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What is the TFSA contribution limit in 2025?
– moneysense.ca
The tax-free savings account (TFSA) is one of the best ways for Canadians to grow their money. This registered account (meaning that it’s registered with the federal government) offers tax-free growth and tax-free withdrawals—a one-two punch that no other Canadian registered account offers.
Using a TFSA can help you meet your financial goals, whether you’ll need access to your savings soon (think: wedding or buying a car) or far in the future (retirement). A recent EQ Bank survey found that:
Most Canadians (87%) are saving towards short- to mid-term goals, such as vacation or travel (51%), an emergency fund (48%), home renovations or repairs (34%) or a car purchase or repairs (32%).
57% of Canadians use TFSAs to save for short-term and mid-term goals. TFSAs are the most popular product for this purpose after regular chequing accounts (61%). TFSAs are also more popular than registered retirement savings plans (RRSPs) (40%) and high-interest savings accounts (32%).
The vast majority of Canadians (82%) using TFSAs to save said they earn interest on their savings in the account…
Dying intestate is a term that means someone has died without a will. Dying without a will means that the government gets to use provincial laws to decide how to distribute your estate and appoint your executor.—Willful.co, “Dying Without A Will In Canada.”
In 2013, my father took his own life.
He was a successful small business owner and was financially responsible and savvy. But he was also very private with his money; even my mother wasn’t sure where his various accounts were held. It took dozens of phone calls, hundreds of emails, and several in-person visits to different bank branches to locate and administer all his accounts.
Thankfully, his last will and testament were current, clear, and drafted by professional estate lawyers. Settling an estate is a demanding emotional and physical task, but having a valid and current will make things that much easier for us.
Estate planning is a simple task for DIY financial planners, but finding the willpower (pun intended) to take the first step can be difficult…
