Tax Free Savings Account (TFSA)
A tax-free savings account is a flexible registered savings account that allows you to earn income in a tax-free environment.
Why invest in a TFSA?
- Each Canadian may contribute $5,000 per year into Tax Free Savings Account
- All growth in the plan will be TAX FREE
- Unlike an RRSP, there is no tax deductible for the investment
- All unused room each year is added to your lifetime unused room
- No Tax will be payable when you withdraw funds
- Your unused contribution room will be increased by the amount of any withdrawal
- You are not required to withdraw funds at any age (unlike an RRSP where you must commence withdrawing by age 71
- Withdrawals will not affect income related government benefits such as OAS
- Contributions may be made to a spouse’s or common‐law partners TFSA (and TFSA Assets may be transferred tax free to a spouse’s or common‐law partner’s TFSA upon death
Advantages of the Reuter Benefits Tax Free Savings Account:
- Very competitive Investment Management Fees
- No front end or back end loads
- Contributions will be taken from your bank account directly into your TFSA with Manulife Financial
- Assistance at enrolment and ongoing support from Reuter Benefits staff
- Visit our Tax Free Savings Account site at www.taxfreesavingsaccountscanada.com
How to Get Started
To have one of our licensed advisors assist you in setting up a Group TFSA for your organization, contact us at firstname.lastname@example.org or toll free at 1-800-666-0142 and we will respond to your request within 24 hrs!