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Tax Free Saving Accounts (and other things!!)

January 9, 2014

Tax Free Saving Accounts (and other things!!)

The term Tax Free Savings account (TFSA) is a misnomer in that it implies that it must be a “Savings” account that is held within your TFSA. In reality, a TFSA is just a type of investment account where you can hold almost any kind of investment with the benefit being that all earnings and growth within the account accumulate and are withdrawn tax free. It is important to understand that for people with multiple account types (ie. RRSP, RRIF or any non-registered investments) chances are that their TFSA will be the very last money they access in their lifetime due to the fact of its’ tax free growth. As such, for most people these accounts should be considered a long-term investment with probably the biggest potential for asset accumulation in ones’ lifetime. Therefore, investments within a TFSA should be given plenty of thought as to what is appropriate and not just deposited into a bank savings account. Give us a call if you would like to learn more!

We have had many inquires as to whether we are able to hold TFSA’s (Yes we can!), so we thought we would provide you with information on the many services we provide and types of investment accounts we can access for our clients.

Many of our clients are aware that as a financial planning firm we do various types of planning for our clients including Retirement, Business, Investment, Intergenerational, Insurance, and Estate planning. What some clients are unaware of is that we also offer Tax advice, Income Protection (life and disability insurance), Health Savings accounts as well as Banking and Mortgage management.

Here is a brief summary of many of the services and types of accounts we can access for our clients. As independents we can set these up with essentially any company licensed to do business in Canada:

Retirement Planning Registered Retirement savings Plans (RRSP)
Registered Retirement Income Fund s(RRIF)
Locked-in Retirement Accounts (LIRA)
Life Income Funds (LIF)
Investment Planning Tax Free Savings Accounts (TFSA)
Unregistered Accounts
Corporate and Tax Advantaged Investment Accounts
Intergenerational Planning Registered Education Savings Plans (RESP)
Registered Disability Savings Plans (RDSP)
In-Trust Accounts
Income Protection Life Insurance, Critical Illness, Disability Protection
Health Savings Plan Corporate or Sole Proprietor Health Spending Plans
Banking Mortgages, Savings Accounts

It is our strong belief that to be successful in reaching your goals it is necessary to have a plan in place and to follow a process. That is, to make your life and financial decisions not by accident but by design.

Remember, successful people ACT towards the future they want!

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Our Clients

Their honesty and customer service is right up there, with the knowledge and recommendations on where investments should be made. When it’s time for a change Tim is always honest with us on where any changes should be made.

Janet McDonald

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The fact they take time to discuss with you their knowledge base, they give you all the options then give you their opinion and let YOU make the final decision.


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