New tax legislation was introduced over the last year that restricts the type of investments that can be held in a Registered Retirement Savings Plan (RRSP), Register Retirement Income Fund (RRIF), Tax Free Savings Account (TFSA) or Retirement Compensation Arrangement (RCA).
If you hold private company shares or loans from related parties inside your RRSP, RRIF, TFSA or RCA, they may be classified as restricted investments and the tax implications of holding restricted investments are punitive.
If this affects you, contact us and we can discuss how to minimize any tax effects of these new rules.
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