Discover the power and potential of a TFSA account with SmartFolio

The Tax-Free Savings Account (TFSA) was created to make saving more attractive for Canadians. You get to save and earn returns without paying taxes on the accrued interest, profits and dividends from investments. As well, you can withdraw cash any time without penalty.

When getting a TFSA, there are a lot of savings and investment account types to choose from. Sometimes it can be a challenge trying to decide what the best choice is for you to attain your short- and long-term goals. A good consideration is opening a TFSA account with SmartFolio. Let’s have a look at the potential investment and savings power this combination offers.

How a TFSA account works with SmartFolio

How can SmartFolio work as a Tax-Free Savings Account (TFSA)? First, let’s look at what SmartFolio offers you:

• You’re matched with an ETF (Exchange Traded Funds) portfolio that suits your investment objectives and level of risk tolerance

• Your portfolio is managed by a team of investment professionals that adjust your holdings to take advantage of market movement

• 24/7twenty four seven access to your account balance, holdings and performance from any device to track against your goals

• You can even set up recurring contributions to keep your SmartFolio ETF portfolio growing

Now, imagine all that as a TFSA. Here are just a few of the benefits of one:

• Your contributions can grow tax-free each year

• You can maximize your savings potential by buying investment products (like SmartFolio) as your TFSA and pay no tax on growth, dividends and interest

• You can withdraw your savings from your TFSA at any time with no penalty, and the following year those withdrawals can be put back into your TFSA in addition to the annual contribution limit

• There is no maximum age limit to contribute to a TFSA

• The contribution room you have accumulates every year after you’ve turned 18

  • When TFSAs became available in 2009, the limit was $5,000
  • It rose to $5,500 in 2013 and stayed there until last year (except for a one-year increase to $10,000 in 2015)

• As of January 1, 2023, the contribution limit is $6,500, meaning if you’ve been eligible to open a TFSA since 2009 but haven’t contributed, you have $88,000 of available room

You get the benefits of hands-free online investing and a managed portfolio with tax-free savings on growth. It’s a win-win.

Finally, your SmartFolio TFSA  Account has low annual fees and you can open your account online in as little as 15 minutes – no need to visit a branch. How’s that for convenience?