Benefits of TFSA – Tax Free Savings Account

Benefits of TFSA

Saving never hurts. But which is the best way? Is a TFSA the right choice?

A Tax Free Savings account is quite a great way to save money for your future. A lot of us are not aware of the benefits that come with opening a TFSA. A lot of people prefer RRSP’s while considering a savings account. But there are a few features of TFSA which make it the smarter option.

Save smart today with TFSA and Harpreet Puri!

Benefits of opening a TFSA

• No age restrictions for deposits
• Any time withdrawal without tax
• It can be used as an investment account as well
• Tax benefits

The account does not have any upper age limit on the deposits. You can start contributing to a TFSA when you are 18 years of age and can contribute till you see fit. This helps a person to double up their savings and keep a steady income building in their accounts.

The best part about a TFSA is that you can withdraw from it at any point without having to worry about penalties or tax. This allows a person to have a reliable source of income and make sure that they can withdraw without hesitation. It gives you peace of mind.

A TFSA does not necessarily have to be a savings account only. You can use it as an investment account and invest in automobiles and other investment opportunities. This can help you to double your savings and make your retirement stress free and worry less.

As the name suggests, a Tax Free Savings Account definitely has some tax benefits. These include no tax on the amount you put in, no tax on the withdrawals and no tax when you empty it. But there are no deductions which are tax free with a TFSA.

A TFSA proves to be a great way to secure your retirement and even your present with no tax involved. The government has provided this plan to encourage savings and making use of it is definitely a great idea!
Call Harpreet Puri today to get your TFSA account!