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The Power of the TFSA

The average Canadian actually works until June of each calendar year for the government before they actually begin to work for themselves.

Tax strategy #1 is utilizing the tax-free savings account, or TFSA for short. The TFSA allows Canadians to set aside money in an eligible investment vehicle and watch those savings grow tax-free throughout their lifetime. No tax is paid even when the money is withdrawn! There is really no other tax-free plan like it.

The TFSA is a powerful tool that can be used to build a tax-free retirement. Here is an example: if we assume that I can contributed my maximum TFSA allowance, which is $20,000 and that I will be adding an additional $5,000 each year for the next 25 years, at an assumed interest rate of 8%, that will grow to roughly $516,839! If my spouse does the same, that would total $1,033,678 tax-free!

Call us now at 1-877-741-8910 to be directed to one of our coaches in order to learn more.

 

Brad Fisher

 

by Brad Fisher on January 5, 2015 in Blog

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