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A Tax Free Savings Account (TFSA) is a registered investment or savings account that allows for tax free gains. The amount of money that can be contributed to a TFSA is limited each year. Contributions are made with after-tax dollars, which means withdrawals and interest earned is tax free! A TFSA is perfect for any savings goal.
TFSAs were first introduced by the Canadian government in 2009. They were designed by the Canada Revenue Agency to function as a registered investment account that can hold mutual funds, ETFs, bonds or cash savings, allowing for income-tax free gains.
TFSA Rules you Need to Know
To find out your available TFSA contribution room:
It's never too early to start saving for your retirement. An RRSP (Registered Retirement Savings Plan) is a tax-advantaged savings plan, that can help you grow your retirement income.
RRSP contributions are tax deductible, meaning you deduct your contribution from the income you report on your income tax return. .
RRSP Benefits include:
At the age of 71, RRSPs convert into a Retirement Income Option. One of the most popular choices for this is a Registered Retirement Income Fund (RRIF). Funds remain tax sheltered in a RRIF and you’ll continue to control how they're invested. The only difference is that you can draw from these funds as income to live on. Withdrawals are considered income, so taxes must be paid on them, but if you are retired, you'll be taxed at a much lower rate.
Registered Education Savings Plans (RESPs) are a great way to build for you child's future. Let us help you set up a RESP to maximize your savings with government grants.
All locked-in RSPs originate from Registered Pension Plans (RPP). RPPs are plans where funds are set aside by an employer, an employee, or both to provide a pension when the employee retires.
A term deposit is a simple and secure investment: