Connect Wealth | 13-2970 King George Blvd. | South Surrey, BC V4P 0E6, Canada
Phone: 604.542.4298 | Toll Free: 877.542.4298 | Fax: 604.542.4289
The TFSA (Tax Free Savings Account) was introduced to Canadians 10 years ago, on January 1, 2009. Last November, the Government of Canada announced that the annual contribution limit for TFSAs would be $500 higher in 2019 (increased to $6,000 from $5,500).
Indexed to inflation, and rounded to the nearest $500, the increased limit for 2019 means the cumulative contribution room available to each Canadian taxpayer who has never contributed to a TFSA in the past (and was 18 or older in 2009) will be $63,500.
As the TFSA contribution limit grows, it becomes a more relevant and powerful investment vehicle for all Canadians, regardless of income. It is flexible and an excellent complement to the RRSP in retirement planning.
Many Canadians are missing out on the benefit of this tax savings tool, mainly because they don’t understand what it is and how to maximize its benefit. As a result, too many ignore or misuse it. It is NOT just a savings account.
Here are some tips to get the most out of your TFSA:
Connect Wealth is an independent financial planning firm that offers holistic advice to clients based on their current goals and future aspirations. We use well-established workflows and cutting edge technology to maximize financial efficiencies while simplifying the process for clients. Learn how you can maximize your financial opportunities at connectwealthp.wpengine.com