As a small consolation to the sky-high cost of living, the federal government is boosting the 2023 tax-free savings account contribution limit by an additional $500.
As a small consolation to the sky-high cost of living, the federal government is boosting the 2023 tax-free savings account contribution limit by an additional $500.
Funds can be withdrawn at any time and investment returns - be they capital gains from equities sold, or income from Canadian dividends and fixed income - are “tax free”. As another comparison, registered retirement savings plan contributions - along with the returns they generate over time - are fully taxed when withdrawn at the individual’s marginal rate.The TFSA is great for short-term savings goals like education or vacations, but has also become a very effective retirement tax savings tool as the allowable contribution amount grows.
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