Be Shrewd With Your Savings
Cash flow management is vitally important to your wealth strategy. Debt management, planning for your taxes, and smart budgeting will bring you to next tax season feeling flush.
A Tax-Free Savings Account (TFSA) is a great place to sock away savings each month. For next year’s tax bill; or for retirement; or most other savings goals you have. You can withdraw money at any time, for any reason. With your TFSA account, all withdrawals are tax-free.
The tax-sheltered feature of a TFSA is utilized fully by holding investments in it. This is the true power of a TFSA. Ask your Carte Financial Advisor to help create an investment plan. You need to know the rules about contributing to, withdrawing from, and replacing funds in your account.
Unlike a Registered Retirement Savings Plan, you won’t receive a tax deduction. However, you will get a lifetime savings strategy that is permanently tax sheltered.