Beginning in 2009, individuals 18 years of age and older1, can contribute up to $5,000 per year to a TFSA where the holdings grow and earn income tax-free. The TFSA may be a suitable savings vehicle for you, depending on your specific financial plan. Given the tax-free nature of the investment income and flexibility regarding withdrawals and re-contributions, there are many options we could explore and take advantage of. The savings you build in the TFSA can be used at anytime and for multiple purposes – it’s completely up to you! Whether you have short, medium or long-term savings goals, such as saving for a special purpose or supplementing your other tax sheltered plans, I can help determine the right solution for you. Please feel free to contact me about how a TFSA can complement your overall wealth management plan or to set up your TSFA today.
The Parobec Wealth Advisory Group