Tax-Free Savings Account (TFSA)

Tax-Free Savings Account (TFSA)

TFSA – Tax-Free Saving Account in Brampton – Harpreet Puri

Are you looking to open a TFSA 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:

  • Deposit
  • 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.

Note

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!

Whole Life Insurance grows until your demise. Thus it is a guaranteed assurance, of protecting your family from any financial difficulty.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.

If you surrender the policy at a later date, the cash value, if any, will be returned to you. If you stop making premium payments you can receive the cash value or use that cash value to provide a paid-up insurance benefit.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.

You will be paying fixed premiums throughout your life. It may be high compared to Term Life Insurance with the same coverage, but are much less than the monthly payments of an extended Term Life Insurance for the whole life.

Your health condition at the time you purchase the policy determines the fixed premium you’ll pay your whole life. So if you are healthy now, it is not too early to purchase a Whole Life Insurance and enjoy lesser monthly payments.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

In case of Participating Whole Life Insurance, the insurer receives dividends which fluctuate according to the performance of the Insurance Company.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.

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