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Tax Free Saving Account Bonuses?

Did you know that your contribution room grows?

Initially, your annual contribution room is $5,000 in a calendar year. In future years, the federal government may increase the annual amount in $500 increments to recognize the impact of inflation. Keep an eye out for this change and consider it in your planning.

Here’s a Bonus…¬†You Get to Keep what you earn!

Unlike an RRSP, you don’t deduct your TFSA contributions from income on a tax return. However, the earned interest or growth won’t be taxed. And money you take out of your TFSA won’t affect federal income-tested benefits and credits.

This entry was posted on Monday, January 7th, 2008 at 7:59 am and is filed under TFSA & RRSP. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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