Tax Free Savings Account -Go open one!!

[Cameron]

I suggest everyone goes to their financial advisor or institution to open a TFSA.
I pre-registered and opened one on January 2nd with my broker @ Scotia McLeod and Tradefreedom.


Some Details:

How the TFSA Works

* Starting in 2009, Canadians aged 18 and older can save up to $5,000 every year in a TFSA.
* Contributions to a TFSA will not be deductible for income tax purposes but investment income, including capital gains, earned in a TFSA will not be taxed, even when withdrawn.
* Unused TFSA contribution room can be carried forward to future years.
* You can withdraw funds from the TFSA at any time for any purpose.
* The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room.
* Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
* Contributions to a spouse’s TFSA will be allowed and TFSA assets can be transferred to a spouse upon death.


If you have any questions about them and how they work please do not hesitate to ask me. I will be happy to answer your questions.