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TFSA

TFSA Designations may cause Estate Problems

The April 2015 federal budget made TFSAs more attractive by increasing the cumulative contribution limit to $41,000. But clients should know that financial institutions administer their customers’ TFSA accounts differently, and subtle differences could cost accountholders down the road.

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The TFSA and Spousal Contributions

by Derek de Gannes

The most recent federal budget included a proposal to increase the annual contribution limit to a tax free savings account (TFSA) to 10,000. With this in mind, retirement savings strategies will more likely than not include the TFSA however caution must be exercised when making contributions.

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TFSA or RRSP?

One of the most common investment questions Canadians ask themselves today is, “Which is better, TFSA or RRSP”?

Here’s the good news – it doesn’t have to be an either or choice.  Why not do both? Below are the features of both plans to help you understand the differences.

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Are TFSAs only good for the rich?

by Larry MacDonald for Money Sense Magazine

At the start of the year, the annual contribution limit for Tax-Free Savings Accounts rose by $500, allowing Canadians to shelter $5,500 in investments from tax each year, in addition to whatever RRSP room they may have. The Conservatives plan to go even further—if the federal government balances its books, something expected by 2016, it has promised to raise the TFSA contribution ceiling to $10,000 a year. But left-of-centre policy wonks oppose expanding contribution room. They say TFSAs favour the wealthy and lifetime contributions should be capped. Could they be right?

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TFSA or RRSP?

Lately, one question clients are asking me is whether they should contribute to a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP)?  Personally, I really like the TFSA. however it doesn’t have to be an either or choice.  Why not do both?  If both, in what proportion should you divide your contributions?  In order to make an informed decision, let’s quickly review the main features of each program as discussed in last month’s article.  I will use bullets to illustrate the features as nothing gets people’s attention more than bullets.

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