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Some facts about TFSA: 1) Don't worry if you don't contribute every year, the room is still there for future years, 2) Don't worry if you want to withdraw from TFSA, you can make-up later, 3) Don't worry if you don't have cash to contribute, you can contribute "in kind", meaning from other securities, 4) Don't worry if you need to leave Canada permanently, you can still keep TFSA.

It is the best practice for kids, who just turned 18 or first time tax fillers for that matter, to file the taxes themselves or to go to tax preparer by themselves, not to allow parents to file taxes for them. This will give them the first time experience and knowledge of how the tax system works in Canada.

"First-time donors" can get extra 25% credit. Charitable donations unlike other tax credits gives you more refund at a higher rate. For example: if you donate more than $2,000 - tax credit is 29%. If you claim less, you can safe the claim for future years up to 5 years. When it is combined with a provincial tax credit, the return could be as high as 50%.

"Canadian Investors cannot rely on indexes anymore. They really need to look at the company's performance." Says FP Investing.