TFSA
WHAT ARE
TFSAs?
TFSAs are an incredibly powerful tool to help you reach your financial goals. They’re flexible,
they’re easy to use, and they offer a lot of benefits.
TFSAs are savings accounts that are offered by banks and other financial institutions. They’re similar to regular savings accounts, but there are a few key differences. First, TFSAs have tax-free growth. This means that any interest or capital gains that you earn in your TFSA are not subject to taxes. Second, TFSAs have contribution limits. For 2020, the contribution limit is $6,000. This means that you can contribute up to $6,000 to your TFSA each year. Finally, TFSAs have withdrawal limits. You can withdraw money from your TFSA at any time, but you can only re-contribute the amount that you withdrew in the following year.
TFSAs are savings accounts that are offered by banks and other financial institutions. They’re similar to regular savings accounts, but there are a few key differences. First, TFSAs have tax-free growth. This means that any interest or capital gains that you earn in your TFSA are not subject to taxes. Second, TFSAs have contribution limits. For 2020, the contribution limit is $6,000. This means that you can contribute up to $6,000 to your TFSA each year. Finally, TFSAs have withdrawal limits. You can withdraw money from your TFSA at any time, but you can only re-contribute the amount that you withdrew in the following year.
WHY START
A TFSA?
A TFSA?
The benefits of TFSAs are significant. The tax-free growth means that your money can grow faster
than it would in a regular savings account. And, since you can withdraw money from your TFSA at any time, it’s a
great tool for short-term savings goals, like a vacation or a new car.