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MAXA Tax Free Savings Accounts January 2009

 

Maxa Financial is happy to offer you another convenient and profitable way to save your money for retirement or for anything else your heart desires!

Tax- Free Savings Accounts (TFSA) have been introduced by the Federal Government as a new registered savings account that allows you to earn investment income tax free.  The TFSA is available January 2, 2009 to Canadian Residents age 18 or older. TFSA allows you to set money aside in eligible investment vehicles and watch those savings grow tax-free! 

Please follow the link for a detailed power point presentation;

TFSA – Contribution Room

TFSA Details

  • For 2009 the maximum contribution is $5000
  • Each year after 2009 each individual who files a tax return will accrue an additional year's contribution room, the $5000 maximum contribution will be increased each year, based on the rate of inflation but rounded to multiples of $500
  • Unused contribution room will be carried forward indefinitely
  • When amounts are withdrawn from your TFSA, they increase your contribution room for following years
  • Deposits must be made by the account holder and are not tax-deductible
  • TFSA cannot be opened as joint accounts or as spousal accounts
  • You must be 18 years of age or older, a resident of Canada and have a valid SIN
  • You may have more than one TFSA, but your total contribution may not exceed your contribution room available

Maxa Financial TFSA Products will be as follows:

MAXA VARIABLE TFSA

  • Rates comparable to our Variable RRSP
  • More than one  withdrawal per month may be charged a minimal fee

MAXA REDEEMABLE FIXED RATE TERM TFSA (GIC)

  • Rates comparable to our fixed term RRSP deposit rates
  • 1- 7 year terms available


 


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