S2 E5: Five Ways to Get the Most from your TFSA
Play • 20 min

This week I am focusing on TFSA's and clearing up some common misunderstandings to help you ensure you maximize the benefits you achieve from your investment portfolio.

One of the most common questions I get as a wealth advisor is: “Which type of retirement account should I put my money into…an RRSP, which is a Registered Retirement Savings Plan, or a TFSA, which is a Tax Free Savings Account?

Which one should you put your money into? Here's what you need to know to make the right decision for you:

1.    Realize a TFSA is an investment account, not a savings account. 

2.    Use your TFSA is for any windfalls you may receive

3.    Keep track of your contributions and withdrawals

4.    Understand the residency requirements

5.    Make your spouse a successor holder, not a beneficiary

 

Resources

How do your TFSA contributions compare to other Canadians your age?

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-a-peek-into-the-tfsas-of-the-nation-average-account-sizes-for-all-ages/

CRA Tax Free Savings Account Guide

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html

 
Connect with Glory

Read  the Women's Wealth Canada Blog 

Get the Guide: "12 Smart Questions to Ask When Interviewing a Wealth Advisor"

Book a Free Wealth Consultation with Glory Gray at hello@womenswealth.ca


Website: WomensWealth.ca

Twitter: @WomensWealthCA

Facebook: @GloryGrayWealthSolutions

LinkedIn: Glory Gray



📖 Women's Wealth Canada Blog
🔻12 Smart Questions to Ask When Interviewing a Wealth Advisor
📽 Free Webinar: The Real Questions to Ask Before You Retire
👉 Free Wealth Consultation with Glory Gray at hello@womenswealth.ca

Website: WomensWealth.ca
Facebook:
@GloryGrayWealthSolutions
LinkedIn:
Glory Gray

Music
Background Intro music “Positive Determination”
Other incidental and theme music by Purple Planet Music

This podcast is for informational purposes only and should not be construed as investment, tax or legal advice. It is not an offer to sell or buy or an endorsement, recommendation or sponsorship of any entity or security cited. Mutual funds offered through Portfolio Strategies Corporation. Other products and services provided through Glory Gray Wealth Solutions.

All content © 2022 Glory Gray.

More episodes
Search
Clear search
Close search
Google apps
Main menu