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Tax Free Savings Account

 

What is a Tax Free Savings Account?

It is a savings/investment account that allows you to save money each year and have all the interest, dividends or capital gains to be withdrawn in the future completely tax free.

 

What are the advantages of a TFSA?

Regardless of your income you can contribute $5,500.00 over and above your RRSP.  There are no formal restrictions for withdrawals.  TFSA accounts are well suited to individuals in a low tax bracket

as well as a high tax bracket.  There are a wide range of investment possibilities and an individual can contribute to their spouse’s plan.

 

TFSA earnings do not affect Old Age Security, Guaranteed Income Supplement or the Child Tax Credit.

A TFSA can be collaterally assigned.  TFSA Accounts through Life Insurance Companies can provide Creditor Protection and avoid Probate Taxes if a primary Beneficiary is appointed.

 

What are the best investments for my TFSA?

As the ledger below illustrates, taking a measured amount of risk to take advantage of the “Tax Free” status of your TFSA, pays dividends.