Group TFSAs Reminder

by | Mar 8, 2023 | YCS

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
Password: iAfg-Par

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.

Dave Cooper, CFP®, CIM®
Senior Investment Advisor Portfolio Manager
780.484.5777
[email protected]

Tyler Cockbain, BA, CFP®, CIM®
Senior Investment Advisor Portfolio Manager
780.484.5777
[email protected]

 

Justin Nekechuk, B. Ed
Associate Investment Advisor
780.484.5777
[email protected]

 Tower Wealth Advisory
212, 1524 91 St. SW, Edmonton, Alberta T6X 1M5
780.484.5777 ext. 1 or 891
Email: [email protected]
www.towerwealth.com
advisor.wellington-altus.ca/towerwealthadvisory/

The information contained herein has been provided for information purposes only. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information has been provided by J. Hirasawa & Associates and is drawn from sources believed to be reliable.

The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Wealth Inc. (WAPW) and the authors do not guarantee the accuracy or completeness of the information contained herein, nor does WAPW, nor the authors, assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact me for individual financial advice based on your personal circumstances. WAPW is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
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