August 1st, 2008

Welcome to this site!

If you are reading this post then we are confident that you will leave this site well-informed and in a better position to work with your Tax Free Savings Account. 

Tax Free Savings Account Info.com was created so that you would have a trusted resource to get all the facts and Tax Free Savings Account Info that you were looking for, regardless of whether you already have a Tax Free Savings Account, or, you are thinking about opening one.

So please continue to take a look around the site, what you’ll find is a cumulation of countless hours of research to bring you the latest and greatest Tax Free Savings Account Info.

If you have any specific questions please feel free to e-mail us at info(-at-) taxfreesavingsaccountinfo.com

Good luck and may the TFSA help make all your hopes and dreams come true!

May 29th, 2008

The Honourable James M. Flaherty, P.C., M.P. Minister of Finance

Discusses Tax-Free Savings Account at Budget 2008—Responsible Leadership

This is how it works:

• First, Canadians can contribute up to $5,000 every year to a registered Tax-Free Savings Account, plus carry forward any unused room to future years;
• Second, the investment income, including capital gains, earned in the plan will be exempt from any tax, even when withdrawn;
• Third, Canadians can withdraw from the account at any time without restriction. Better yet, there are no restrictions on what they can save for; and
• Finally, the full amount of withdrawals may be re-contributed to their Tax-Free Savings Account in the future, to ensure no loss in a person’s total savings room.

An RRSP is primarily designed for retirement. In many ways, a Tax-Free Savings Account is like an RRSP for everything else in your life.

It is a powerful incentive to save:

• To help young people saving for their first car;
• To help couples saving for their first home;
• To help seniors stretch their retirement savings further; and
• To help every Canadian set aside a bit of cash each month for a special project, to help their kids, or to simply treat themselves.

To make it easier for lower- and modest-income Canadians to save, there will be no clawbacks. Neither the income or capital gains earned in a Tax-Free Savings Account nor the withdrawals from it will affect eligibility for federal income-tested benefits, such as the Guaranteed Income Supplement.

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March 13th, 2008

The Honourable James M. Flaherty, P.C., M.P. Minister of Finance

Discusses Tax-Free Savings Account at Budget 2008—Responsible Leadership

If we are to help families prepare for the long term, we must ensure Canadians have the right incentives to save for the future.

Saving isn’t always easy. But it’s important.

Unfortunately, for too long, government punished people who did the right thing.

As one of my constituents recently said to me:

Mr. Speaker, he’s right. And we’re going to change that.

The Government will unveil the single most important personal savings vehicle since the introduction of the RRSP: the Tax-Free Savings Account.

This flexible, registered, general-purpose account will allow Canadians to watch their savings grow, tax-free.

It’s the first account of its kind in Canadian history.