Tax-Free Savings Accounts (TFSAs) are available all throughout Canada. TFSAs were introduced in 2009, and have since proven to be an effective way to build tax-deferred income that can be useful in many situations. A TFSA not only benefits you, but also those you care about.
TFSAs Can Be a Safeguard Against Hard Times and Unforeseen Expenses
Buying a TFSA is an investment that you will thank yourself for in the future. Nothing is guaranteed, and that goes for both your income and your expenses.
A TFSA can mitigate against personal hardships, such as losing your job. If you have a TFSA, you can use those funds to keep you on your feet until the next opportunity arrives. Or, if you have a situation that jeopardizes your ability to get to work, such as car trouble, you can use the funds in your TFSA to cover expenses for repairing your vehicle.
You’ll also be prepared for emergencies. Health care, for example, can still be exorbitant, as your insurance company may not cover all costs.
You Can Retire Early and Stay Retired
The amount of money you have in your bank account may be enough to get by for now, but it may be insufficient when the time comes to exit the workforce.
TFSAs are useful because they build with compounded interest, and can be your next savings destination after maxing out your Registered Retirement Savings Plan (RRSP).
Fund Your Children’s Education
Education is one of life’s largest expenses, and often results in debt that can take years to eliminate. But this doesn’t have to be the case for your children.
You can start an account that will grow before your children pursue higher education. If you’ve maxed out your TFSA, you can open one in your children’s names after they turn 18 years old.
Help Your Children Cover Other Costs Later In Life
Your children will likely have more than just educational needs. You may also contribute to a TFSA in order to fund business ventures, weddings, and their first home.
A TFSA Can Help You Take Care of Your Parents
TFSAs enable you to provide for your parents when they begin to require daily living assistance. With a TFSA, you can help cover health care and long term care facility costs. And if they have TFSAs, you can contribute to their accounts with the funds from yours.
Start Saving For The Future Today
At FiduSure Financial, we want to help you accomplish your financial goals and give you peace of mind. With our help, you and your loved ones can enjoy the benefits that TFSAs have to offer. To learn more, call us today at (647) 567-4702.