Top choice Insurance Mississauge
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1(800) 385-1254

Address

2960 Drew Rd, Unit # 151, Mississauga, ON, L4T 0A5

Tax Free Savings Account

Maximize your savings and investments with a Tax-Free Savings Account (TFSA) in Mississauga.

Tax Free Savings Account Mississauga

TFSA Plans Mississauga
What are TFSAs?
A federal government tax-sheltered savings programme intended to encourage Canadians to save and invest for short-, medium-, and long-term goals.
Benefits at a Glance
  • Investments inside a TFSA are tax sheltered.
  • Contributions are after-tax (no deduction).
  • Withdrawals are tax-free (no withholding).
Beneficiary
  • There is no spousal TFSA.
  • There is no income attribution.
  • A TFSA may have a successor holder (spouse) or a named beneficiary.
Contributions
  • Annual Limit: $5,500 per year (beginning at age 18) + Previous Contribution Room + Withdrawals from previous years
  • For 2018, the total contribution room since 2009 is $57,500.
  • Contribution Period: Every year from January 1 to December 31.
  • Contributions above the overall contribution limit are subject to a 1%/month penalty (refer to the CRA website).
  • A client’s contribution room can be found in their Notice of Assessment, CRA MyAccount
  • (online), Notice of Reassessment, and T1028
  • In-kind contributions: capital gains must be declared, capital losses cannot be claimed
  • The current market value is used to calculate the contribution amount.
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Call Us for Any Questions

Harpreet Saini: 1(800) 385-1254

Ravinderjit Basra: 1(800) 385-1254