What's New

Category: What's New in 2008

Grow Your Money and Don't Pay the Taxes

Grow Your Money and Don't Pay the Taxes
December 10, 2008
It’s not as far fetched as you think. The Tax-Free Savings Account, or TFSA is a registered account and can help you save up to $5,000.00 per year in a deposit account or investments like mutual funds or GIC’s.

Imagine, earning “ALL” the interest and it remains “ALL” tax free, how quickly could you savings grow?

Now your down payment could be even bigger. Use the Tax-Free Saving Account (TFSA) and the Home Buyers Plan: you and your spouse to each borrow up to $20,000.00 from your registered Retirement Savings Plan towards your first home.

When borrowing from your TFSA and RRSP’s you won’t pay any taxes on the interest you earn, and you won’t pay any taxes on your withdrawal, as long as you pay it back to your RRSP according to schedule.

You may open a TFSA account with most investment advisors and/or chartered banks effective January 1, 2009

Click here to view the plamphlet from the Government of Canada

Return to Main Article Listing



Home About Us Services 1st Time Buyers Rates Calculators Apply Now Join Our Team Resources Contact