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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 $25,500 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 of their ...

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 ...

If you spend that RRSP refund then TFSA makes more sense

Over the last week or so, a few articles discussing the merits of contributing to the Tax Free Savings Account (TFSA) over the Registered Retirement Savings Plan (RRSP) and other RRSP contribution posts, really caught my eye. The first one was on Passive Income Earner, where he discussed how to maximize your RRSP. RRSPs are an excellent savings tool no doubt.  I have one myself and I contribute to it every month.  I’ve been contributing to my RRSP for over 10 years since my mid-20s. RRSPs are excellent because the contribution you make ...

I’ll maximize my TFSA first, thanks

A fews weeks ago I returned home from a golf vacation, a “boys vacation” in Myrtle Beach, South Carolina.  The vacation was great; great friends, great accommodations, great fun even if the golf game was lacklustre.  Ottawa to Myrtle Beach (and back again) is a long drive, about 30 hours in total, 15 hours each way.  As you can probably imagine, with that much time to kill amongst a few grown men away from their wives for a few days, a host of interesting and surprising topics come up.  Some topics are quite tame with the usual ...

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