So, you are looking for different ways to save your money… A TFSA (Tax-Free Savings Account) may be a good option.

 

Who?

Canadian individuals 18 or older with a valid Social Insurance Number.

 

What?

TFSA’s allow individuals to set money aside tax-free throughout their lifetime.

 

When?

Contributions limits are as follows:

2009 – $5,000

2010 – $5,000

2011 – $5,000

2012 – $5,000

2013 – $5,500

2014 – $5,500

2015 – $10,000

2016 – $5,500

2017 – $5,500

 

Why?

To act as an investment vehicle that allows for contributions and income to be withdrawn tax-free. Contributions are not deductible for income tax purposes.

 

Where?

TFSA’s can be invested in segregated funds, mutual funds, stocks, bonds, GIC’s, cash, and any other type of government certified investment vehicle.

 

Have questions? Give us a call at (416) 756-4646 or via email at info@millennialfg.com.

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