Well, you’re not alone. In a recent Angus Reid Public Opinion Poll sponsored by ING Direct*, 37% of Canadians said they have only a vague idea of what a TFSA is. Another 14% said they don’t understand how TFSAs work, and 13% said they don’t know what TFSAs are.
At RJ Spencer Financial Group we want to help change that.
TFSAs in a Nutshell
– Launched in 2009, a TFSA lets you set aside up to $5,000 a year to borrow completely tax-free. You’re not taxed on interest or gains in the Account, and you’re not taxed when you withdraw the money. No tax… not now, not later.
– You can carry forward unused contributions. So if you haven’t been putting money into a TFSA, no problem. People over the age of 18 can catch up by adding up to $5,000 a year for every year since 2009.
– If you need the money, it’s available to you, anytime. Then, whatever you withdraw in any given year can be put back in your TFSA the following year.
– You can have more than one TFSA. Want a different TFSA for each of your savings goals? Great idea. Just remember, the maximum annual contribution is $5,000 for all of your TFSAs.
So there you have it. Simple, right? To find out more or to open a TFSA call us at 514-697-5800
* From September 20 to September 21, 2011, an online survey was conducted among 1668 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error -which measures sampling variability- is +/- 3.1%, 19 times out of 20. The results have been statistically weighted according to the most current education, age, gender and religion Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
