Nelson from Cambridge, Ont writes about Tax Free Savings Account:
What are your thoughts on TFSA that was introduced in the beginning of ’09?
Is there any strings attach? Kind of sounds to good to be true. Any help will be appreciated.
I know its hard to believe but the Tax Free Savings Accounts that came into being in January are not too good to be true they are too good to be missed!
Any resident of Canada 18 years of age or older can sock $5,000 a year into this shelter and get tax free growth on their assets regardless if the growth comes from capital gains, interest, or dividends. If you are interested in other types of investments such as options and futures you would best be served asking your accountant for clarification as to eligibility.
The link below will give you most of the information you need directly from the Canada Revenue Agency.
Make the most of this opportunity to grow wealth tax free.