“My financial advisor overcontributed to my TFSA—now what?” Oct 24th
FHSA withdrawal rules and rental property advice for a first-time home buyer + MORE Oct 16th
Students protest cuts to amount of OSAP grants they can receive + MORE Mar 4th
The best high-interest savings accounts in Canada for 2023 + MORE Jan 30th
How to Improve Your Employees’ Financial Wellness + MORE Apr 9th
TFSA contribution room calculator
– moneysense.ca
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain-old cash. While you do have to abide by the set amount of contribution room each year, any gains you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada, over the age of 18, with a valid social insurance number can open a TFSA.
Is a TFSA really tax free?
TFSA contributions won’t reduce your taxable income, unlike registered retirement savings plan (RRSP) contributions. (If you haven’t maxed out your RRSP, get on that before the deadline). However, where you do save on taxes with a TFSA is that the money you earn inside your TFSA is not taxable…
Amar is 31 years old and lives in an affordable shared apartment. How can he increase his savings when his monthly income is never the same?
Amar is 31 years old and lives in an affordable shared apartment. How can he increase his savings when his monthly income is never the same?Are your savings in a ‘legacy’ account offering negligible interest? Here’s what to do about it
– thestar.com
With interest rates on the rise, the lowly savings account is having its day again. But beware. Not all ‘premium’ rate accounts are created equal, David Aston writes.Are your savings in a ‘legacy’ account offering negligible interest? Here’s what to do about it
– thestar.com
With interest rates on the rise, the lowly savings account is having its day again. But beware. Not all ‘premium’ rate accounts are created equal, David Aston writes.
