Is this frugal Toronto artist’s $70,000 in savings enough for her to buy a property in the U.S.? + MORE Jul 3rd
10 simple ways to save money Aug 21st
FHSA withdrawal rules and rental property advice for a first-time home buyer + MORE Oct 16th
Using a HELOC as an investment strategy: not as taboo as you might think + MORE Feb 27th
Canadian Dividend All-Stars 2024: Past performance Jan 16th
TFSA contribution room calculator
– moneysense.ca
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 who is 18 or older and has 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…
What can I hold in an FHSA?
– moneysense.ca
FHSA in Canada: Qualified investments and limitations
Bill C-32, which included certain provisions of the 2022 federal budget, was passed into law on December 15, 2022. The bill included the introduction of the tax-free first home savings account (FHSA) effective April 1, 2023.
In theory, Rohan, savers should be able to open an FHSA in April 2023, but some financial institutions may roll the account out as the year progresses.
The registered disability savings plan (RDSP) is an example of how access to certain accounts can be limited. The RDSP was introduced in 2008, and only 17 banks, trust companies and wealth management firms offer the account currently…