Tax free savings accounts TFSA

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Roy Thomas, SRES®
Seniors Real Estate Specialist
Sutton Group Professional Realty
Halifax NS Canada
www.RoyThomas.ca
www.HalifaxSeniorLiving.ca
Cell: 902-497-3031
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Tax Free Savings Account TFSA
If you have sold your house and want to invest the equity to help fund your retirement, tax free savings accounts (TFSA) are something you should consider.
Disclaimer: Always consult with a Financial Planner when making investment decisions
TFSA is an investment vehicle in which your money grows tax free and you do not pay tax when you withdraw the money.
Withdraw your money at any time for any reason.
Withdrawing from your TFSA does not mean permanently losing your contribution room. Contribution room accumulates each year, so you can
re-contribute withdrawn contribution amounts in the following year(s).
You can have multiple TFSA’s at different institutions like banks, credit unions and insurance companies
Your TFSA can hold a variety of qualified investments, including cash, stocks, bonds, guaranteed investment certificates (GICs) and mutual funds.
TFSA is like a basket, where you can hold qualified Canadian investments that may generate interest, capital gains, and dividends, tax-free.
The annual TFSA contribution limit for 2024 is $7,000 and you can carry forward unused contribution room from previous years. If you have never contributed to a TSFA you would now be able to contribute as much as $95,000 or $190,000 for a couple.
Contribute even if you’re retired and for as long as you want to-there’s no age limit
Money withdrawn from your TFSA will not affect your Old Age Pension or Guaranteed Income Supplement.