Here’s How to Make Your Tax Refund Work Harder
You’re a smart saver. You’ve been building your Registered Retirement Savings Plan (RRSP) contributions all year. Now you’re looking forward to a nice tax refund this spring. Here’s a powerful way to keep that momentum going, with even more tax savings.
Start by choosing not to use your refund for some lavish living. Instead, with disciplined investing, leverage your money by reinvesting it into a Tax-Free Savings Account (TFSA). You are effectively making the same money work twice as hard.
First, you make your RRSP contributions, from which you can reap the tax credits. Second, you invest the resulting tax refund into your TFSA and watch it grow, tax free. The TFSA is commonly seen as a short-term savings vehicle, but it’s a great wealth-building tool for your future.
This account can be used to hold simple cash. However, its real power comes from holding investments within it — such as bonds, stocks, mutual funds, and exchange-traded funds. If you take advantage of compounding, reinvesting any returns from your investment vehicles, it can grow into an impressive savings account for your retirement. With no capital gains, interest income, or dividend taxes owed.
It’s a wise long-term investment. Make sure you hold a diversified portfolio in it, to maximize both short and long-term performance for the best returns. Your Financial Advisor can help you plan an investment strategy that will help you achieve your goals.
Your TFSA account is always liquid; the cash remains available when you need it, so it also works well as an emergency fund. This isn’t the case with an RRSP: withdrawals come with penalties except for the Home Buyers’ Plan (HBP) and the Lifelong Learning Plan (LLP).
The TFSA contribution limit for 2021 is $6,000, and this contribution room will continue to grow you never lose it. Your maximum allowable contribution has been accumulating since its launch in 2009 and is now $63,500. Use your available room to build a great, tax-sheltered nest egg. You can also designate a beneficiary for your TFSA account, creating a legacy for your family.
Combine your expected tax refund and your TFSA into a powerful wealth strategy. Ask your Financial Advisor how to make this work hard for you.
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