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TFSA

/ Investment Account Types, Financial Orientation

The next section of the Action Financial Group Orientation Series will deal with Investment Account Types.

An account is not an investment; it is a container that holds one or more investments. Different containers have different features such as size, shape or colour, one hole in the bottom or none, a lid or no lid; different accounts have different features too, such as tax treatment, size limitations, or rules about contributions and withdrawals. Not all accounts are suitable at different life stages or circumstances and it’s always best to seek advice.

Tax Free Savings Accounts

TFSA = Tax Free Savings Account is an account type used to accumulate retirement savings or any other short, medium or long term savings. Contributions are limited to the contributor’s TFSA contribution room as determined by Canada Revenue Agency (CRA) and based on the annual contribution limits established for the plan. Individuals start accumulating contribution room the year in which they turn 18 and in calendar years starting in 2009. Amounts contributed to a TFSA are not tax deductible. Any investment growth or income within the plan accumulates tax free. All withdrawals (contributed capital, growth and income) from a TFSA are tax free whenever they are withdrawn. Amounts withdrawn from a TFSA are added back to the contribution room on January 1 the year following the withdrawal. Overcontributions are penalized at the rate of 1% per month on the excess amount.

There will be more Investment Account Types discussed over the next few weeks. We hope you will find this information valuable and will increase your financial confidence. You can always find these articles on our website www.actionfinancialgroup.com.

Karin Rimnyak, Certified Financial Planner®
Investment Advisor
Insurance Advisor, Action Financial Group Ltd.


David Dryburgh, Certified Financial Planner­®
Investment Advisor

Insurance Advisor, Action Financial Group Ltd.


Ian Barrie, Certified Financial Planner®
Investment Advisor

Insurance Advisor, Action Financial Group Ltd.


This information has been prepared by Karin Rimnyak who is an investment Advisor for iA Private Wealth. Opinions expressed in this email are those of the Investment Advisor only and do not necessarily reflect those of iA Private Wealth. iA private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.

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iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.

This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.

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