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Relatively new in the realm of Canadian retirement savings tools, Tax Free Savings Accounts (TFSAs) are firmly rooted as a popular choice for many people looking to save money for retirement. This account is available to Canadians aged 18 years and older and offer flexibility with contributions and withdrawals and setting up of investment accounts.

What are the benefits?

Contributions are made with after tax dollars and unlike an RRSP you will not receive a tax deduction in the year of contributions however TFSA investment accounts are a powerful tool to save and grow your wealth in a completely tax-free environment.

Additional benefits of opening a TFSA include:

  • Tax free growth

  • Tax free withdrawals

  • Diversified investment portfolio’s

  • Income from a TFSA will not be taken into account in determining your eligibility for Federal income-tested benefits.

  • Creditor protection may be provided from bankruptcy if properly set up

  • Easily opened and managed

If you want to take advantage of the great tax-sheltered savings potential that a TFSA offers to your savings plan, contact Synergy Life Financial today. We will walk you through the advantages and explore how a TFSA can benefit you.

With the right plan, you can retire within 10 years.

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