Standard Life Canada

CELI

This page is all about helping you find a TFSA solution that meets your needs. Find out how TFSAs work, learn ten ways a TFSA might be right for your current situation, and check out what government sites have to say about the TFSA.

With a TFSA,

You can save for anything you want and collect investment income tax-free.
Your government benefits are not affected by withdrawals.
You are not taxed on withdrawals.
Any withdrawals create additional contribution room the following year.

Ten ways that a Tax-free Savings Account can help you maximize your savings and minimize your taxes:

How a TFSA adds to your tax-free “contribution” room

While putting money in your TFSA doesn’t add to your actual contribution room, it can give you the same long-term impact as putting money in an RRSP.

For example, Daphne earns $75,769 a year, and her annual tax rate is 40%. For her, $8,300 of pre-tax income, taxed at 40%, equals $4,980 after taxes. If she puts that amount into her TFSA (rounded up to $5,000), that money, including any interest it earns, will never be taxed. It’s not tax deductible when she puts it in, but it will be tax-free when she takes it out. For Daphne, $8,300 of pre-tax income = approximately $5,000 tax sheltered in a TFSA.

Figuring out how money saved in a TFSA impacts your financial picture depends on your tax rate, goals, and stage of life. Ask your financial advisor to explain how a TFSA can work for you.

Government sites

More information about Standard Life products


		For more information Client pamphlet TFSA TFSA Q&A

How to buy Standard Life Individual Investments Products?


		Contact your advisor to find out more about a TFSA with Standard Life.