Meet your financial goals with a Tax-Free Savings Account arranged by Walton Financial Group
Your Financial Advisor at Walton Financial Group in Barrie, Ontario can help you reach your financial goals with a Tax-Free Savings Account (TFSA)
Any Canadian aged 18 and older with a valid social insurance number can open a Tax-Free Savings Account (TFSA). Additionally, if you’re retired or a stay-at-home parent, your spouse or common law partner can give you money to contribute to your own TFSA.
Unlike an RRSP, which you can only hold until the end of the calendar year in which you turn 71, you can have a TFSA as long as you live.
Canadians can contribute up to $6,000 to a TFSA in 2019. However, if you don’t maximize your contribution room in a given year, the amount can be carried forward to the next year. For example, if you’re unable to put anything in your TFSA in 2016, you can carry the unused contribution room forward and make up the contribution in 2017 or any year after.
Another benefit is that contributions grow tax-free inside the TFSA. This means that, should you need your money, you can make a withdrawal from your TFSA without having to pay taxes on the original investment or its gains.
You can hold a range of investments inside a TFSA, including mutual funds, segregated funds policies and guaranteed investment vehicles.
Your financial advisor and investment representative at Walton Financial Group in Barrie, Ontario can help you assess your personal financial situation and long-term goals to determine the right mix of investment types for you.
