Tax Free Savings Account -Go open one!!

[fkshiu]

Originally Posted by Mrfish55

I have a RTEF (Reef Tank Expense Fund)

How the RTEF Works

* Starting in 1990, I have spent up to $5,000 every year in a RTEF.
* Contributions to a RTEF will not be deductible for income tax purposes but investment income, including frag sales, earned in a RTEF will not be taxed, unless you are dumb enough to declare them.
* Unused RTEF contribution room can be carried forward to future years.
* You can withdraw funds from the RTEF at any time for any tank expense.
* The amount withdrawn can be put back in the RTEF at a later date if you are carefull to hide it from your spouse.
* Neither income earned in a RTEF nor withdrawals will affect your eligibility to purchase additional livestock.
* Contributions to a spouse’s RTEF (if your lucky to have an understanding spouse) will be allowed and RTEF assets can be transferred to a spouse upon upgading to a larger tank.

My RTEF plan is the reason I'm on the road to Freedom 95.