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Q & A
Where can you put money to save and make money if your RRSP contributions are maxed out? Dianna
Consider looking into the newly proposed Tax Free Savings Account
(TFSA). Contributions are made with after-tax dollars, interest is
earned tax free, and withdrawals are tax-free. You can contribute up
to $5,000 a year, and any withdrawal from the account creates an equal
amount of contribution room. Earnings within the account and withdrawals
do not affect income-tested benefits such as the Canada Child Tax Benefit
or Guaranteed Income Supplement. And since attribution rules do not
apply for income earned within the account, TFSA’s are a great income-splitting
device. |
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