Article provided by: Caisse populaire Desjardins de Gatineau
You can learn about the advantages of a new TFSA in Quebec when you reach out to an expert from Desjardins Caisse de Gatineau. When you open a TFSA, you’ll be able to put aside money in an exclusive account that is safeguarded from taxes; if you decide to withdraw funds from your savings account in the future, taxes will not apply. Best of all, there are no restrictions on how you can spend the money, since it’s yours and yours, alone. Our knowledgeable agents can help you decide if a TFSA is right for you.
Should I Open a TFSA in Quebec?
If you’re a Canadian resident, you’ll most likely find the TFSA benefits will help you save for your future. Speak with one of our financial consultants if you have specific questions about a savings account- we’ll be more than happy to assess your needs and help you make the best decision. There’s a lot to consider when looking into a tax-free savings account, but we’ll answer all of your questions when you reach out to us.
Can I Spend My TFSA Funds Any Way I Choose?
TFSA guidelines do not restrict account holders when it comes to spending their money. Although the program was set up to assist families when saving for a new home, vehicle, or emergency life event, you can always withdraw your money without penalty for any reason. Save for a family vacation, pay for your grandchild’s college tuition, or leave your entire account to a beneficiary of your choosing.
How Much Can I Contribute to My TFSA in Quebec?
Annual contribution limitations are in place, so it’s beneficial to speak with a TFSA expert from our agency to learn about the maximum amount of annual contributions you can make to your account. In most cases, it’s recommended to put as much into your account as possible, as early in the year as possible, to take advantage of interest paid on your balance. Give us a few moments of your time over the phone and we will be happy to answer all of your TFSA questions and provide free advice as you search for the right type of savings plan for your future.
What Are the Penalties For Early Withdrawal?
You won’t be penalized from taking money out of your TFSA, and since it’s a short-term & long-term program, early withdrawal does not apply to your account. There is a program restriction that prevents you from reinvesting money that you withdrew within the same year; however, that restriction will not impose a tax or penalty on the money withdrawn.
Is a TFSA Right For Me?
Desjardins Caisse de Gatineau can guide you through the process of discovering the pros and cons of a TFSA in Quebec- simply call our office or connect with us through our website. To find our TFSA section, click on the ‘Products’ link and select ‘Savings and Investment Products’. Saving for your family’s future has never been this easy!