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…
Sentiom developed a cutting-edge AI-driven monitoring-and-detection system that provides real-time alerts to help reduce the risk of water damage in residential buildings. But it earned top honors — plus seed funding, resources and Cisco expertise — at the 2021 Cisco Fast Future Innovation Awards (FFIA) that gave the small startup company’s digital innovation the push needed to surge forward.
“We were keen to partner with a large technology company like Cisco and their innovation teams to leverage their scale and knowledge,” says Lachaîne, citing Sentiom’s go-to-market and growth goals. “The Fast Future Innovation Awards weret the perfect opportunity to accelerate innovation and bring our solution to market.”
Their technology, supported by Cisco’s, could assist local housing non-profit Maison Martin-Matte de Québec tackle an insurance-coverage-renewal problem…