A Tax-Free Savings Account, or TFSA for short, is a registered account that was launched by the Federal Government in 2009 with the goal of helping you grow your savings without paying taxes on the interest or investment income you earn. Although they’re tax-free, the government keeps track of your contributions and the earnings you accrue on your investment. It’s a bit of a deceiving name choice as there are many different investments you can hold inside a TFSA, aside from a savings account. You may hold as many TFSA contracts (or accounts) as you want, as long as you do not exceed the cumulative contribution limit. Let me break it down:
4 min read
What is a Tax-Free Savings Account, really?
By Trevor Lagerwerf on Apr 1, 2024 12:00:00 AM
Topics: Saving for the Future TFSA Investing Advice
3 min read
Funding your child’s future: Canada Learning Bond
By Trevor Lagerwerf on Apr 1, 2024 12:00:00 AM
Saving for your children’s education can be tricky. For low-income families it can be even trickier. The Canadian government has a program to help those families: the Canada Learning Bond (CLB).
Topics: Saving for the Future RESP
3 min read
Living with your investments and yourself post-retirement
By Trevor Lagerwerf on May 26, 2019 5:19:50 PM
At PenFinancial, we know that retirement is both a goal and a destination. I meet many people that have planned for how to get to retirement, but have no idea what to do with their finances or their time when they get there. They struggle to answer when I ask what their plans are for retirement. Some say they’ll enjoy staying home every day. It may sound great for a while. Lounging in your robe and not having to deal with coworkers is great. But what happens when you start to go stir crazy? What happens when you want more from your retirement? Staying home every day isn’t as great when you don’t have enough money to do anything…or any idea of what you want to do.
Topics: Saving for the Future RRSP Investing Advice Financial Planning
3 min read
Building blocks for your future: Learning to invest in your 30s
By PenFinancial Credit Union on Apr 10, 2018 7:26:08 PM
Welcome to your 30s! You’ll be spending less money on fun and more money on necessities. You’ll be spending less time with friends and more time at work. Your 30s are a time defined by one thing: change.
Topics: Saving for the Future Personal Budget Financial Planning
3 min read
Vacationing on Veranda Beach: Where to escape and explore in Niagara
By Catherine Palmer on May 18, 2017 12:21:21 PM
Finally – Spring has sprung in Niagara. Birds are chirping. Plants are growing. Mud is everywhere. Warmer winds are blowing. But when we look out our front windows at the sun on our verandas, we can imagine the glory of summer. And the fun of summer vacations!
Topics: Saving for the Future Personal Budget
3 min read
Planning for the end of the rainbow
By PenFinancial Credit Union on Mar 17, 2016 1:21:25 PM
March: a time of great commitments. Commitment to spring breaks. Commitment to cold weather complaining and spring dreaming. Commitment to shamrock headbands and “Kiss me — my father’s second cousin was Irish!” shirts. But you don’t need to rely on the luck of the Irish to save for your retirement.