The Hidden Role of Luck in Building Wealth
When it comes to money and investing, a lot of people fall into the same trap: chasing what’s “hot” right now. If a certain stock, sector, or trend is making headlines, many will jump in—hoping they’ve found a “sure thing.” The funny thing is, that’s the exact opposite of how real planning works. Whether it’s […]
TFSA Designations Matter
The method that you use to name a successor, owner or beneficiary of a TFSA makes a big difference to your estate, not only for a TFSA to maintain its tax-exempt status but also to ensure that the assets are distributed to the intended recipients. You can name your spouse or common-law partner as […]
TFSA Time Bomb!
The Tax-Free Savings Account (TFSA) was introduced in 2009 as a new way for Canadians to build assets and wealth on a tax-advantaged basis. Any capital gains, dividends or interest income are tax-free upon redemption from the account. The initial contribution amount was $5,000 with annual increases of $5,000. This has been increased to $5,500 […]
TFSAs: Flexible Wealth Building Strategy
The Tax-Free Savings Account (TFSA) was introduced in the February 2008 Federal Budget and became available January 1, 2009. It is touted by the Government of Canada as ‘the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP).’ The Canada Revenue Agency (CRA) draws a distinction between […]
Tax-Free Savings Plans
When Sophia first heard the term Tax-Free Savings Account (TFSA), the first thing that came to her mind was a low- or no-interest account at a bank. She soon learned that just about every investment option available to her in an RRSP is also available to her in a TFSA plan. Glenn, 58, is […]