Are you looking for an investment that provides tax benefits for saving? AWealth offers TFSA to help you reach your savings and investment goals. TFSA is a flexible account that is designed to help you save money by providing significant tax benefits. Earnings in a TFSA such as investment income including dividends and capital gains are not taxed in most cases even when its withdraw. However, TFSA with a substantial gain could be taxed. Contributions made to a TFSA are not deductible for income tax purposes unlike contributions to a RESP. A TFSA can contain cash and/or other investments such as bonds, mutual funds, certain stocks or guaranteed investment certifications (GICs).
You can contribute up to a $5,5000 tax-free to a TFSA.
You are not required to have earned income to contribute to a TFSA.
You can withdraw any money for any reason without being taxed from a TFSA.
You can choose from a variety of investment options such as bonds, mutual funds, certain stocks, savings deposit, and guaranteed investment certificates (GICs).
You do not lose the contribution room if you make a withdrawal. However, you need to wait until next year to re-contribute the money to your TFSA.
You can provide funds to your spouse so they can contribute to a TFSA without being subjected to income attribution rules.
If you do not contribute the maximum account, you can carry forward unused contribution room indefinitely. For example, if you contributed $2,500 in 2016 to your TFSA, your contribution room for 2017 would be $7,500 ($,2500 carried forward from 2016 plus $5,000 for 2017).
Your contribution are not tax-deductible. However, investment returns earned in a TFSA are not taxed even when they are withdraw.
*Investments provided as segregated funds through Carte Financial Services Inc. and Kabis & Associates Inc. **Insurance products & services provided through Carte Financial Services Inc. and Kabis & Associates Inc. ***Mortgage products and services provided through Dominion Lending Centres Forest City Funding.