January 27, 2019

The TFSA limit is rising to $6,000: Here’s why you should contribute every penny of it

Tax-Free Savings Accounts (TFSAs) are turning 10 this year and experiencing a beneficial overhaul according to financial experts. In 2019, the maximum contribution limit will rise to $6,000 from its current mark of $5,500. TFSAs offer Canadians tax-free growth for life. While you contribute to a TFSA with after-tax dollars, they are a beneficial way to build wealth and protect it from taxation, which may hinder the compound growth. Other beneficial features are that there are no age requirements for contributions; unused contribution room can be carried forward; and one not prohibited from re-contributing after a withdrawal.

“TFSAs have been extremely popular among millions of Canadians, many of whom will welcome the upcoming ability to sock away extra funds in their TFSAs come 2019.”

Read more: https://business.financialpost.com/personal-finance/taxes/the-tfsa-limit-is-rising-to-6000-heres-why-you-should-contribute-every-penny-of-it

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