The tax-free savings account (TFSA) lets you park your hard-earned money and earn interest tax-free. Any contributions to the account and withdrawals are not subject to taxes, at any time. If you are a Canadian resident of age 18 with a valid social insurance number (SIN), you can open a TFSA with most banks, credit unions, and insurance companies. You can contribute a maximum of $7,000 for the year 2024.

Innovative technologies, developing economic models, newer business opportunities, and a rapidly changing regulatory environment mean the accounting industry is witnessing several established trends right now. Here are the top 5 accounting trends that have all become certainties and will continue to dominate the accounting industry in the coming years.

Shareholder loans are a useful method of funding a business when debt financing isn’t available. It particularly happens for businesses in the early stages. A shareholder loan comes with tax implications for the lender and the borrower. Therefore, you must understand the compliance requirements for these loans.

You may get a harsh surprise when you get a tax bill from a mutual fund that lost money. It’s perfectly legal and has happened in the past too. When and where you hold investments matters a lot when it comes to managing taxes. Let’s dive in to understand how mutual fund distributions create tax liabilities for you even when you lose money.

Choose a speciality you like: Taxation, auditing, financial accounting, and management accounting are only a few of the many areas of accounting. Your employment may be more fun if you can find a specialization about which you are enthusiastic.