We hope this newsletter finds you well. We wanted to remind you of a few important things regarding your Group TFSAs.
Firstly, did you know that you can contribute directly from your paycheque to your TFSA? By setting up a direct deposit, you can make contributions to your TFSA easily and efficiently. This way, you won’t have to worry about remembering to make contributions manually, and you can take advantage of the tax-free savings opportunities that TFSAs offer.
Secondly, we understand that many of you have limited contribution room to your RSPs due to your pension plan.
TFSAs can be a great way to complement your pension and RSPs.
Unlike RSPs, contributions to TFSAs are made with after-tax dollars, which means that you won’t be taxed on withdrawals. This can be especially beneficial if you expect to be in a higher tax bracket in retirement.
In addition, TFSAs can be used for a variety of savings goals, such as saving for a down payment on a home, a vacation, or an emergency fund. And since withdrawals from TFSAs are tax-free, you can use your savings for whatever you need without worrying about taxes eating into your savings.
In conclusion, we encourage you to take advantage of your TFSAs and explore how they can fit into your overall financial plan.
To learn more about your Group Tax-Free Savings Account (TFSA), head to Industrial Alliance’s My Client Space for plan members. For detailed information and to access a demo, log in using the provided user ID and password: http://www.ia.ca/myaccount.
User ID: TES4D2HAF9
Or if you are a current DC or Group RRSP Plan Member you can use your own username and password.
If you have any questions about TFSAs or would like to discuss your savings goals, please don’t hesitate to reach out to us. We’re here to help.
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