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TAX-FREE SAVINGS ACCOUNT (TFSA)

The Tax-Free Savings Account (TFSA) is the most exciting innovation in personal savings since the creation of the Registered Retirement Savings Plan (RRSP) by the government of Canada.

The TFSA is a unique tax-free savings program (non-RRSP) now offered by SafeNet Financial Services to help you:

  1. Accumulate more savings to pursue personal projects, TAX FREE
  2. Place income generated by invested sums (existing investments, investment income, inheritances, donations, etc.) in a tax sheltered account
  3. Maximize your savings with retirement in mind

Advantages of the TFSA

If you are a Canadian resident age 18 or older, you can benefit from a savings account that offers the following advantages:

  1. Simple and accessible:
  2. You can contribute up to $5,000 annually in a tax-free account, regardless of your income.
  3. Tax free:
  4. Any earnings generated (interest, capital gains or dividends) in the TFSA, as well as sums withdrawn, are not taxable.
  5. Cumulative contribution room:
  6. Unused annual contribution room accumulates indefinitely.
  7. Ease of withdrawals:
  8. You can withdraw any amount at any time without penalty. *There is no restriction as to the use of withdrawals.
  9. Ideal complement to an RRSP:
  10. The TFSA investment instrument complements an RRSP as an efficient way to save and put more money toward your retirement.
  11. No affect on income-based government benefits:
  12. Neither TFSA contributions nor its earnings affect eligibility for the Guaranteed Income Supplement, Old Age Security, the Canada Child Tax Benefit or other government benefits based on income.
  13. Wide range of investments:
  14. You have the freedom to choose the funds-daily interest, guaranteed interest and a wide range of funds-that reflect your needs.
  15. Practical income-splitting tool:
  16. A couple can contribute to two TFSAs even if one of them has no income.
  17. Collateral assignment:
  18. It is possible to assign the assets of a TFSA as collateral for a loan.

Advantages of the SafeNet Financial Services TFSA:

The TFSA plans we carry offer the advantages outlined below.

  1. Exceptional guarantees on sums invested and generated by investments in your TFSA contracts (segregated funds)
  2. Wide range of innovative products (daily interest funds, guaranteed interest funds and segregated funds)
  3. Possibility of protecting your savings from creditors*
  4. Estate value is protected upon death thanks to the designation of a beneficiary (no probate fees)
  5. Continuity of your contributions in case of disability*
  6. Professional financial advisors.

*Certain conditions apply.Please ask for details

SafeNet Financial Services, a partner you can trust for your savings needs! For expert advice, talk to one of our advisors.

For Further Information:

  1. Government of Canada FAQ on TFSA
  2. Government of Canada TFSA Calculator

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Support

For any questions or concerns regarding our products and services, please contact us using the email link below.

support@safenetfinancial.ca »
Call us:
Kabir Parikh: 647-408-1602
Jasu Parikh: 416-843-6419
Book an Appointment with Insurance Advisor.