Tax Free Savings Accounts

The name Tax Free Savings Account may be a bit misleading as some people believe it must be a savings account. Actually there are a wide variety of investments that can be held inside a TFSA.

Why is it so great? You never pay tax on the growth. You can withdraw the money or leave it there for your heirs, either way it is tax free.

Warning: Don’t use this vehicle as a chequing account. There are tax penalties if you withdraw money and then deposit money during the next year.

You can invest in mutual funds, segregated funds, bank accounts,(Manulife Advantage High Interest Bank Account) and many other investment vehicles. Contact us for more coaching on these TFSAs.

 If you have cash flow in excess of the TFSA limit and want similar benefits we can arrange that with a Universal Life policy.