TFSA
Tax Free Savings Account
FLEXIBLE TAX FREE SAVING!
Canada’s Tax Free Savings Account ( TFSA ) is the best savings plan since the Registered Retirement Savings Plan ( RRSP ) was introduced in 1957. It is an easy way for Canadians to invest without paying tax.
You can contribute up to $5,000 a year to a TFSA and, unlike stressful fee-based stocks and mutual funds that require constant attention and are subject to unpredictable market fluctuations, with Fisgard your money grows steadily and securely – TAX FREE!
Since 1995 Fisgard has outperformed GICs, bonds, savings accounts and term deposits – by over 3%!
Understanding the TFSA
Our Guide to the TFSA is full of great information to help the TFSA investor. Click the image to the right.
The table illustrates the power of COMPOUND INTEREST in scenarios from a TFSA investment of $5,000 once a year for 30 and 40 years to a $50 per 2-week paycheque investment for 30 and 40 years starting at age 18. The table shows what each investment would produce in TAX FREE monthly income until the investor is 90 years old. The calculations are based on a return of 5% for illustration purposes. |
 |
Amount
Per
Contribution
To TFSA |
Number of Contributions Per Year To TFSA |
Save for 30 Years Accumulated Earnings by Age 48 |
DRAW MONTHLY INCOME
for 42 Years
|
SAVE for 40 Years Accumulated Earnings by Age 58 |
DRAW MONTHLY INCOME
for 32 Years |
| $ 5,000 |
1 |
$ 359,839 |
$ 1,705 |
$ 654,606 |
$ 3,412 |
| $ 2,500 |
1 |
$ 179,919 |
$ 852 |
$ 327,303 |
$ 1,706 |
| $ 250 |
12 |
$ 208,381 |
$ 987 |
$ 381,276 |
$ 1,987 |
| $ 100 |
12 |
$ 83,352 |
$ 395 |
$ 152,510 |
$ 795 |
| $ 150 |
26
(per paycheque) |
$ 270,418 |
$ 1,281 |
$ 494,932 |
$ 2,580 |
| $ 100 |
26
(per paycheque) |
$ 180,279 |
$ 854 |
$ 329,955 |
$ 1,720 |
| $ 50 |
26
(per paycheque) |
$ 90,139 |
$ 427 |
$ 164,977 |
$ 860 |
|
Our calculators allow you to perform investment and retirement calculations using YOUR numbers. Witness the power of compound interest! |