Financial Services: Tax-Free Savings Account Advice with LMBF
Back in 2008, the government of Canada decided to introduce a brand new personal savings vehicle for eligible Canadians over the ages of 18 with a valid SIN: the TFSA, or tax-free savings account. The TFSA was created to save for different purposes, and unlike an RRSP it offers no up-front tax break and you do not need to pay taxes on any withdrawals. TFSAs are also considered to be more flexible than RRSPs. LMBF can help advise you on how a TFSA can help you to meet your future financial goals, whether that’s in the near future or several decades ahead. Let our advisors discuss with you and get to know your needs.
The Benefits of LMBF’s TFSA Services
LMBF works hard to develop a personal relationship with our financial services clients in order to help them find the solutions they need to meet their financial goals. We will get to know you and help you decide if contributing to a TFSA account is the best way to meet your needs.
Your future plans may not come to fruition for several decades, or you might be looking to make investments for the near future. LMBF helps you tailor your investment strategies to meet your financial goals, whatever they may look like.
- You want to save for the future
- You want tax-free withdrawals
- You want the flexibility of a TFSA
- You have short-term or long-term financial goals
- Tax-deferred savings growth
- Tax-free withdrawals
- Withdrawals at any point in your lifetime, for any reason
- Interest, dividends, and capitals gains are tax-free
What is a TFSA?
A TFSA, or tax-free savings account, is a savings account in Canada that can be contributed to in accordance with the TFSA contribution room regulations. A TFSA allows you to put aside money and watch that money grow tax-free throughout your life. At any point, you can withdraw your TFSA savings - tax-free, for any reason. TFSA interest, dividends, and capital gains are all tax-free for the account holder’s lifetime.
Our TFSA Advisors
In Canada, a TFSA can be a great way to store additional cash for emergency funds, a down payment on a new house, or even retirement. TFSAs basically allow you to save up money without paying any tax which, for many Canadians, is the way to go. Let LMBF’s financial advisors discuss with you and get to know your personal financial needs so that we may provide you some insight on if TFSAs are the strategy for you.