Episode 17: How to Calculate your TFSA Limit
Your Canadian Retirement Specialist
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Show Notes
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A tax-free savings account, or TFSA, offers Canadians an excellent savings option that allows you to save your money without paying taxes on growth or withdrawals. The money in a TFSA can be accessed at any time, making it an excellent option for younger people with families, houses, and other ongoing financial obligations.
The main issue that Canadians run up against with TFSAs is over-contributing and being faced with penalty taxes. In order to avoid this, it's important to know how to calculate your personal TFSA contribution room. Here are some tips to help you accurately calculate your TFSA room.
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Regan Schiller holds his Certified Financial Planner, Registered Retirement Consultant and Certified Life Underwriter designations. He is an Executive Financial Consultant licensed under Investors Group Securities Inc.
Mutual funds and investment products and services are offered through Investors Group Financial Services Inc. (in Québec, a Financial Services firm). Additional investment products and brokerage services are offered through Investors Group Securities Inc. (in Québec, a firm in Financial Planning). Investors Group Securities Inc. is a member of the Canadian Investor Protection Fund. Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus before investing. Mutual funds are not guaranteed, values change frequently, and past performance may not be repeated.
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