Tax Free Savings (TFSA)
The name says it all really. Tax Free Savings. (One of the best things created since sliced bread. Why? It is a way for Individuals age 18 and up who have a valid Canadian social insurance number to set money aside tax-free throughout their lifetime.
With a TFSA Savings Account you don’t pay taxes on this money as you put Bits of the money left over from your pay or other Savings Accounts into it. Any growth (interest earned) you make on your contributions are Tax Sheltered. I offer TFSA’s from Manulife Bank, or TFSA’s using Segregated Funds only available from Canadian Insurance Companies to invest in the Markets with Guarantee’s
I love to open a TFSA for people to help them sock away money for Emergencies (i.e. car or appliance breaks down, you are laid off , lose your job…quarantined) or This account is perfect for Short & Medium sized goals, like a car, travel, wedding, birth of a child , education & more. A TFSA is flexible & a perfect Savings Solution to be used throughout your Lifetime.