2008 Budget…..

For those of you who are wondering about the Tax Free Savings Account announced in the 2008 budget; here is a little summary of the details for our members. Tax-Free Savings Account (TFSA) ·         The TFSA will allow Canadians to watch their savings grow tax-free throughout their lifetimes.·         Canadians can contribute up to $5,000 every year to their TFSA and carry forward unused room to future years. There is no lifetime limit and no tax on investment income earned, including capital gains.·         The TFSA can be used any way you like—for example, to buy a new car, pay for an emergency, finance a child’s wedding or bank-roll a dream family vacation.·         This TFSA becomes effective in 2009. If you have any questions or require more information please see the link below…

http://www.fin.gc.ca/fin-eng.html