Home > Personal >
TFSA Basics
Tax-free Savings
Account (TFSA) Basics
TFSA Eligibility
Contributing to your TFSA
-
You can contribute up to $5,000 per year to
your TFSA (amount will increase in the future to account for inflation).
-
You do not have to contribute the $5,000
maximum every year. Unused contribution room will be carried forward
indefinitely.
-
Your $5,000 annual limit is not related to any
RRSP contribution limit you may have.
-
TFSA contributions are not tax-deductible.
Growing your TFSA
-
Income and capital gains earned within your
TFSA are tax-free.
-
Many investments that are RRSP eligible can
also be held in a TFSA.
-
Your TFSA is a great alternative savings
vehicle if your RRSP contributions are maximized or if you plan to be in a
higher tax bracket when you retire.
-
Mandatory RRIF withdrawals can be contributed
to your TFSA for continued growth.
Withdrawing from your
TFSA
-
Withdraw your funds at any time, tax-free.
-
TFSA withdrawals can be put back at a later
date without affecting contribution room.
-
Transferring your TFSA assets to a spouse or
common-law partner upon death will not affect the survivor's existing
contribution room.
Click here for more information on the
TFSA.
SAVING IN A TFSA
The chart below illustrates the tax benefits of a TFSA vs.
a non-TFSA account.
|
Tax Benefits of a TFSA |
|
Income |
$50,000 |
|
Term |
20 years |
|
Rate of Return |
6.0% |
|
TFSA Total |
$189,365 |
|
Taxable Acct Total |
$164,481 |
|
Tax Savings |
$24,884 |
Click here to open the
Government
TFSA Calculator.
Branch Contacts
Speak to any team member on your next branch visit or call any of the
in-branch investment professionals listed below to discuss the
TFSA.
|
Acton
Samantha Dixon
Financial Services Officer
Prosperity One
Mutual Funds Investment Specialist
Credential Asset Management Inc.
T: 519-853-9575 ext. 222
F: 519-853-4443
Email:
sdixon@prosperityone.ca
|
Burlington
Veronica McCall
Senior Financial Services Officer
Prosperity One
Mutual Funds Investment Specialist
Credential Asset Management Inc.
T: 905-319-2225 ext. 222
F: 905-319-2212
Email:
vmccall@prosperityone.ca
|
|
Georgetown
Sharon Arnold
Senior Financial Services Officer
Prosperity One
Mutual Funds Investment Specialist
Credential Asset Management Inc.
T: 905-877-2119 ext. 225
F: 905-877-3863
Email:
sarnold@prosperityone.ca
|
Milton
Sandy Chuchmach
Senior Financial Services Officer
T: 905-878-4068 ext. 235
F: 905-878-5500
Email:
schuchmach@prosperityone.ca
|
Mutual funds are offered through Credential Asset Management Inc.
