TFSA made easy - Everything you needed to know
Tax Free Saving Account [TFSA] is one of the most tax efficient ways to Plan and Build your investments properly. TFSA is an account and not an investment by itself. You or your advisor has to choose the right investments options according to your goals, objectives, when you need the investments and most importantly, at the risk level that you can afford to take. Managing investments such as ETF, Stocks or Mutual Funds is crucial for the growth of your investments and your success.
TFSA introduced by the Government of Canada in 2009
TFSA is one of the popular tax-free saving investment options introduced by the Government of Canada in the year of 2009. It is open to any Canadians over the age of 18 years. Currently you can contribute $5500 annually and the money grows tax-free within the TFSA. Importantly you can take out the money from this account without any penalty at any time.
If you haven’t contributed in a TFSA until now, you can deposit up to $ 57,500 as of 2018.
Useful TFSA Facts:
Year Annual Limit Total
2009 to 2012 $5,000 $20,000
2013, 2014 $5,500 $11,000
2015 $10,000 $10,000
2016 to 2018 $5,500 $16,500
Three key reasons why you need TFSA
To find how this can help you fit with your financial goal and tax efficient investment planning, contact our qualified investment consultant today
Our qualified consultants will take the time to review your current investment account and see if your investments holding have the right asset allocation and are managed according to your risk tolerance.