2021 Income Tax Update - John Scali

2022-02-24:

Lone Smith, Investment Club Convener, hosted a presentation titled "2021 Income Tax Update" with John Scali, CPA, CA, ICD.D sharing with us in a virtual ZOOM presentation insights into Income Tax changes for the 2021/2022 tax years. A record number of 100+ members participated in the call.

John very kindly let us publish his slide deck and a video recording of the virtual presentation.

Click here to see the slide deck.

 

Important TFSA Note

Beneficiary vs Successor Holder

For any TFSA you can name a beneficiary but you can also name a successor holder. You can do one, the other, or both.
The best way to describe the difference is that a beneficiary would get the money, but a successor holder would get the account.
That means that a beneficiary of a TFSA would receive all the money within the TFSA tax-free but then the TFSA would get shut down. A beneficiary will lose all that tax-free space. Unless the beneficiary has TFSA contribution room available they will start to be taxed on any investment gains going forward.

A successor holder on the other hand would receive the account with the money inside it. A successor holder would get to keep all that tax-free room. The TFSA is now theirs. If they make a withdrawal they would get that contribution room back the next year. That’s amazing!

Learn more about it at TFSA Beneficiary vs Successor Holder? The Difference Is HUGE! | PlanEasy

Owen Winkelmolen, Fee-for-service financial planner and founder of PlanEasy.ca, also shows you how one can enjoy a Tax-Free retirement: 

Max out your TFSA

at this page https://www.planeasy.ca/the-simple-retirement-plan/


Host: Lone Smith

Technical Services: Merv Mascarenhas