TFSA contribution room calculator Aug 12th

All about Canadian insurance. Learn the ins and outs and get the latest news.

Latest News

Home insurance: Are you covered for wildfires, floods and other climate-related disasters? Jan 19th

In 2024, severe weather caused record-breaking property damage across Canada. Home owners and insurers are reeling from the impacts of multiple disasters, including floods in Toronto, Southern Ontario, British Columbia and Quebec; the wildfire in Jasper, Alta.; and a hailstorm in Calgary. Together, .... More »

CPP payment dates in 2025, and more to know about the Canada Pension Plan Oct 7th

In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »

Consumer-first finance: How USDC Rewards are changing the game Nov 20th

While traditional savings accounts offer minimal returns, cryptocurrency platforms are presenting Canadians with new options for their cash. Coinbase’s latest offering—3.85% rewards* on USDC balances—highlights a growing shift in how people think about storing and growing their money. T.... More »

Insurance for self-employed Canadians: What coverage do you need? Sep 5th

A common feature of employee benefit plans in Canada is insurance coverage. The types and amounts of insurance vary, and employees should consider their personal situation to determine if they need additional coverage beyond their group plan—as they often do. If you are self-employe.... More »

The best travel insurance credit cards in Canada for 2025 Jan 11th

Many Canadian credit cards come with built-in travel insurance benefits, such as emergency medical coverage, trip cancellation protection and flight delay compensation, which can save travellers from unexpected out-of-pocket expenses. Our list of the best travel insurance credit cards come with thes.... 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.

sponsoredMCAN Wealth 1-year non-registered GICgo to site

Interest rate: 5.10%

Minimum amount: $1,000

Eligible for CDIC coverage: Yes

go to site

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 »

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

Share