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
How do your TFSA contributions compare to other Canadians your age?
CRA Tax Free Savings Account Guide
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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.