  • Illegal parking next to Toronto fire hydrants a cash cow for the city

A Canadian Press analysis of Ottawa’s parking-ticket data, obtained through a freedom-of-information request, found that the Beech St. hydrant is the city’s biggest money maker. More than 1,100 tickets have been handed out at that spot.

So why is this one hydrant such a cash cow for the city?

A couple of bylaw officers out on a recent patrol think it’s because the white lines painted on the road on either side of the hydrant make it look like a parking space when it isn’t. The lines are actually there to show people where they can’t park.

READ MORE: Illegal parking next to Toronto fire hydrants a cash cow for the city

The bylaw officers, who didn’t want to give their names because they weren’t authorized to speak publicly, say there’s almost always someone parked in front of the hydrant, even when the rest of the street is completely empty.

Sure enough, during a recent noon visit, a car was parked there.

There are actually two hydrants on this stretch of road, but the bylaw officers were positive the one midway between Preston and Rochester streets is to blame for all the parking tickets.

It’s in a prime location, just steps away from Little Italy’s main thoroughfare with all its busy shops, restaurants and pubs.

The spot’s proximity to a paid parking lot also makes it an attractive option to drivers who would prefer to park on the street, where it’s pay-and-display.

No one from the city was available for an interview.

©2014The Canadian Press

5 revelations from rocker Courtney Love

TORONTO — Rocker Courtney Love, who was married to Nirvana frontman Kurt Cobain when he died in 1994, has admitted she lost about $27 million in “Nirvana money.”

In an interview with The Sunday Times, the 50-year-old singer said she’s not bothered by the financial blow.

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“I know that’s a lifetime of money to most people, but I’m a big girl, it’s rock ‘n’ roll,” she said. “It’s Nirvana money. I had to let it go. I make enough to live on. I focus on what I make now.”

Love also said she got control of her finances thanks to cocaine.

“I had to run very fast to look after my money and I felt cocaine helped me do that,” she said. “So I started taking cocaine and that turned into nine months of crack.”

Here are five more fascinating statements and revelations Love made in the Sunday Times interview:

She plans to have plastic surgery

“When my looks are shot — which I reckon will be in about six years — I’ll have plastic surgery here on my chin, and they can pull my cheeks back,” said Love. “But I’m not ready for that. And because of the smoking, the mouth is starting to give.”

She — not her daughter — controls the Nirvana music catalogue

Love dismissed as “absolute nonsense” reports that 21-year-old Frances (her daughter with Cobain) controls the catalogue. “When she’s 40, she becomes a member of the board and she has a vote, but not now.” Love also said she has turned down a lot of requests to use Nirvana songs. “I’ve protected it from everything from KFC commercials to movies about board games,” she said. “We’ve been offered $6 million for 18 seconds of one Nirvana song.”

She went along with a three-day stint at a psychiatric facility because she wanted to smoke.

“I wanted a cigarette so bad I just kept saying, ‘Yes sir, no sir,’ so they had to let me out,” recalled Love. “My friend was waiting for me with an ambulance and a carton of cigarettes. Oh, that first hit was so wonderful!”

Using Adderall gets her in trouble; having a martini calms her down

“It’s a very potent speed drug. It makes me crazy,” Love said. “It makes me write long, unintelligible emails and get on 桑拿会所 and say something nasty and then I get sued.” The singer also admitted she enjoys an espresso martini because it’s “a very good mood stabilizer.”

Prince Andrew showed up at her house

“He rang the bell, but my nanny wouldn’t get up because she’s anti-monarchy,” Love claimed, “so I had to go down in my slippers and bathrobe.” She said she ended up inviting the Prince in for tea. “I had all these Jubilee mugs with pictures of the Queen so I made him a really good pot of tea and I hand him a mug with his mom on it, and he saw the joke,” Love said. “He asked, ‘What do you do all day?’ which I thought was just nerdy. I said, ‘What do you do all day, Prince?’”

Court allows extradition of Alberta terrorism suspect

WATCH: An Edmonton man has been ordered to face terrorism and murder charges in the United States. Fletcher Kent reports.

