In July, the Department of Finance proposed changes to the tax policy for small businesses. These changes are in part due to the increased number of temporary, part-time, and contract work, who operate as private corporations, in comparison to the traditional salaried worker. As a result, Canadians, especially non-salaried, should be taking advantage of their Tax-Free Savings Account (TFSA).

Key Takeaways:

• Independent contractors, on-demand workers, remote workers, and other areas, make up 20-30% of the workforce today.
• In light of these trends, it is no accident that the Canadian government is looking to close loopholes for small businesses.
• Investing in stocks can provide growth and income for investors to boost tax-free capital growth.

“All Canadians should be taking advantage of the room in their Tax-Free Savings Accounts (TFSA), but for those in the gig economy, getting the most out of their TFSAs is crucial.”

Read more: After Tax Proposals, Investors Need to Be Making the Most of Their TFSAs