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A Tax-Free Savings Account is for any Canadian resident, 18 or over, who wants to grow their savings tax-free. Here at GT Brokers, we will help you invest in TFSA wisely. With sound finance advisors, your investment in TFSA will be greatly beneficial to you. With TFSA, you can earn a tax-free income. Deposits put into this account, and money withdrawn are not tax deductible.
When you invest in TFSA, paying off for your purchases are quicker. Interest earned on TFSA will be tax-free, helping your investment grow much faster.
Yes. It is $5000 per year. Even if you don’t max out this amount, you will not lose your contribution room. Any unused amounts will be added to your limit the following year.
One major advantage of investing in TFSA is that when you take your money out, it will not affect your tax credits or government income-tested benefits. Your withdrawals will not have any tax consequences. When you withdraw your money, the same amount of room will be freed up, meaning you are free to recontribute later on.
The following income-tested benefits will not be affected by the income earned from TFSA and your withdrawals:
Old age security.
Guaranteed income supplement.
Employment insurance.
Age credit amount.
GST credit.
Working income tax benefit.
Canada child tax benefit.