Tax Free Savings Account for some NOT shares

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Tax Free Savings Account for some NOT shares

posted on Aug 20, 2008 08:30AM

Here is a repost of mine seeing as the topic is once again brought up.

The TFSA (Tax Free Savings Account) is a new vehicle for Canadians aged 18 and over to put up to $5,000 into a registered savings plan. This will commence in 2009 and be offered each year by an additional $5000 with unused contribution room carried forward to future years. While it seems to be a small amount for 2009, the accumulating factor can make it more significant in year 5 at $25,000 for example. Withdrawals can come out tax free and also later be put back into the account without reduction to the contribution room, if one wishes. Interest and investment income, including capital gains, earned in the account will not be taxed when it is withdrawn. Too bad it is not in place until Jan/09, ie: 1,000 NOT shares contributed at $3 today and later a triple at $9 = $6,000 tax free capital gain! Of course all bets are off with a new govt or Flaherty changes his mind AGAIN.

Enjoy it while it lasts, I would have rather seen an increase in capital gains exemption limit.