A TFSA is a registered investment program that helps you save money and earn investment income in both the short and long term. You have easy access to your cash when you need it – whether you’re saving for a vacation or your children’s education. You’re allowed to contribute up to $5,500* a year and also choose the types of investments you prefer – ranging from GICs, to bond and equity mutual funds.
TFSAs have a few features that make them different from other savings programs:
You don’t pay tax on the money you earn in the plan
- You can withdraw funds at any time without paying tax
- If you need cash, you can re-contribute amounts that you withdraw, the year after you withdraw them
- The contributions you make to the plan are not tax-deductible. So you deposit after-tax dollars into it, but you can withdraw the money tax-free.
The flexibility and tax advantages of a TFSA make it a great way to save no matter what stage of life you’re in. Contact us today to get saving.
*you can make up contributions you may have missed since the program started in 2009
Mutual Funds and Segregated Funds provided by the Fund Companies
are offered through Worldsource Financial Management Inc.
Other Products and Services are offered through
Cowan Financial Solutions and Wentworth Financial Services.