Recent amendments to the Income Tax Act (Canada) have extended the penalty taxes that were initially aimed at TFSAs, to situations where you hold certain types and/or percentages of assets through RRSP, RRIF and RCA tax deferred plans or access certain advantages in connection with such plans. Download the Client Update to see if these changes will affect you.
Dec 3, 2012
New Penalty Taxes: Prohibited Investments and Advantage Rules for RRSP, RRIF and RCA Deferred Income Plans
By Maralynne Monteith, WeirFoulds LLP, Client Update