meta http-equiv="x-dns-prefetch-control" content="on">
  • Samer Tohme

Should you be investing in your TFSA?

Updated: Oct 2, 2020

When the federal government introduced the Tax Free Savings Account (TFSA), Canadians suddenly had another tax-saving tool. But they also had something else – a dilemma. There are many Canadians who don’t know the difference between a RRSP and TFSA; others don’t know which one offers the biggest tax advantage. Today, I will talk about the TFSA and RRSP.

A RRSP is a tax-deferred savings vehicle that allows Canadians to help fund their retirement. Contributions are tax deductible. A TFSA is a flexible, registered savings vehicle that allows Canadians to earn tax-free investment income.

But to make the most of these savings vehicles, it’s important to know how and when to use them. There are many factors to consider, such as:

  • Treatment of contributions and withdrawals

  • Effect on government benefits

  • Effect on spousal rollover

  • Marginal tax rates

If you want to talk more in detail about this topic, book a meeting and we can have a talk. #BeAccountedFor

Recent Posts

See All

Family Taxes and Laws

This is a very sensitive and somewhat difficult matter to manage and handle. Family taxes aren’t easy to deal with, there are rules you need to know and regulations you need to follow. That’s why this

COVID 19 Tax Relief

Thanks to the COVID 19 public health measures, which provide property tax and energy cost rebates, the Government of Ontario has stated that it will be supporting businesses that are affected by that

Losing Family Trust (Case)

The Case: A reassessment was held by the Canadian Revenue Agency (CRA) against Robert Mandel and his business partner Ellen Pike. The assessment resulted in an increase of 15 million dollars on each o

TOHME ACCOUNTING
Tohme Accounting-05.png
QUICK LINKS
CONTACT
FOLLOW US ON
  • Bianco Facebook Icon
  • Bianco Instagram Icona
Copyright by TOHME Accounting. All rights reserved