The best TFSAs in Canada for 2023 + MORE Nov 6th

Not sure how to make a savings plan? Read on…

Latest News

You opened an RESP—now what? Nov 27th

As many Canadian parents and grandparents know, a registered education savings plan (RESP) is a powerful savings tool. Although you can create a college or university fund for your child in other ways, such as a bank account or a tax-free savings account (TFSA), they don’t offer the same valuable .... More »

High interest rates and unemployment: Expectations for June’s rate announcement May 14th

The odds of a June interest rate cut from the Bank of Canada (BoC) appear to have fallen after the latest jobs report from Statistics Canada showed employment jumped by 90,000 last month. The jobs gain far surpassed forecasters’ expectations and marked the largest employment increase in more than .... More »

How to manage your tax withholding in retirement + MORE Jun 18th

Every spring, I tend to have a lot of conversations with retirees who are disappointed that they owe tax on their tax return, that the Canada Revenue Agency (CRA) has asked them to pay income tax in installments, or that their Old Age Security (OAS) pension has been clawed back. If it makes you f.... More »

The best high-interest savings accounts in Canada for 2025 + MORE Aug 13th

Savings comparison tool Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance. Advertisement Why trust us MoneySense is an.... More »

3 financial goals to kick-start the new year + MORE Jan 21st

Over the holidays, many Canadians made new year’s resolutions related to their career, health and family. If you haven’t added any financial goals to your list, now is the perfect time. Let’s look at three things you can do that could significantly impact your financial well-being this year—.... More »

TFSA contribution room calculator

– moneysense.ca

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.

Tax-free savings account 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 growth 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 who is 18 or older and has a valid social insurance number can open a TFSA.

Compare the best TFSA rates in Canada
SEE RATES

Is a TFSA really tax-free?

TFSA contributions won’t reduce your taxable income and generate a tax refund, unlike registered retirement savings plan (RRSP) contributions…

Continue Reading On moneysense.ca »

The best TFSAs in Canada for 2023

– moneysense.ca

Tax-free savings accounts (TFSAs) are more than a simple tax-sheltered savings account. TFSAs allow Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the government. Any interest made during your investment is yours to keep, tax-free.

Featured TFSA accounts

featured

Best TFSA savings account

Earn a guaranteed interest rate of 3.00% tax free.

go to site

featured

Best online brokerage

Open a TFSA investment account and trade ETFs and stocks with $0 commission on all transactions.

Go to site

featured

Best robo advisor

Get pre-built portfolio based on your investment needs, and earn up to $2,000 cash back for new and existing clients…

Continue Reading On moneysense.ca »

Stay tuned for more Savings wisdom brought to you by banks.ca!

Share