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Tax-free Savings Account QuotesInvesting is something that all of us want to do. You want to use the little money you have to grow your money further. Even though we all benefit from the services we pay for through our taxes, we dread thinking about giving a cut of our earnings to somebody else. Thankfully, a Tax-Free Saving Account (TFSA) solves this problem. Now you can invest tax-free and keep more of your much-awaited investment returns.
We at Perennity help you get the best solution to tax-free investing. We will provide you with quotes from different investment managers, and you can choose the one you like best.
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Tax-free Savings Account (TFSA)
Why Do You Need a Tax-Free Investment?
The growth you earn from a Tax-Free Savings Account will be free from tax. Your tax free investment will not be considered for taxation for your underlying asset but also after you withdraw. Thus you can use this investment for anything you wish to, all tax-free.
Tax-free Savings Account (TFSA)
How Does It Work?
How Much Can I Contribute?
You may contribute R500,000 over your lifetime. The annual contribution limit towards your tax-free savings account is R36,000 (R3,000 per month). This means you must be careful about frequently withdrawing from your TFSA and wasting for tax-free grwoth potential.
How Can I Make the Most of Mine?
The savings you make in the short-term through a Tax-Free Saving Account may be hard to appreciate. Compounding your tax savings over time will help you realise more substantial savings and thus more significant returns.
How Should I Invest?
Choose investment portfolios that align with how long you would like to invest. If you want to invest in the short-term, more steady funds may be more suitable. You will benefit from more aggressive, equity-based funds if your investment horizon is long-term.
Can I Contribute to My Spouse’s TFSA?
You may contribute to your spouse’s Tax-Free Savings Account (TFSA) if they are adults. Contributing in this manner may be an option you may want to consider as you cannot hold a Tax-Free Savings Account jointly with your spouse.
Can I Have More Than One?
You may have as many Tax-Free Savings Accounts as you like, provided your contribution remains within the annual threshold. If you want to take advantage of diversification or get the best asset manager on offer, this could be an option. We can help you with this.
Can I Setup A TFSA For My Child?
You may contribute towards your child’s Tax-Free Savings Account (TFSA), provided they have not reached their annual contribution threshold. A TFSA is an excellent way to invest in your child. Reach out now to get started with yours.