You accepted the job. The offer letter said $68,000 a year. You did the quick math — about $2,615 every two weeks — and started planning around it. Then the first paycheque landed, and it was $1,950. No warning, no explanation, just a smaller number and a pay stub full of abbreviations that looked like they belonged on a government form. If that moment felt like a bait and … [Read more...] about What’s Really Coming Off Your Paycheque: CPP, EI and Tax, Explained
Canadian taxes
The TFSA Overcontribution Penalty: 1% a Month on Every Extra Dollar
The TFSA is one of the best deals in Canadian personal finance: contribute after-tax dollars, grow them tax-free, withdraw them tax-free. Millions of Canadians use it exactly as intended — and thousands get a nasty surprise every year from the Canada Revenue Agency. That surprise is the overcontribution penalty: 1% per month on every dollar you contribute above your limit, … [Read more...] about The TFSA Overcontribution Penalty: 1% a Month on Every Extra Dollar