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Season’s greetings from Fiscal Agents! In this month’s issue we’re focusing on recently released information from the Canada Revenue Agency concerning Tax-Free Savings Accounts (TFSAs) and what you can expect for additional contribution room in the new year, plus some interesting reading about how you can take better advantage of this compelling product.
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Good Reads |
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Information on TFSA limits for 2022 In November, the Canada Revenue Agency (CRA) released an index of adjustments made to personal income tax and benefit amounts. Amongst the provided information for several programs was the newly-released 2022 contribution limit for Tax-Free Savings Accounts (TFSA) - which matches the $6,000 amount from 2019 on. What that means for someone who has yet to open a TFSA account (and has been eligible to since the program's inception in 2009) is that the total contribution room available as of 2022 is $81,500. We've provided a link to an article on our website talking about the features and benefits of TFSAs, and how Fiscal Agents can assist you with this compelling vehicle for investing while staying sheltered from taxes on returns.
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TFSAs: The best GIC investment option for the conservative investor The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings vehicle, that allows Canadians to earn tax-free investment income to more easily meet lifetime savings goals. The TFSA compliments existing registered plans like the Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Registered Education Savings Plan (RESP) and the Registered Home Ownership Savings Plan (RHOSP). In this article, we talk about the features of TFSAs in detail, and provide some tips on how to get them working better for you and your family.
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Our Featured Free Publication |
| Financial planning your Retirement: How do you get started? No matter what your age or stage of life, you should have some form of financial plan for retirement. It’s said that financial planning for retirement should be a career long process, and the longer you are able to set money aside for retirement, the more compound interest will work for you.
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