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department of finance News

Canada to increase Tax-Free Savings Accounts to $5,500 in 2013

Ottawa - Canada's Department of Finance announced Monday that the amount savers and investors can put into the Tax-Free Savings Accounts (TFSAs) will rise an additional $500 from $5,000 to $5,500 per year starting Jan. 1, 2013.

Finance Department postpones date for end of Canadian penny

Ottawa - Finance Minister Jim Flaherty announced Monday that the Royal Canadian Mint will no longer circulate the one cent penny as of Feb. 4, 2013, which is a revised date from the original announcement last fall.

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