If the number of questions about Tax-Free Savings Accounts is any indication, the TFSA is going to be very popular with Canadians. Here are some popular questions that are asked regularly: Can I have more than one TFSA account? Does the contribution room apply across all TFSA accounts? You can have as many TFSA accounts [...]
Just like with RRSPs and to some extent, RESPs, Canadians will have three options when it comes to Tax-Free Savings Accounts (TFSA): Savings TFSA: ING Direct has already announced a TFSA account that can hold cash or GICs and is promising to keep its tradition of charging no fees and requiring no minimums. A savings [...]
When the Tax-Free Savings Account (TFSA) was announced in Budget 2008, the Government called it “an RRSP for everything else in your life”. While the TFSA provides tax sheltering just like a RRSP or a RESP, the flexibility it offers will justify the hype surrounding it and allow us to use it more widely than [...]
Here’s a list of columns and reaction to the introduction of the Tax-Free Savings Account: TFSA plan tipped to benefit young and low-income earners – Jon Chevreau in the Financial Post. TFSA will shake up investment industry – Jon Chevreau in the Financial Post. Jon Chevreau also wrote a couple of blog posts on the [...]
Where does the introduction of TFSA to our savings options leave the RESP? Contributions to both TFSA and RESP are made with after-tax dollars and both offer the benefit of tax-deferred growth. RESPs have the advantage of attracting the CES Grant of at least 20% but the grant and all the growth within the RESP [...]
Mike from Four Pillars mentioned in a comment that the TFSA offers us a new horse to beat to death because we can now endlessly argue over whether a RRSP is better than a TFSA or does it make more sense to pay down the mortgage instead. In that spirit, let’s first consider the easier [...]
The government brochure announcing the introduction of the TFSA calls it “the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP)”. Unlike the usual hyperbole, the government is probably understating the importance that TFSAs are likely to play in the savings plans of all Canadians. The TFSA is [...]
