How long have tfsa

We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Savings Accounts Basics. High-Yield Savings Accounts. Other Types of Savings Accounts. Savings Accounts vs. Other Bank Deposits. The Tax Aspects.

TFSAs let you save money on taxes because the gains on investments in the account are not taxed and withdrawals can be made tax-free. Article Sources.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.

You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Financial Post Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try again.

This website uses cookies to personalize your content including ads , and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Register Now. FP CryptoDecoded: Join us at our free crypto and blockchain events. Manage Print Subscription. Main Menu Search financialpost.

This advertisement has not loaded yet, but your article continues below. So, if you open more than one TFSA, make sure you have a way to track your contributions.

Possibly paying more in fees. If you have multiple managed accounts that charge fees, then consolidating your accounts in one place may be wise. It works when the higher-income spouse gives money to a lower-income spouse to contribute to their TFSA. There are potential negative tax implications when attempting such a maneuver using non-registered investments. Talk to an advisor about what might make sense for you.

For estate planning purposes, you have two options to leaving your TFSA to a spouse. You can name either:. The rules can be complicated and different in Quebec. A Sun Life advisor can help you make decisions and maximize your savings. Most advisors now offer to meet Clients virtually by video chat. I want an advisor. Do you have more questions? Here are the answers to some commonly asked questions about TFSAs. Budget calculator. Which one is right for you?

Subscribe to the Brighter life newsletter. This article is meant to only provide general information. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice.

Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation. We are grateful to have the opportunity to work in this territory.

We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life.

I understand I can unsubscribe at any time and acknowledge that this email address belongs to me.