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The holiday season is fast approaching and our thoughts turn to parties, gifts and lots of social activities. It really is a lot of fun having two young daughters this time of year. Not many people think about their finances during the Christmas season, but when you are ready, there is a great new savings plan available for January 1st. Read all about it below.
Best wishes,
Laura |
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Laura Chanin, B. Comm, CFP
Investment Advisor
Dundee Securities Corporation Ste 700 609 Granville Street
www.laurachanin.com 604.895.3320
cell 604.319.6924 |
Starting in the new year, there will be a new way to save money. Tax Free Savings Accounts are the newest boon to savers. Everyone can benefit from having one. They are a great compliment to RRSP's, and for some people would be even more advantageous.
This new account is an investment account that allows you to save and invest your money TAX FREE.
If you had $5,000 in a GIC that pays 3% that would earn $150/year on which you would have to pay income tax. But with the new Tax Free Savings account, all interest, capital gains or dividends you earn is, well...yours. It isn't limited to only GICs. You can use whatever investment you want.
Another huge advantage is that you can take the money out of the Tax Free Savings Account at any time, for no cost and without being taxed. You are also allowed to replace the amount of money you withdrew at any time. Again, any gains you make on the investment will be tax free.
There are no tax deductions like with an RRSP.
Every adult is allowed to put up to $5,000/year into their own Tax Free Savings Account. It is an ideal account for shorter term savings such as Christmas, vacations, renovations, new car, college, small business start-up or improvement, or even long term savings for retirement.
Please contact me if I can help you set up a Tax-Free Savings Account in the new year.Click here |
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PLEASE BE ADVISED THAT TRADING INSTRUCTIONS SHOULD NOT BE COMMUNICATED VIA E-MAIL AND, IF RECEIVED, WILL NOT BE ACTED UPON. Without the ue of secure encrytion, the Internet is vulnerable to interception and forging. DundeeWealth Inc. cannot ensure the privacy and authenticity of any information, and will not accept any instructions, that you send to us over the Internet. DundeeWealth Inc. will not be responsible for any damages you may incur if you communicate confidential information to us over the Internet or if we communicate such information to you at your request.
This Newsletter is solely the work of Laura Chanin, for the private information of her clients. Although the author is a registered Financial Advisor with Dundee Securities Corporation, a DundeeWealth Inc. Company, this is ot an official publication of Dundee Securities Corporation and the author is not a Dundee Securities analyst. The views (including any recommendations) expressed in this newsletter are those of the author alone, and they have not been approved by, and are not necessarily those of, Dundee Securities Corporation.
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