Sherrett Insurance Agency Ltd.
Estate Planning, Corporate Benefits, Investments, Insurance, Retirement Planning
Quick Links
- Protect you and your family. Ask about life insurance.
- Buying a home? Own a home? Ask about mortgage insurance.
- Planning for retirement? Ask about RRSPs.
- Company need stability? Ask about securing funding.
- Company growing? Ask about employee benefit plans.
- Want long-term prosperity? Ask about succession planning.
- Access medical claim forms and renewal forms.
- Book a meeting.
Tax Free Savings Account
The new Tax-Free Savings Account (TFSA) is a flexible way for Canadians to save money, tax-free.
How it works:
- The income generated in the TFSA is tax-free when withdrawn.
- Contributions to a TFSA and the interest on money borrowed to invest in a TFSA are NOT tax deductible.
- Canadian residents age 18 or older can contribute up to $5,000 annually to a TFSA.
- Unused TFSA contribution room is carried forward and accumulates in future years.
- The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).
- TFSA assets can generally be transferred to a spouse upon death.
Related Products:
- Critical Illness Insurance
- Disability Insurance
- Life Insurance
- Registered Education Savings Plans (RESPs)
- Segregated Funds