Comments on: What the Hell is a TFSA? http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: The Financial Blogger | Financial Ramblings – Top Contributors Edition http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-4211 The Financial Blogger | Financial Ramblings – Top Contributors Edition Sat, 15 Mar 2008 11:00:50 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-4211 [...] liked: What The Hell is a TFSA? by Canadian [...] [...] liked: What The Hell is a TFSA? by Canadian [...]

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-4096 Canadian Dream Wed, 12 Mar 2008 12:03:52 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-4096 Dmallett, Yes. You have to be over 18 and they only start in 2009. Tim Dmallett,

Yes. You have to be over 18 and they only start in 2009.

Tim

]]> By: Dmallett http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-4084 Dmallett Wed, 12 Mar 2008 01:38:01 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-4084 Is there any age or income limit to contribute to a TFSA? Would my kids be able to have TFSA's that I could contribute to? Is there any age or income limit to contribute to a TFSA? Would my kids be able to have TFSA’s that I could contribute to?

]]> By: Carnival of Personal Finance #143 - Oh Canada Edition http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-4019 Carnival of Personal Finance #143 - Oh Canada Edition Mon, 10 Mar 2008 02:14:24 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-4019 [...] Dream wrote a post about the new Canadian Roth. Ok, it’s not exactly a Roth but close [...] [...] Dream wrote a post about the new Canadian Roth. Ok, it’s not exactly a Roth but close [...]

]]> By: This and That http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-3948 This and That Fri, 07 Mar 2008 01:22:53 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-3948 [...] Canadian Dream tackles the RRSP or TFSA or Mortgage question. [...] [...] Canadian Dream tackles the RRSP or TFSA or Mortgage question. [...]

]]> By: Tax Free Savings Account in Canada http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-3777 Tax Free Savings Account in Canada Thu, 28 Feb 2008 05:05:26 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-3777 [...] Capitalist Million Dollar Journey Canadian Dream Financial Jungle Canadian Mortgage [...] [...] Capitalist Million Dollar Journey Canadian Dream Financial Jungle Canadian Mortgage [...]

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-3774 Canadian Dream Thu, 28 Feb 2008 02:54:28 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-3774 Mike, Actually I was referring to the fact the money you get back on your tax refund from an RRSP contribution is the amount of tax you would have paid on that money. So if you add your original contribution and your tax refund together that money is equal to paying no tax on it. Hence my term 'tax free'. I can see the possible confusion, so thanks for the note. CM, Mmm, the easiest way to think of the two of them is this: 1)RRSP- You get a refund of the tax you paid on the money when you put it in. Then you get taxed when you pull it out. 2)TFSA- You don't get a tax refund when you put it in, but then you don't pay tax when you pull it out. In either case the money grows tax free. Otherwise they are almost twins except for a few minor issues. I hope that helps, Tim Mike,

Actually I was referring to the fact the money you get back on your tax refund from an RRSP contribution is the amount of tax you would have paid on that money. So if you add your original contribution and your tax refund together that money is equal to paying no tax on it. Hence my term ‘tax free’. I can see the possible confusion, so thanks for the note.

CM,

Mmm, the easiest way to think of the two of them is this:

1)RRSP- You get a refund of the tax you paid on the money when you put it in. Then you get taxed when you pull it out.
2)TFSA- You don’t get a tax refund when you put it in, but then you don’t pay tax when you pull it out.

In either case the money grows tax free. Otherwise they are almost twins except for a few minor issues.

I hope that helps,
Tim

]]> By: Canadian Money http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-3771 Canadian Money Wed, 27 Feb 2008 22:52:21 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-3771 Can you simplify this and compare it to an RRSP..pros and cons? Can you simplify this and compare it to an RRSP..pros and cons?

]]> By: FourPillars http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-3762 FourPillars Wed, 27 Feb 2008 14:59:03 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-3762 Great post. Just for the record - the tax refund money is not "tax free", you have still paid income tax on it. Regardless, a combination of RRSP & TFSA (if you have enough money) will help for retirement savings. Mike Great post.

Just for the record – the tax refund money is not “tax free”, you have still paid income tax on it. Regardless, a combination of RRSP & TFSA (if you have enough money) will help for retirement savings.

Mike

]]> By: guinness416 http://blog.canadian-dream-free-at-45.com/2008/02/27/what-the-hell-is-a-tfsa/comment-page-1/#comment-3759 guinness416 Wed, 27 Feb 2008 13:41:30 +0000 http://blog.canadian-dream-free-at-45.com/?p=363#comment-3759 Great post Tim, some good clarifications & examples here. I'm excited too! Great post Tim, some good clarifications & examples here. I’m excited too!

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