How a TFSA works for you
A TFSA is a worthwhile investment option for almost every income-earning or retired Canadian because it works so well for both short- and long-term financial goals like these:
• Providing an immediate source of emergency funds.
• Saving for just about anything from a new car or cottage to a dream vacation.
• Saving for the down payment on a new home or even starting a business.
• Reducing taxes on your non-registered investments.
• Adding to your retirement savings. By the way, TFSA withdrawals don’t affect eligibility for such income-tested benefits as Old Age Security (OAS).
• Splitting income with your spouse to minimize taxes.
To explore these and the many other ways a TFSA can work for you, and to make sure you’ll always get the most from all the elements in your financial plan, talk to your professional adviser.
Kevin Dobbelsteyn is a certified financial planner with Investors Group Financial Inc. His column appears every Wednesday.
