Six years after TFSAs were introduced, many clients still don’t understand how they work, finds a survey by Mackenzie Investments.
Clients should know that financial institutions administer their customers’ TFSA accounts differently, and subtle differences could cost accountholders.
Despite an increasing amount of attention on TSFAs since budget 2015 was released, 28% of Canadians are still unsure of how these accounts work.
Tell clients not to worry about the possibility of repaying part of their $10,000 TFSA contributions, say industry experts.
A CRA spokesperson has confirmed to Advisor.ca that clients can start taking advantage of the increased $10,000 contribution limit for the TFSA immediately.
The Investment Industry Association of Canada (IIAC) is coming down strongly in favour of measures announced in yesterday’s federal budget, particularly the increase in the TFSA contribution limit and the reduction to RRIF minimum withdrawal amounts.
The federal government balanced the books in 2015, but Finance Minister Joe Oliver’s first budget still contains some gifts that will play well with your clients.
Clients, especially those with high incomes, will benefit from the TFSA contribution limit rising to $10,000, announced in the federal budget.
Liberal and New Democrat politicians are criticizing the government’s plans to increase TFSA contribution room, a move expected in today’s budget.
The move will allegedly be announced as part of this year's April 21 federal budget