I will get to the tax news later on. I also have another contest to show you on winning a brand new car.

I suppose for the novice the news that a program has failed is big news. The reality is that virtually all of the surfs and similar programs do or will fail.  It is just a question of time.  It does not matter if the admin is a “trusted” individual or not.

I have sometimes found it wiser not to know or know of the person running the show. It keeps you more alert and less likely to blow too much on the “opportunity”.  Just because some blogger or list owner says they know or that “so and so” can be trusted does not mean the program will succeed or that you will make money.  Some of them make a great deal of their money on referral fees no matter if the program fails or not. So get to know who they are and the type of stuff they put out there.

The horrific track record for most of these programs is the main reason I have divested myself out of this arena for the most part.  Sure I will dabble here and there but the here’s and there’s are few and far between as time expands.

Also: Do not get sucked to getting in too late into anything.

It is incumbent upon anyone who participates in these things to become as informed as possible, take responsibility for your decisions, develop a strategy, establish and use some firm and hard rules. Otherwise for sure, stay away and maybe stay away anyway.

This reminds me of the poem about Ponzi Guy. You know the one, Ponzi guy, sweet as pie, he’s not so shy etc.  hehe. ;)   Now don’t go stealing my poem about Ponzi Guy.  If you use it linky-lou-luv back to me, thanks.

Hey another car to win!  CBC has a contest on now to Win a 2010 Kia Forte Koup.  Become one with the “hockey puck” and win a nice car.  Check the rules and some skill may be required along with luck.

Ok, back to some tax strategy.  This directed at Canadian members as this is a new program in Canada this year.  It is called the Tax Free Savings Account aka TFSA.

Note: Since I wrote this the CRA have made the details much clearer on their website so please check with them.  You do not have to open an account this year as your “room” will still accumulate. Also they are proposing some changes so it is best to keep up with them.

You may have already done so but if not you must do this even putting in a small amount to make sure you get the “room” for 2009.

NOTE:  Do It Now!

New this year. TFSA Tax Free Savings Account   You can have stocks, savings mutual funds, savings etc. in it.  It is registered but not taxed like an RRSP.  You can withdraw and pay no tax and put funds back in etc.  You can put up to $5000 per year in them, max.
Check it Out Here.

It is a good way to save paying tax even on savings.
The $5000 also accumulates so if you put in $1000 this year you could put in $9000 next year.  They establish a TFSA “room” just like for an RRSP.  The CRA will advise your limit each year but you have to have one before that will happen.

About Tax-Free Savings Account (TFSA)

Starting in 2009, Canadian residents who are 18 years of age or older will be able to earn tax-free investment income within a Tax-Free Savings Account (TFSA) during their lifetime.

Contributions to a TFSA are not deductible for income tax purposes. Also, interest on money borrowed to invest in a TFSA is not tax deductible. However, the income generated in such an account (for example, investment income and capital gains) is tax-free, even when it is withdrawn.

The TFSA dollar limit is $5,000 in 2009, and will be indexed to inflation and rounded to the nearest $500 in later years. Unused TFSA contribution room can be carried forward to later years. The total of TFSA withdrawals in a calendar year is added to the TFSA contribution room for the next calendar year.

Still many people will not do this.  At the very least open one up with a small contribution so you do not miss out on the “Room” that will build up for you or your children, 18 years of age or older.  Help them out if need be even if they do not have any income. Dec 31st is the deadline so do not miss out.

Ok, that is just some free advice from me. Remember this is like getting free money from the government.   If they want to give it away for free, I say take it. This kind of advice I do not mind giving out freely as it can help many of you save on your taxes now or in the future.

Ok I will “leaf” this with your for today. I do hope your successes are many.

Leaf

Cheers,

Gene

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Filed under: Canada • Free Car • Free Money • Free Stuff • Ponzi • Ponzi Schemes

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