Tax-Free Savings Strategies
Whether we like or not, income tax is inevitable and we are all looking for ways to pay the least amount possible.
As you may already know, Canadians over the age of 18 may contribute up to $6,000 annually to a Tax-Free Savings Account (“TFSA”). The advantage of the TFSA is that it lets you grow your savings tax free. With the TFSA, your money can be deposited and withdrawn at any time depending on the terms and conditions of the investment option chosen. In addition, unused contribution may be carried forward from one year to the next for added flexibility. A TFSA would be a great way for you to save for your short-, medium- or long-term goals.
How a TFSA Works
The TFSA is perfect for you if:
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You want to save money for an emergency fund (or any other purpose) and see your savings grow tax free
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You're looking for a tax-effcient way to increase your retirement savings beyond your RRSP limits
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You have money in a regular savings account and don't want to continue paying taxes on the interest​
We would love to have the opportunity to help you structure your finances in ways that are the most tax-efficient for you. By combining registered and non-registered investments, splitting your income with your spouse or using other savings strategies, you could see a noticeable difference in the amount of tax you have to pay every year.
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