Taking care of what's important to you and your loved ones.

Assuring growth and prosperity for you and your loved ones.

Employees are your biggest assets. Protect your business by protecting them.

Movings to Canada? This section provides you lot's of helpful information

  About us - Financial well being free reports contact us useful links terms
Assuring financial wellbeing for your and your loved ones - annual travel health medical insurance
 

TFSA (Tax Free Savings Account) Account

The TFSA is a type of registered savings accountthat allows taxpayers ages 18 and over to earn interest, other types of investment income and capital gains tax-free.#

 

A TFSA is best suited for any Canadian resident who is over 18 with a Social Insurance Number and who would like to save including:

 

Lower income group younger people, who still have no significant tax advantage to contribute to an RRSP, specially individuals who are anticipating significant jump in their income in the near future.

 

Individuals who have maximized their RRSP contributions and still want to grow their tax investments.

 

Seniors who have savings and are concerned about their investment earnings impacting federal income-tested benefits or credits (i.e. such as Old Age Security benefits, the Guaranteed Income Supplement, or the federal age credit.)

 

Seniors of age 71 or more, who are forced to withdraw money from their RRSPs can also use TFSA, if they are still looking to grow their savings tax-free.

 

TFSA Versus RRSP

With a TFSA, you don’t need to have any income to accumulate the $5,000 per year contribution room

With an RRSP, you must have income in order to accumulate contribution room

Withdrawals from a TFSA are tax-free. Any amount withdrawn is then added to your contribution room in the following year, so that you could later re-contribute the amount that you withdrew.

Withdrawals from an RRSP are taxed in the year of withdrawal (with the exception of the Home Buyer’s Plan (HBP) and Lifelong Learning Plan (LLP) which are not taxed provided they are repaid on schedule). Any amount withdrawn can not be added to your contribution room in the following year.

Contributions to a TFSA are not tax-deductible on your income tax return.

Contributions to your RRSP are tax-deductible on your income tax return

There is no requirement to convert the TFSA to an income payment option (e.g. a RRIFor an annuity) at any age

An RRSP must be fully withdrawn or be transferred to a RRIF or annuity by the end of the year you turn 71.

 

Like an RRSP, unused TFSA contribution room can be carried forward every year, without limit. Any amount withdrawn from a TFSA is added to your contribution room for the following year as well, essentially ensuring that your total potential pool of tax-free savings is never depleted. At death, the entire account can be paid out to your beneficiaries free of tax as well.

 

TFSA Versus Unregistered Savings

Because capital gains and other investment income earned in a TFSA will not be taxed, a person contributing $200 a month to a TFSA for 20 years will enjoy additional savings of $11,045 compared to saving in an unregistered account.

That's the attraction of this new plan -- grow tax free, withdraw tax free, re-contribute withdrawals, and pay out at death tax free.

tfsa account

Call today  today to set up an appointment or fill the form below if you have any questions or you want to get contacted

Contact Form *Required fields
*Name:
*Email:
*Telephone:
*Contact Reason:
Comments or Questions:
*How did you hear about us?

home email
Government Grants
Whole Life Insurance
Critical Illness Insurance
Mortgage
 
#
TFSA (Tax Free Savings Account) account offers a number of tax benefits. Enjoy tax benefits with TFSA account, which has become popular in Mississauga and other cities in Canada.

Independent Life Insurance Broker Canada | Financial Planner and Advisor Canada | Identity Theft Canada | Credit History Report Canada | RRSP Investment Strategies Canada | Tax Planning Strategies and Tips | Canada Mortgage Planning Specialist | Financial Planning Calculator Canada | Financial Planning Glossary Of Terms | Personal Insurance Company Mississauga | Individual Insurance Coverage Plans | Life Insurance Quotes And Rates | Term Life Insurance Company | Critical Illness Coverage Mississauga | Critical Illness Statistics | Critical Illness Insurance For Children | Personal Disability Insurance Canada | Long Term Care Insurance Mississauga | Mortgage Term Life Insurance Canada | Final Expense Life Insurance | Dental Insurance Plan Mississauga | Travel Insurance Policy Canada | Holiday Visitors Insurance Canada | Travel Insurance Rates Quote Toronto Canada | Buy Cheap Annual Family Travel Insurance Montreal Canada | Single Multi Trip Best Travel Insurance Canada | Investment Planning Mississauga | Children Education Planning Canada | Registered Education Savings Plan (RESP) For Kids | Registered retirement savings plan (RRSP) Canada | Segregated Funds Canada | Investment Insurance Protection | Group Benefit Insurance Plans Canada | Immigration to Canada | TFSA Account | GMWB Canada | Guaranteed Retirement Income Plan | Financial Planning For Young People | Student Travel Plan | Student Medical Health Insurance Abroad Canada | Medical Insurance International College Students Canada | Sitemap | Privacy Policy | Legal Notice |

© 2008 FinancialWellbeing.ca All Rights Reserved.
#