Would you like to save money without worrying about taxes?

A Tax-Free Savings Account (TFSA) is an easy way to save and withdraw, without tax implications.
 

5 great reasons to open a TFSA with MoneyValue:

1. A TFSA is an easy way to save.

• A TFSA is designed for anyone aged 18 or older looking to save for a short-, medium- or long-term goal.
• A TFSA with MoneyValue gives you the option to place your savings in a Guaranteed Interest Account or a Segregated Fund, providing even more protection!

2. A TFSA allows you to grow your savings tax-free.

• Amounts deposited in a TFSA and the income generated (e.g. Investment income and capital gains) are tax sheltered, meaning no tax implications for your returns.

3. A TFSA allows you to withdraw your funds anytime.

• The money you withdraw during one calendar year increases your TFSA contribution limit for the following year to the same amount you withdrew.
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4. A TFSA doesn’t affect your RRSP contribution limit.

• The amount you save in a TFSA during any given year has no impact on the maximum amount you can contribute to an RRSP, which is based on your income.

5. A TFSA lets you take advantage of unused contribution room from previous years.

• Caution: know your limit! If your annual contributions are over the limit, you will be taxed on the excess amount, which you will have to withdraw from your TFSA.

When TFSA contributions are maximized there will be tax implications if you over-contribute or withdraw and deposit in the same year and do not have contribution room.

Contact Us To Open a TFSA Today