Tax-Free Savings Account

Mogo Completes Acquisition of Investing App Moka, Bringing Total Members to Approximately 1.6 Million

Retrieved on: 
Wednesday, May 5, 2021

The acquisition increases Mogo\xe2\x80\x99s member base to approximately 1.6 million and expands Mogo\xe2\x80\x99s wealth offering to include saving and investing products.

Key Points: 
  • The acquisition increases Mogo\xe2\x80\x99s member base to approximately 1.6 million and expands Mogo\xe2\x80\x99s wealth offering to include saving and investing products.
  • \xe2\x80\x9cBy adding Moka\xe2\x80\x99s digital saving and investing products, technology platform and experienced fintech team, we move forward with one of the most compelling and differentiated value propositions in Canadian finance.
  • Moka members can invest through a TFSA, RRSP or non-registered account.
  • Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210505005572/en/\n'

Perspire Sauna Studio Now Accepting Health Savings Account Cards

Retrieved on: 
Wednesday, April 28, 2021

In light of this cultural shift, Perspire Sauna Studio , the nation\'s fastest growing infrared sauna studio franchise, announced today it can now accept Health Savings Account (HSA) and Flexible Savings Account (FSA) cards as payment from guests and members at all of its locations.

Key Points: 
  • In light of this cultural shift, Perspire Sauna Studio , the nation\'s fastest growing infrared sauna studio franchise, announced today it can now accept Health Savings Account (HSA) and Flexible Savings Account (FSA) cards as payment from guests and members at all of its locations.
  • Health and Flexible Savings Accounts are tax-free savings accounts for health and wellness-related expenses, allowing employees to put tax-free income into a bank account or card (VISA or MasterCard) specifically reserved for healthcare spending.\n"With savings on everyone\'s minds now that we\'re approaching the end of Tax Season, we are excited to offer our guests a way to purchase our wellness services with non-taxed money," said Lee Braun, Co-Founder and CEO of Perspire Sauna Studio.
  • "Having a regular wellness practice like infrared sauna therapy can be instrumental in preventing and treating all kinds of health problems, so it is important to us to make HSA cards an accepted form of payment as companies everywhere continue to invest in employee wellbeing.
  • "\nWith many corporate wellness programs across the country, especially since the pandemic started last year, the demand for services like Perspire Sauna Studios\' is increasing.

BMO Annual TFSA Study: TFSA Contributions Rise Amid Pandemic

Retrieved on: 
Tuesday, December 15, 2020

According to BMO's annual TFSA survey, a majority of Canadians were able to contribute what they were expecting to their TFSAs in 2020 and many were able to increase their overall contributions.

Key Points: 
  • According to BMO's annual TFSA survey, a majority of Canadians were able to contribute what they were expecting to their TFSAs in 2020 and many were able to increase their overall contributions.
  • Popularity continues to rise: A little over two thirds (68 per cent) of Canadians now say that they have a TFSA.
  • According to this year's survey, Millennials and Canadians over 55 are the most likely to have a TFSA (72 per cent).
  • The BMO TFSA Survey was conducted by Pollara Strategic Insights via an online survey of 1,500 adult Canadians conducted between November 17th and 23rd 2020.

EQ Bank launches TFSA and RSP Savings Accounts

Retrieved on: 
Tuesday, December 8, 2020

The EQ Bank Tax Free Savings Account and the EQ Bank Retirement Savings Plan are available now to give Canadians more ways to grow their money with more built-in value and far fewer hassles.

Key Points: 
  • The EQ Bank Tax Free Savings Account and the EQ Bank Retirement Savings Plan are available now to give Canadians more ways to grow their money with more built-in value and far fewer hassles.
  • With the introduction of the EQ Bank TFSA and the EQ Bank RSP, customers can better plan for their future knowing they'll earn more while avoiding complicated sign-up processes or annoying account limitations.
  • Customers with a Savings Plus Account can now open an RSP Savings Account or a TFSA Savings Account (or one of each!).
  • EQ Bank TFSAs and EQ Bank RSPs are available now for EQ Bank account holders.

Ontario court finds breach of trust by BMO Nesbitt Burns, BMO InvestorLine, and BMO Trust against their RRSP account holders and holders of similar registered accounts

Retrieved on: 
Friday, February 28, 2020

The Court has ordered the BMO companies to disgorge the profits generated on these fees.

Key Points: 
  • The Court has ordered the BMO companies to disgorge the profits generated on these fees.
  • The case involves undisclosed fees charged to customers of the BMO companies on currency conversions in registered accounts, such as RRSPs, RESPs, and TFSAs, over a 10-year period.
  • After almost 14 years of litigation, in January 2020, the Superior Court of Justice heard a summary judgment motion.
  • The Court found that BMO Nesbitt Burns and BMO InvestorLine systematically imposed an undisclosed mark up on the exchange rate they charged on currency conversions in the registered accounts.

