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Thursday, February 28, 2008

On how I will benefit from the Tax-Free Savings Account

Yesterday, the Canadian government presents his budget and they came with something that similar to RRSP but in better: a Tax-Free Savings Account. In better because it will be possible to withdrawn at anytime and the money taking from the Tax-Free Savings Account will be.... TAX-FREE! Wow!

I read from here and there about this new product. And some had in opinion that only rich will benefit from it. I am not rich, and I am able to save a little bit less than half of my income every year on an average of 30 000$ after taxes income. So if I can do it, a lot of people can too. I just don't like the idea that only rich can do this or that... Whatever..... I invest the maximum in my RRSP, pay off debt and invest in non RRSP.... Desjardins had this kind of idea regarding the Tax-Free Savings Account and it is my bank. Would it be time for me to switch of bank?

I am really excited about it. The Tax-Free Savings Account will be available starting January 2009 and I can't wait for next year. The maximum aloud for 2009 is 5 000$. I just hope they will let everyone invest 5 000$, no matter what are our income. I have thousand and thousands of dollars in investment and savings, it will be so good if a part of my investment will be put in a tax-free account!!!! On a short term basis, I might not see a huge difference, but in a long term... WOW! I can't wait for January 2009!

Proudly Canadian :)

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