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Just because it’s called a Tax-Free Savings Account… 🤔 doesn’t mean it should be used like a savings account.
A TFSA is actually designed to hold investments! Not just cash.
Why does that matter? 💭
$100,000 in cash earning 2% for 20 years
= $148,595 in a high-interest TFSA.
$100,000 invested earning 7% for 20 years
= $386,968 in a market based TFSA.
That’s a difference of $238,373 — completely tax-free.
Inside a TFSA you can hold:
• ETFs
• Stocks
• Mutual funds
• Bonds
• GICs
• Segregated funds
Yes, cash is allowed… 👌🏼 but using a TFSA like a bank account can mean missing out on the power of tax-free growth long-term.
Your TFSA investment holdings should match your risk tolerance, goals, and timeline. 📈 But for long-term goals, growth really does matter, and the TFSA is a tool you may want to consider as more than just a savings account.
Follow for TFSA Rule 3️⃣!
(Missed Rule #1? Go back one video.)
A TFSA is actually designed to hold investments! Not just cash.
Why does that matter? 💭
$100,000 in cash earning 2% for 20 years
= $148,595 in a high-interest TFSA.
$100,000 invested earning 7% for 20 years
= $386,968 in a market based TFSA.
That’s a difference of $238,373 — completely tax-free.
Inside a TFSA you can hold:
• ETFs
• Stocks
• Mutual funds
• Bonds
• GICs
• Segregated funds
Yes, cash is allowed… 👌🏼 but using a TFSA like a bank account can mean missing out on the power of tax-free growth long-term.
Your TFSA investment holdings should match your risk tolerance, goals, and timeline. 📈 But for long-term goals, growth really does matter, and the TFSA is a tool you may want to consider as more than just a savings account.
Follow for TFSA Rule 3️⃣!
(Missed Rule #1? Go back one video.)
Watch video
Did you know that a one-day TFSA mistake 🤔 could cost you a full year of tax-free growth?
If you’re planning a withdrawal and it’s near year-end, timing matters ⏰
Withdraw Dec 31 → recontribute Jan 1
Withdraw Jan 1 → wait until the following year
Same withdrawal. 🗓️A 365-day difference in opportunity.
Follow for Rule #2 and #3 that every TFSA holder should know. 👀
#TFSA #CanadianFinance #MoneyEducation #InvestSmart #WealthStrategy #FinancialLiteracy
If you’re planning a withdrawal and it’s near year-end, timing matters ⏰
Withdraw Dec 31 → recontribute Jan 1
Withdraw Jan 1 → wait until the following year
Same withdrawal. 🗓️A 365-day difference in opportunity.
Follow for Rule #2 and #3 that every TFSA holder should know. 👀
#TFSA #CanadianFinance #MoneyEducation #InvestSmart #WealthStrategy #FinancialLiteracy
Watch video
Got travel plans? Don’t forget health insurance
Six weeks of gentle health warnings on a recent vacation have convinced me to buy supplementary health insurance.
Critical illness insurance calculator
Sun Life can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice.
Retirement savings calculator
Sun Life can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice.
Have questions?
Here to help answer your questions, provide clarity about products and get you started on the road to achieving your goals.
We are contracted with Sun Life Financial Distributors (Canada) Inc., a member of the Sun Life group of companies. Mutual funds distributed by Sun Life Financial Investment Services (Canada) Inc.