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Anonymous
Tax Question to Canadians 2017-03-04 09:28:33 Post No. 1834662
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Tax Question to Canadians 2017-03-04 09:28:33 Post No. 1834662
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My cousin is a dumb construction worker that makes 80k+ a year.
Last year the government kept over 30k of his income because he had zero deductions to do.
He doesn't know the purposes of TFSAs and RRSPs and I came to know about this this week.
I was wondering if he can still open a TFSA and go back in time and use up all the contribution room he had for that year. I think it is possible to do for an RRSP but I am not sure about the TFSA and I cannot find much info on this
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>>1834662
That's not how taxes work you moron.
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>>1834674
That's why I am asking you retard.
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Is he a supervisor or something?
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>>1834688
labor with union
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>>1834662
>made $80k
>paid $30k in taxes
Maybe you should tell your dumbfuck cousin that 30 minutes with a CPA could have saved him $10k or more in taxes.
Jesus what an Idiot.
I made $50k last year and my total tax bill came to $3,500 after all my deductions. Totally legal.
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>>1834662
Don't know how taxes work in Canada, but non-taxable savings account sounds awesome.
Here in America if you're a contracted worker or self employed. You can file a 1099 and write off deductions to reduce your tax liability.
If you're a company worker non-contracted, you usually receive a W2 and file a 1040 where deductions are not allowed.
I would imagine that Canada may have similar filing statuses.
Do you know if your cousin is contracted / Self-employed or does he just an employee as part of large construction co.
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>>1834662
Tfsa contributions carry over every year dumb faggot
How about u just Google it and read it on cra website instead of asking mentally retarded questions?
>I cann
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