Tax Free Savings Account Archives - 3i Financial https://www.3ifinancial.com/page_tag/tax-free-savings-account/ Home To Your Insurance and Investment Needs Mon, 08 Apr 2024 19:45:30 +0000 en-CA hourly 1 https://wordpress.org/?v=6.8.3 https://www.3ifinancial.com/wp-content/uploads/2021/06/cropped-Logo_RGB-32x32.png Tax Free Savings Account Archives - 3i Financial https://www.3ifinancial.com/page_tag/tax-free-savings-account/ 32 32 TFSA https://www.3ifinancial.com/tfsa/ Thu, 10 Jun 2021 17:22:38 +0000 https://test.3ifinancial.com/?page_id=763 TFSA What is a Tax-Free Savings Account (TFSA)? The Government of Canada introduced the Tax Free Savings Account (TFSA) in 2009 to provide Canadians with a personal savings vehicle, tax free. Who qualifies? Canadian residents with a valid Social Insurance Number (SIN) and is 18 years of age or older. Note: Non-residents may be eligible […]

The post TFSA appeared first on 3i Financial.

]]>

TFSA

What is a Tax-Free Savings Account (TFSA)?

The Government of Canada introduced the Tax Free Savings Account (TFSA) in 2009 to provide Canadians with a personal savings vehicle, tax free.

Who qualifies?

Canadian residents with a valid Social Insurance Number (SIN) and is 18 years of age or older.

Note: Non-residents may be eligible to open a TFSA account; however, contributions are subject to tax.

Advantages

As an incentive for parents to contribute to their child’s post-secondary education, the federal government offers two funding mechanisms.

  • Tax-free on any investment earnings
  • Tax-free withdrawals
  • Anyone over the age of 18 can invest
  • Contribution limits are not determined by income
  • No impact on government benefits

Contribution limit

The amount that you can contribute to your TFSA is limited to your contribution room.

  • The 2024 TFSA contribution limit is $7,000.
  • Canadian residents that have never contributed to a TFSA, and were 18 years or older in 2009 have a contribution
    room of $95,000 for 2024

The annual TFSA dollar limit for each of the years from 2009 to 2024 are:

Year Annual Contribution Limit
2009 to 2012
$5,000
2013 and 2014
$5,500
2015
$10,000
2016 to 2018
$5,500
2019 to 2022
$6,000
2023
$6,500
2024
$7,000

Source: Canada Revenue Agency

Contact a 3i Financial Group Advisor today to develop a plan that ensures you to take advantages of the tax-free savings strategies of a TFSA

Contact Us

Find Out More

RRSP
RESP
RDSP
Tags: Future Goal

The post TFSA appeared first on 3i Financial.

]]> Individual Investment https://www.3ifinancial.com/individual-investment/ Wed, 09 Jun 2021 19:14:49 +0000 https://test.3ifinancial.com/?page_id=577 Individual Investments Why Choose Individual Investments? At 3i Financial Investment Services Inc, we provide a wide range of individual investment services that are tailored to you. Our advisors will guide you with proper investment strategies. We will help you reach your financial short term to long term goals with our 3i Personal Financial Plan. Investing […]

The post Individual Investment appeared first on 3i Financial.

]]>

Individual Investments

Why Choose Individual Investments?

At 3i Financial Investment Services Inc, we provide a wide range of individual investment services that are tailored to you. Our advisors will guide you with proper investment strategies. We will help you reach your financial short term to long term goals with our 3i Personal Financial Plan.

Investing is an effective way to build your wealth. Investing will benefit you by helping you to save for your children’s education, help with taxes, save money for retirement and setting up charitable donations.

Some of the account types we offer include: Regular RRSP, Spousal RRSP, LIRA, LIF, RRIF, RDSP and RESP’s.

Some of the Individual Investments Programs

RRSP (Registered Retirement Savings Plan)

Lower your taxes by investing in your future. A lower tax bracket when you retire, withdrawals will be at lower rate.

Learn more
old, elderly, beach-3608950.jpg

TFSA (Tax-Free Savings account)

Save for a future goal tax free. Offers more flexibility and less taxes.

Learn more

RESP (Registered
Education Savings Plan)

Help your child with a boost for their post-secondary education. Pays up to 20% of up to $2,500 annually. Contribute to lifetime limit of $50,000.

Learn more

RDSP (Registered Disability Savings Plan)

Help a love one with disabilities for long term goals. Plan can grow faster as taxes are deferred on investment income and capital gains.

Learn more

Find Out More

Business Investments
Investment Products
Contact Us
Tags: Registered Education Savings Plan, RESP

The post Individual Investment appeared first on 3i Financial.

]]>