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!

June 15th, 2008

How Is a TFSA Different From a Registered Retirement Savings Plan?

An RRSP is primarily intended for retirement. The TFSA is like an RRSP for everything else in your life.

• Contributions to an RRSP are deductible and reduce your income for tax purposes. In contrast, your TFSA savings will not be deductible.
• Withdrawals from an RRSP are added to your income and taxed at current rates. Your TFSA withdrawals and growth within your account will not—they will be tax-free.

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• Second, the investment income, including capital gains, earned in the plan will be exempt from any tax, even when withdrawn;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.