A Tax-Free Savings Account (TFSA) is your ticket to flexible, tax-free growth—whether you’re saving for a dream vacation, a home project, or to build a financial cushion. In a TFSA, every dollar you earn and withdraw is completely tax-free.

New Year, New Limit!

Starting January 1, 2025, the annual TFSA contribution limit is $7,000, offering you a fresh opportunity to maximize your savings.

Here’s why it’s worth considering:

• Tax-Free Growth: Your investments will grow without incurring any taxes on interest, dividends, or capital gains.
• Flexibility: Withdraw funds anytime, tax-free, with the added bonus that withdrawals are added back to your contribution room next year.
• Savings Optimization: Instead of holding cash in a bank account earning minimal interest, you can invest in a wide variety of investment options within a TFSA.

Have a Non-Registered Account?

Here’s an advisor tip: Moving funds from a non-registered account into a TFSA allows you to take full advantage of the tax-free growth potential.

Curious About Your Contribution Room?

The maximum amount you can contribute depends on your personal TFSA contribution room, which you can easily check by logging into your CRA account.

Ready to Contribute or Open a TFSA?

It’s simple! You can transfer funds directly from your bank account to your existing TFSA.

Our Protect advisors can help with the management and design of your TFSA account. If you currently have a TFSA account at another institution, it can be transferred and managed by your Protect advisor.

If you would like to discuss TFSAs or other investment accounts, please contact your advisor, Todd Roberts here, or reply to this email directly.

Thanks!

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