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Get over it, with the $10,000 TFSA limit everyone wins

I think the title says it all.  At least this is my position. Recently Finance Minister Joe Oliver made good on a Conservative promise to increase the annual contribution limit (to $10,000) for Tax Free Savings Accounts (TFSAs), which currently sits at $5,500 per adult account holder.  Some people don’t agree with my position, and that’s fine, so let’s have the debate friends. TFSA contribution limit haters say… Lower-middle class and lower working class Canadians will suffer the most. Their argument is with less general tax revenues ...

New Year, New TFSA Room, Great Investment Ideas Here

Get excited savers!  A new year means more Tax Free Savings Account (TFSA) contribution room.  Here are a few facts about the TFSA and how you can benefit from this magical account. TFSA 101 The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings account* that allows Canadians to earn tax-free investment income.  The TFSA complements existing registered savings plans like the Registered Retirement Savings Plan (RRSP) and the Registered Education Savings Plan (RESP). How the TFSA works: As of January 1, 2013, Canadian ...

Some of the very best things about the TFSA

The Tax-Free Savings Account (TFSA) allows Canadians to set aside and grow money tax-free throughout their lifetime.   This is a great deal folks.  Each year, you likely already know you can contribute up to the pre-defined dollar limit for the calendar year, plus any unused TFSA contribution room from the previous years, and contribute any amount you withdrew from the year before.  This account is a great way to save for short-term and long-term goals. Here are some of the very best things about the TFSA that work for me. TFSAs are available ...
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Tax Free Investing – TFSAs 101

If you were a resident of Canada, aged 18 in 2009 until today, did you know you had the opportunity to save thousands of dollars in a tax free account? TFSA facts The Tax Free Savings Account (TFSA) is a misnomer.  Read why here.  A TFSA can be much more than a cash savings account. The TFSA is an account, not a mutual fund. There are no such things as a spousal TFSA or group TFSA. Contributions to your TFSA are not tax deductible, so you cannot use contributions to reduce your taxable income. TFSAs are highly effective for every Canadian regardless ...

Managing the refund well is the linchpin in the RRSP vs. TFSA debate

There is no shortage of blogposts and media articles about which account is better for retirement purposes:  the Registered Retirement Savings Plan (RRSP) or the Tax Free Savings Account (TFSA).  I’ve got my preference for which account I focus on for retirement purposes but let’s recap some key points about each plan first: RRSP TFSA A tax-deferral plan. A tax-free plan. Contributions can be made with “before-tax” dollars as part of an employer-sponsored plan or “after-tax” dollars when a contribution is made with a financial ...

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