CRA has announced an increase in Tax Free Savings Account (TFSA) from $6,000 per year to $6,500 for 2024. The $500 increase is a reflection of the current inflationary environment of rising commodity prices, geopolitical tensions, red hot gas prices, and supply chain disruptions which have all contributed to inflation.
The TFSA is an extremely flexible registered account, the benefits of which can be leveraged to create massive wealth over the long-term. Any withdrawals from the TFSA in the form of capital gains, interest, and even dividends are exempt from CRA taxes, making it the most convenient account to invest within.
This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $88,000.
Reach out to our team today to make sure you and your loved ones are utilizing the new limit to its full potential!
iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.
This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.
Products and services provided by third parties, including by way of referral, are fully independent of those provided by iA Private Wealth Inc. Products offered directly through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund, subject to exception. iA Private Wealth Inc. does not warrant the quality, reliability or accuracy of the products or services of third parties. Please speak to your advisor if you have any questions.
Proudly built and managed by Sommer Digital Inc.