Weekend Reading – TFSA contribution room hike and great blogs
Earlier this week, the amount Canadians can stash away each year in their tax-free savings account (TFSA) increased by $500. Starting January 1, 2013, the federal government now allows us to contribute $5,500 in our TFSA each calendar year. You might recall when this great account was introduced in 2008 the federal government said it intended to index the contribution limit to inflation in $500 increments. Well, they made good on their promise. Here is a refresher about this account:
- Any adult Canadian can open a TFSA and use it for a range of investments.
- All interest, dividends, capital gains and income earned is tax-free. Any money contributed to a TFSA has already been taxed so it doesn’t get taxed again.
- Unused contribution room is carried forward indefinitely.
- Spouses can contribute to each other’s TFSAs.
- You can have multiple TFSA accounts at different financial institutions BUT it is up to YOU to keep track of your contributions each calendar year. The government will know if you go over the limit and they will ding you an over-contribution fee.
Remember – whatever investments are allowed in an RRSP account are also allowed in TFSAs – so make the most of it!
Andrew Hallam said he loves it when the stock markets tumble.
Passive Income Earner provided a thorough analysis of CNQ.
Prairie EcoThrifter wondered if it was better to save or invest.
How To Save Money said Netflix Canada doesn’t suck.
Sustainable Personal Finance wrote about the ROI of home upgrades.
101 Centavos said minimalists make for lousy neighbours.
The Loonie Bin is giving away a copy of The Beginner’s Guide to Saving and Investing for Canadians.
Dividend Ninja is giving away a copy of Cash Cows, Pigs and Jackpots by David Trahair.
Boomer & Echo test drove a new credit card.
Million Dollar Journey shared some tips on being successful with your online education.
The Financial Blogger provided us with this yearly income update.
Dividend Monk wrote quite the essay when he tackled the subject of financial freedom.
The Brighter Life wrote about the gift of financial literacy.
Michael James on Money said the TFSA vs. RRSP debate often misses an important detail.
Retire Happy offered some harsh realities of investing.
Canadian Personal Finance shared 10 products that have ridiculous markups.
Financial Highway told us how to throw a holiday bender (party) for less.
Vanessa’s Money felt why cell phone contracts are better than no contracts.
Canadian Couch Potato discussed the promise of low volatility.
Krystal Yee wondered what she should do with all her coins.
A fan who followed Canadian Budget Binder got their financial life on track because of it.
Invest It Wisely said consider you options before relocating.
Modest Money said if you have a blog, make your own rules.
Finance Fox told us how we might be getting ripped off.
Big Cajun Man shared some things to look for when house shopping. A modest price is definitely one of them!Thanks for reading and sharing this article.