Tax-Free Savings Account (TFSA)
TFSA – Tax-Free Saving Account in Brampton, Mississauga & Etobicoke – Harpreet Puri
Are you looking to open a Tax Free Saving Account in Brampton? This is the right place. Before, let us tell you what TFSA is and how you can apply!
This program was started in 2009. Applicants who are more than or of 18 years of age, having a valid social insurance number (SIN), can apply for TFSA. They can set their money aside for future security.
Contributions made to a TFSA are tax-free. Even any income earned in the account (investment income and capital gains) is usually tax-free, even after its withdrawal.
Types of TFSAs
TFSA, offered by the Canadian government, is of three types:
- Annuity Contract
- Arrangement in Trust.
TFSA can be issued by banks, insurance companies, credit unions, and trust companies. For more information about the types of TFSA, kindly contact us!
Terms & Conditions to Open a TFSA
Any applicant who is or above 18 years of age with a valid SIN (social insurance number) is eligible to open a TFSA.
An applicant who is not a resident of Canada and is determined to be that for various income tax reasons can still have a valid SIN and is allowed to open a TFSA. But any contributions made while as a non-resident will be subjected to 1% tax for every month the contribution stayed in the account. For more information, contact us in Brampton today!
Open a TFSA
A holder can have more than one TFSA at any time, but the total amount you contribute to all your TFSAs cannot be more than your available TFSA contribution room for that year.
It is very easy to open a TFSA account
Contact our insurance company and provide us with your social insurance number (SIN) and date of Birth. We will ask you for other supporting documents if needed.
So what are you waiting for? Visit us or call for any other TFSA related queries. We provide the best services in the city!