What types of Tax-Free Savings Accounts (TFSAs) exist? + MORE Feb 10th

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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A Tax-Free Savings Account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a Registered Retirement Savings Plan (RRSP), you cannot deduct contributions to your TFSA from your income tax, so you will have to pay income tax on that initial money. But as long as you adhere to TFSA guidelines, you won’t pay taxes on any earnings made within the TFSA, not even when you withdraw it. Plus, you can withdraw as much as you want at any time.
There’s a specified limit to how much money you can put inside a TFSA. For 2020, the annual TFSA contribution limit is $6,000, and there is a lifetime maximum of $69,500 for those who were 18 or older as of 2009. The good part is that any unused contribution space and any amount that you withdraw from your TFSA becomes available to you as contribution room in the next calendar year.
Even though the word ‘‘savings” is in the name, it’s actually better to think of TFSAs as investment accounts, rather than simply a savings account…

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Do you want a budget, middle-class or deluxe retirement? I’ve calculated exactly what you can expect to spend for all threeIf you’re worried about not having enough, cheer up. Most people are surprised by how little a typical middle-class retirement costs, writes David Aston.

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