The Tax Free Savings Account is a government program that allows your investments to grow tax free. There is also no tax owed when you withdraw money from your TFSA. With a new year, we now have another $5,000 in contribution room for our Tax Free Savings Account. So what should you do with your…
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Category Archives: TFSA
ING Direct – TFSA With No Fees
We recently used an Orange Key to set up an ING Direct Tax-Free Investment Savings Account (TFSA) in my wife’s name to use as our emergency fund and saving for annual expenses like Christmas gifts and property taxes. We decided to use ING Direct for three reasons: Unlike some other banks, this is a TFSA…
Canadians and Procrastination
Many of the challenges in life can be resolved by the process of time, some are created instead. While the do nothing philosophy can work on certain challenges, investing and saving are not one of them. It has been my experience that Canadians end up doing themselves a financial disservice at times and can be…
Real Estate Investment Trust (REIT) Portfolio
I’m considering holding REITs in my TFSA since they would be a good income earning investment, but not necessarily tax efficient. My first thought was to look into the iShares CDN REIT Sector Index Fund (XRE), but it’s 0.55% MER is rather high for an ETF than only has 11 holdings. You can replicate more…
Investing Your Charitable Donations Credit
I was asked a question about my charitable donations post from last week. The question was, instead of the $200 in my example, what if he donated say $1,000 a year… would he be better off getting the credit each year and investing it? For starters, lets break down the tax credit he would receive, each…
TFSA – Tax Free Savings Account
I’ve had a few people ask about the Tax Free Savings Account, or TFSA. Some get the wrong idea because of the term “savings account”. While you can hold a savings account in the TFSA, you could also use it for stocks, mutual funds, bonds, GICs, etc. The TFSA is basically a shell similar to…
