{"id":20,"date":"2011-01-24T12:54:28","date_gmt":"2011-01-24T20:54:28","guid":{"rendered":"http:\/\/www.saverealcash.com\/?p=20"},"modified":"2011-01-24T12:54:28","modified_gmt":"2011-01-24T20:54:28","slug":"tfsa-information","status":"publish","type":"post","link":"https:\/\/saverealcash.com\/?p=20","title":{"rendered":"TFSA Information"},"content":{"rendered":"<p><strong>What is a TFSA?<\/strong><\/p>\n<p>In the 2008 Budget, Minister Jim Flaherty announced the creation of  this new savings vehicle. While the TFSA is similar to an RRSP there  are some notable differences. As with a RRSP, the account is intended to  help Canadians save money and plan for future expenses. The  contributions you make to the TFSA are made with after-tax dollars but  withdrawals are tax-free. So whether saving for a new car or a new  house, tax-free savings may help you get there.<\/p>\n<p>Available to Canadians 18 and older, the TFSA will allow you to  invest up to $5,000 annually, and carry forward any unused contribution  room from year to year. There will be no lifetime contribution limit.<\/p>\n<p>For savvy investors who realize significant capital gains in these  accounts, the best thing about the TFSA is that there is no tax on  investment income, including capital gains! How good is that?! This is  the main difference between the TFSA and a RRSP account.<\/p>\n<p>Some of the details from the Conservative Budget:<\/p>\n<ul>\n<li>Starting in 2009, Canadian residents age 18 or older will be  eligible to contribute up to $5,000 annually to a TFSA, with unused room  being carried forward.<\/li>\n<li>Contributions will not be deductible.<\/li>\n<li>Capital gains and other investment income earned in a TFSA will not be taxed.<\/li>\n<li>Withdrawals will be tax-free.<\/li>\n<li>Neither income earned within a TFSA nor withdrawals from it will  affect eligibility for federal income-tested benefits and credits.<\/li>\n<li>Withdrawals will create contribution room for future savings.<\/li>\n<li>Contributions to a spouse\u2019s or common-law partner\u2019s TFSA will be  allowed, and TFSA assets will be transferable to the TFSA of a spouse or  common-law partner upon death.<\/li>\n<li>Qualified investments include all arm\u2019s-length Registered Retirement Savings Plan (RRSP) qualified investments.<\/li>\n<li>The $5,000 annual contribution limit will be indexed to inflation in $500 increments.<\/li>\n<\/ul>\n<p>According to the Budget release, &#8220;in recognition of the fact that  couples often make their savings decisions and plan for their financial  security on a joint basis, individuals may contribute to the TFSA of  their spouse or common-law partner, subject to the spouse or partner\u2019s  available contribution room.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is a TFSA? In the 2008 Budget, Minister Jim Flaherty announced the creation of this new savings vehicle. While the TFSA is similar to an RRSP there are some notable differences. As with a RRSP, the account is intended to help Canadians save money and plan for future expenses. The contributions you make to &hellip; <a href=\"https:\/\/saverealcash.com\/?p=20\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">TFSA Information<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[29,31,38,39,48,50],"class_list":["post-20","post","type-post","status-publish","format-standard","hentry","category-ca-tax-info","tag-investment","tag-lifetime-contribution","tag-registered-retirement-savings-plan","tag-retirement-savings","tag-tax-free-savings-accounttax-free-savings-account","tag-tfsa"],"_links":{"self":[{"href":"https:\/\/saverealcash.com\/index.php?rest_route=\/wp\/v2\/posts\/20","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/saverealcash.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/saverealcash.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/saverealcash.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/saverealcash.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20"}],"version-history":[{"count":0,"href":"https:\/\/saverealcash.com\/index.php?rest_route=\/wp\/v2\/posts\/20\/revisions"}],"wp:attachment":[{"href":"https:\/\/saverealcash.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/saverealcash.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/saverealcash.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}