EDMONTON – The Alberta Court of Appeal has ruled that an Alberta man should be extradited to the United States to face terrorism and murder charges.

Sayfildin Tahir Sharif is accused of murder and supporting a terrorist group that took part in suicide bombings in his native Iraq.

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The Americans allege Sharif worked from Edmonton to help a Tunisian man enter Iraq in 2009 and detonate a truck filled with explosives at a military checkpoint, killing five U.S. soldiers.

Prosecutors contend that evidence from intercepted Internet and phone conversations shows that Sharif was directly involved in supporting Tunisian terrorists, who conducted the suicide bombing, by helping them make contact with other supporters as they made their way across the Middle East to Iraq.

The terror network is also accused of blowing up an Iraqi police station, killing seven Iraqi officers.

Sharif, who also goes by Faruq Khalil Muhammad Isa as well as another name, has been in custody in Edmonton since his arrest in January 2011.

Sayfildin Tahir Sharif appears in court in Edmonton, Thursday, Jan.20, 2011 in this artist’s sketch.

Amanda McRoberts/The Canadian Press

Canada’s justice minister granted extradition last summer after receiving assurances from the U.S. that Sharif wouldn’t face the death penalty. Defence lawyers also received a letter from U.S. authorities promising the man wouldn’t be held indefinitely in pre-trial detention.

Sharif was appealing the justice minister’s decision as well as a judge’s original ruling in 2012 that there was enough evidence to extradite Sharif on two charges.

Sharif is an ethnic Kurd who was born in Iraq but moved to Toronto as a refugee in 1993. Four years later, he became a Canadian citizen.

In 2011, he was arrested at an Edmonton apartment where he lived with his girlfriend and her children.

Defence lawyers had argued before the Appeal Court that RCMP didn’t allow Sharif access to a lawyer or interpreter the day of his arrest, and transcripts of police interviews show he didn’t understand what was going on.

They also said allegations against their client came from three people, including his brother, who were tortured by investigators in Iraq.

The Appeal Court ruled that none of the arguments merited keeping Sharif in Canada.

©2014The Canadian Press

Teen who drowned identified by friends and family – Winnipeg

Winnipeg – Friends and family have taken to social media to remember a 19 year-old Rosenort man who drowned at St. Malo Provincial Park on Saturday.

Calvin Dueck was swimming with friends when he came “under distress while swimming,” said an RCMP release Sunday.

Dueck was a prospect of the Manitoba Junior Hockey League’s Winkler Flyers and also was an avid baseball player.

Deuck’s father, Mervin Dueck, is a councillor in the RM of Morris.

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  • Teen drowns in southern Manitoba park

The reeve of the RM offered his condolences over social media on Sunday.

“RM Morris council, staff, and families extend condolence(s) to Coun. Merv Dueck, wife Susan and family on the tragic death of son Calvin,” tweeted Ralph Groening, the reeve of the RM of Morris.

Groening’s wife also took to twitter to offer her sympathies.

A STARS air ambulance was dispatched about 4:30 p.m. Saturday, a STARS spokesman said, however, Dueck was taken to a hospital in Steinbach by ground ambulance, where he was pronounced dead.

桑拿会所 postings offered condolences on Dueck’s death.

Dueck’s hockey team also released a comment via twitter which read “Our thoughts and prayers go out to the Dueck family on the passing of Flyers prospect Calvin Dueck.”

The 19 year old`s former baseball coach, Tyler Kornelsen, posted to Dueck`s facebook page and said, “I had the honour of coaching Cal for two years of High School baseball and I have nothing but amazing memories of Cal as a ball player. He was a star player on a team that had its share of struggles but he was nothing but humble, a great leader, and also an encouragement to his teammates.”
“RIP Calvin thoughts go out to the rest of the Dueck family,” tweeted AJ Nychuk.

This is not the first time someone has drowned at St. Malo Provincial Park. There have been two others in recent years.

In July of 2009, a two-year-old boy from Kleefeld drowned in the lake and in August of 2008 a 13-year-old boy also died.