You’ve probably heard about the Tax-Free Savings Account (TFSA), a savings program introduced by the Canadian Government last January.  This new account allows Canadians to earn investment income tax-free!


Tax-Free Savings Accounts are available to anyone 18 and older, provided you are a Canadian resident and you have a Social Insurance Number.? The growth on your investment?within a TFSA?is not taxed even when withdrawn from the plan, so you can watch your savings grow tax-free throughout their lifetime. TFSAs are umbrella accounts which can hold eligible investments like high interest savings accounts, GIC or term investments, or mutual funds. You can open more than one TFSA, but the combined annual limit is $5,000 for 2009. This limit may increase with inflation so you can save even more in the future. Contribution room will be carried forward indefinitely if you don’t invest the full amount each year.The best part of a TFSA is that you can withdraw your savings at any time, for any purpose! Save for a new vehicle or furniture, or the Disney World vacation you’ve been dreaming about! Of course you can also use the money for longer term goals like retirement, home renovations or starting your own business – the possibilities are endless! Tax-Free Savings Accounts can not be set up as a trust account for your child or ward.Most financial institutions, including Libro Financial Group, offer TFSAs. Everyone’s financial situation is different, so it’s best to get professional advice before opening a TFSA. Talk to your financial planner or Libro Coach who will work with you to determine how a TFSA fits into your financial plan. While a TFSA can benefit those from all income levels and walks of life, sometimes paying off debt or contributing more to your RRSP would be more beneficial to you.

Make a Tax-Free Savings Account part of your financial plan!


Jennifer McCallum

Thank you so much for stopping by this page to get to know a bit more about me and why I started Parent Guide Inc. My business story started a way back in 2001... …after the birth of my first daughter, I realized that an "all-in-one" resource guide for parents was needed, and fast! I designed the New Parent Resource Guide to fill a gap in the community for busy parents like myself. The New Parent Resource Guide offers an A-Z of key contacts for parents, caregivers, service providers, and health care professionals.  Working with key businesses and organizations in the community, we have also compiled much-needed articles, tips, and charts to answer all your parenting questions. The latest addition to our family is the School Age Resource Guide to serve parents of children, 3 to 18 years!  This guide answers questions about: nutrition, bullying, curriculum, building self-esteem, and much more, as well as offering a full directory of local and national resources. The website offers an “all-in-one” spot for parents to connect, add their own blog, and find needed resources in their community.  It is a site that educates and entertains and if you can't find somthing just ASK me. I am here to serve YOU!  My hope is that you connect with our members, find comfort in their words, and share your own story. My goal is to see what I can do to help make life a bit easier for you.   You are why I do what I do! I can’t wait to get to know you!  Comment below to tell me about yourself – then start blogging so we can find out what makes you get up in the morning!  Check out my blog too and I am sure you will be surprised what gets me out of bed each day!!! Jennifer -  Mom and Publisher

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