January 2019-TFSA Reminders:
•As of January 1st we can add another $6000 to our Tax Free Savings Accounts, and replace any money taken out in previous calendar years. The cumulative total as of 2019 is now $63,500 (plus growth).
•A wide variety of investment options are available for Tax Free Savings Accounts, including high interest savings accounts. For longer term investments, consider mutual funds, segregated funds, and managed portfolios to provide you with greater tax free growth potential.
• If you don’t have cash available, talk to your financial advisor to discuss whether transferring investments from a taxable account to your TFSA makes sense for you.