(780) 863-5618
sarah@blueprintpg.com
LinkedIn
RSS
Blueprint Planning GroupBlueprint Planning GroupBlueprint Planning Group
  • HOME
  • ABOUT
    • ABOUT
    • STRATEGIC PARTNERSHIPS
    • SUPPLIERS
    • SUCCESSION FORMULA
    • Privacy Statement and Website Terms of Use
    • BOOK AN APPOINTMENT
  • FOR BUSINESS
    • Business Continuation
    • Business Succession
    • Executive Benefits
    • Group Benefits
    • Shareholder Agreement and Will
  • FOR FAMILIES
    • Starting your career
    • Growing Families
    • Mature Families
    • Preparing for Retirement
    • Retirees
  • SERVICES
    • INSURANCE
      • Life Insurance
      • Disability Insurance
      • Critical Illness Insurance
    • INVESTMENT
      • Tax Free Savings Account
      • Registered Education Savings Plan
      • Registered Disability Savings Plan
      • Registered Retirement Savings Plan
      • Registered Retirement Income Fund
  • BLOG
  • CONTACT

Tax Free Savings Account

Tax Free Savings Account
Tax Free Savings Account

A TFSA can be an effective way to save for the future, even for those who are only able to save a little every year, as your savings will grow more quickly due to the fact that you do not pay any tax on the earnings. Here are some reasons to help you decide whether it would be financially beneficial for you to open a TFSA:

  • If you are looking for a flexible way to save, a TFSA could be a good option as it allows you to carry forward any unused contributions to subsequent years, up to the maximum limit. In addition, you are able to credit any withdrawals that you have made back into the TFSA to enable you to benefit from the maximum savings potential annually.
  • You may already be investing the maximum amount possible into an RRSP. In this case, investing money into a TFSA allows you to draw income from it when you retire, without paying any tax on the withdrawals.
  • You should bear in mind that you have already paid tax on the funds that you invest into your TFSA. Therefore, if you expect that your tax rate will have increased by the time that you withdraw your funds, you will have paid fewer taxes in total. Remember that the opposite applies for your investment in a RRSP.
  • A TFSA offers you the option of keeping investments that would usually be subject to a higher rate of tax sheltered, as you do not pay tax on the earnings.
  • If you are on a low income and therefore receive money from government schemes such as the Canada Child Tax Benefit, your TFSA will not affect the amount of benefit that you receive.

Learn More

Contact Us

Blueprint Planning Group
sarah@blueprintpg.com
(780) 863-5618
Please contact us for our office address.

Latest News

No items.

About

The mark of a solid succession plan is the proactive completion of a transition strategy that unfolds automatically when an untimely event occurs.

Book an appointment

© 2017 Financial Tech Tools