How and when should I use a Tax Free Savings Plan ( TFSA)
Tax Free Savings Accounts ( TFSA) have significant benefits and the Walton Financial Group in Barrie has investment advice for you
TFSA’s were designed to eliminate tax on invested money . The problem is that with interest rates so low the gain on savings is minimal . The name ” Savings Account ” confuses many people. The fact is that the TFSA can be used for a wide variety of investments including stocks , mutual funds and ETF’s.
The financial planning team at the Walton Financial Group in Barrie Ontario is ready to give you the best investment advice about the way to achieve your goals .
Here are some facts about The TFSA:
- You can contribute $6,000 a year in 2020
- The maximum lifetime limit is $69,500 for people who were 18 or older on Jan 1.2009
- You can make any past contributions that you missed
Of course the great advantage is that withdrawals from this investment vehicle can be made without any tax.
Call the Walton Financial Group in Barrie and arrange for an appointment with a financial advisor to discuss your TFSA investment options
