The new 'Tax Free Savings Account' (TFSA)
The 2008 Federal Budget introduced the Tax Free Savings Account (TFSA). Available as of January 2009, in the first year this savings vehicle will allow each Canadian resident over 18 years of age to contribute up to $5,000 to this tax-sheltered account. You will not get a tax deduction for your contribution, however, the income earned or the growth realized in the account will not be taxed. Nor will there be attribution of income if the higher income spouse gives money to the lower income spouse for investment in a TFSA.
There are other very interesting provisions of the TFSA, but until recently, the specifics had not been clarified by the Canada Revenue Agency. They have now posted on their website a series of questions and answers on the TFSA to give you a better understanding of how this new registered savings account will work.
We recommend considering setting up a TFSA with your PWL Investment Advisor. Also note that PWL will not be charging any annual administration fees.
Please contact your PWL Financial Advisor or PWL Portfolio Manager if you wish to discuss this further or get advice on setting up a TFSA soon.
PWL Capital is a wealth management boutique and we believe the true measure of financial success is a happier life.
You don't want to worry about your money. You want to get on with your life. That's where we can help.
The PWL Capital difference:
- Total commitment to helping you meet your defined objectives
- Integrated financial planning and investment management
- Fee-based services. No products to push. No hidden fees. Just solid common sense
- Transparency and integrity backed up by rigorous internal controls
- An institutional style investment philosophy that adds value while reducing your risk
- In-house investment research ensures our disciplined approach to building and rebalancing your portfolio
- Time-tested institutional investment principles
- Proven academic insight for long term wealth
- Great service that you have to experience to believe.
And just as importantly, we make it all work together to achieve your cherished goals.
At PWL Capital, we offer Canada's most discerning individuals and families personable but sophisticated wealth management services. For more than a decade our financial advisors design customized portfolios for individuals, families and small institutions, including:
- Risk management
- Tax efficient investment portfolios
- Financial planning (retirement, tax, estate planning and life insurance planning)
- Intergenerational wealth transfer
- Philanthropic giving
Your financial anxiety is replaced with confidence and peace of mind, at PWL Capital.
Small is safe.
We’re small enough to know everything that’s going on in our shop...
- With your advisor and with your investments.
- To have total control over all our market transactions and all activities of the firm.
- To audit, reconcile and approve all transactions. Every. Single. Day. 100%
We invite you to meet with a PWL Capital advisor to learn more about how we can help you – no strings attached.