Here’s another update of my previous posts on TFSA (Tax Free Savings Account) accumulation.
Since 2009, one can contribute to a TFSA and any investment income earned is tax free.
I’ve dropped the assumed annual return from 4% to a conservative 3% due to recent decline and uncertainty in the markets. Even with this reduced drop over the plan’s life-to-date, and assuming the maximum is contributed each year at the beginning of each year, one can still expect to have over $75,000 by the end of 2019! The magic of compounding and accumulation.
Here’s the link – 2019Jan-TFSA savings accumulation
Chartered Professional Accountants of BC (CPABC) is committed to providing resources to assist individuals and businesses prepare their income tax returns, invest in RRSPs, and plan their finances. As a service to the public, here’s the link to its latest RRSP and other useful tax tips.