Friday, January 16, 2009

Tax Free Savings

Sometimes the government does something that actually is useful for us as the average Canadian. Like lowering GST to 5%. This year, as a gift to all of us for 2009, the Harper government has decided to make available these new Tax Free Savings Accounts (TFSAs).

What's so great about these TFSAs? Well they're for anyone over 18 and allows us to contribute up to $5000 annually to be invested tax-free. It can be in the form of cash, GICs, bonds, shares...and there are no fees for deposits, withdrawals or transfers. Also, the TFSAs are on top of the existing RRSPs and RESPs so they compliment each other.

Anyway, if you're Canadian, go open your own account right now!



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