Tax-Free Savings Account (TFSA)
Maximize Your Money, Minimize Your Taxes: TFSA, Canada’s Ultimate Savings Hack.
What is a Tax-Free Savings Account (TFSA) ?
The TFSA, introduced in Canada in 2009, is not your typical savings account â it’s a game-changer! You can invest in cash, stocks, bonds, or GICs, all while enjoying tax-free earnings and withdrawals. It’s the smart way to grow your money
Benefit Of TFSA:
- Flexibility
- Tax-Free Growth
- Tax-Free Withdrawals
- Retirement Planning
- Saving for a Home
| Year | TFSA Annual Contribution Limit | Total TFSA Limit |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 2010 | $5,000 | $10,000 |
| 2011 | $5,000 | $15,000 |
| 2012 | $5,000 | $20,000 |
| 2013 | $5,500 | $25,500 |
| 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016 | $5,500 | $46,500 |
| 2017 | $5,500 | $52,000 |
| 2018 | $5,500 | $57,500 |
| 2019 | $6,000 | $63,500 |
| 2020 | $6,000 | $69,500 |
| 2021 | $6,000 | $75,500 |
| 2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
We proudly work with Canadaâs largest financial institutions for your personalized investment needs
1.Who Can Open a TFSA?
If you're Canadian Resident, 18 or older, and have a valid social insurance number, you can open a TFSA. Even if you leave Canada, you can maintain it without taxation on earnings, but watch out for certain conditions.
2.What is TFSA Best Used For?
Use it to save for both short term and long term goal for example major purchases (home), dream vacations, a home, a car, or a comfortable retirement.
3 Steps for Successful Financial Planning
1.
Our financial planner will work with you to create an overview of your present financial situation. These include short term debt, income protection, children education, and estate planning. We present the information we gathered from you in an understandable illustrated format.
2.
Develop Success Blueprint
We would identify ways to reduce the amount you pay in taxes. We would recommend the best savings plan and tax-advantage account based on current financial need.
3.
Implement Your Plan
After completing your need analyses we will present you with your personalized wealth-building strategies that meet both your short, and long-term financial goals. Once you review and approve the recommended plan, it will be implemented.
Financial Institutions we work with
