Wealth

Tax-Free Savings Account 2

I’ve been telling you about the new tax-free savings plans or TFSA’s unveiled in last week’s budget. As of next year, you’ll be able to save or invest up to $5000 a year without paying a cent of tax on your earnings. You’ll be able to bank the money or put it into stocks, bonds, or whatever you like. It’s a great way to come up with a little extra cash while you save up for major purchases. Meanwhile, Ottawa expects that older Canadians will receive half the benefits of this plan because it will be an attractive place to invest funds they pull out of their retirement savings but don’t need to cover living expenses. There’s an added benefit to doing this: money withdrawn from a TFSA won’t affect anyone’s eligibility to receive Old Age Security.

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