CPABC: Time is running out to put money in your RRSP

Retrieved on: 
Friday, January 31, 2020

Remember, an RRSP is a tax deferral vehicle you will be taxed on the funds once you make a withdrawal from your RRSP.

Key Points: 
  • Remember, an RRSP is a tax deferral vehicle you will be taxed on the funds once you make a withdrawal from your RRSP.
  • A spousal RRSP can help shift future income from a higher income spouse to a lower income spouse.
  • This can provide some tax savings when the receiving spouse withdraws funds from his or her RRSP, RRIF, or annuity.
  • Remember, the interest you earn on your RRSP investments is not taxed as long as it stays within your RRSP.

BMO Annual TFSA Study: Canadian Investors Show Changes in Financial Behavior and Build Momentum With Contributions in 2019

Retrieved on: 
Wednesday, December 18, 2019

According to BMO Economics, generally strong job growth combined with rising wages in 2019 have created a supportive environment for Canadians to do more with their finances.

Key Points: 
  • According to BMO Economics, generally strong job growth combined with rising wages in 2019 have created a supportive environment for Canadians to do more with their finances.
  • Increase in Contributions: The average annual contribution is up 10 per cent year over year, at an average of $5,332 up from $4,826 in 2018.
  • The BMO TFSA Survey was conducted by Pollara Strategic Insights via an online survey between November 26 and December 3, 2019, with an online sample of 1,500 adult Canadians.
  • Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America.

Warning: Watch out for self-directed RRSP tax schemes

Retrieved on: 
Monday, August 26, 2019

A self-directed RRSP is one where you control the assets of your RRSP and make the investment decisions yourself.

Key Points: 
  • A self-directed RRSP is one where you control the assets of your RRSP and make the investment decisions yourself.
  • Tax schemes are plans and arrangements that contravene the Income Tax Act.
  • Promoters of financial schemes promise RRSP owners that they can make tax-free withdrawals from their RRSPs.
  • Are you re-investing the original funds removed from your RRSP in order to get a new RRSP tax deduction receipt?

Intentions are good, but TFSAs largely misunderstood: Canadians continue to use TFSAs as savings piggy banks, rather than a powerful investing solution

Retrieved on: 
Tuesday, August 20, 2019

Canadians continue to largely use their TFSAs for savings storage rather than benefiting from tax-free returns, by investing those funds to help them grow, according to the 2019 RBC Financial Independence in Retirement Poll.

Key Points: 
  • Canadians continue to largely use their TFSAs for savings storage rather than benefiting from tax-free returns, by investing those funds to help them grow, according to the 2019 RBC Financial Independence in Retirement Poll.
  • For the first time, the poll found more Canadians have TFSAs than RRSPs (Registered Retirement Savings Plans), by 57% compared to 52%.
  • TFSAs are now the preferred option of Canadians aged 55+, who in the past have primarily focused on RRSPs.
  • When asked which plan they would choose if they could only contribute to one, a resounding two-thirds (64%) selected TFSAs over RRSPs.

3iQ Signs Letter of Intent to Acquire Management of First Block Capital’s FBC Bitcoin Trust and Distributed Ledger Technology Adopters ETF

Retrieved on: 
Friday, April 5, 2019

3iQ Corp. (3iQ), a Canadian investment fund manager focused on disruptive technologies and the cryptoasset space, announced today that it has signed a Letter of Intent (LOI) to acquire the rights to manage First Block Capital (FBC)s funds, which includes the FBC Bitcoin Trust (NEO: FBCBT) and FBC Distributed Ledger Technology Adopters ETF (NEO: FBCN).

Key Points: 
  • 3iQ Corp. (3iQ), a Canadian investment fund manager focused on disruptive technologies and the cryptoasset space, announced today that it has signed a Letter of Intent (LOI) to acquire the rights to manage First Block Capital (FBC)s funds, which includes the FBC Bitcoin Trust (NEO: FBCBT) and FBC Distributed Ledger Technology Adopters ETF (NEO: FBCN).
  • The FBC Bitcoin Trust offers Canadians a tax-efficient exposure to the cryptocurrency.
  • The transaction will not affect the ability for Accredited Investors to purchase the FBC Bitcoin Trust on NEO Connect or its eligibility for RRSP and TFSA accounts.
  • Separately to the LOI, First Block Capital will be making a strategic investment in 3iQ to aid in its mission to create innovative investment products of institutional quality.