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Taxing Matters

By William Perez, About.com Guide to Taxes

As I was reviewing all the information about Canadian taxes, one item definitely caught my eye. Canada will be introducing a new type of tax-free account, and I think this is an idea worth implementing here in the US as well.

Here's the details. Starting in 2009, Canadians will be able to save up to $5,000 a year in tax-free savings account. And withdrawals can be made at any time and funds used for any purpose. There don't seem to be a whole lots of limitations and restrictions, like there are with individual retirement accounts in the US. Contributions to these accounts are not tax deductible, but there's no tax on the earnings and interest. The part I really like is that withdrawals can be made at any time for any reason. That sure beats the 10% penalty Americans pay if they need to cash out their retirement plan early.

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