{"id":9347,"date":"2025-05-23T10:00:04","date_gmt":"2025-05-23T14:00:04","guid":{"rendered":"https:\/\/www.batirente.com\/?p=9347"},"modified":"2025-05-29T15:40:35","modified_gmt":"2025-05-29T19:40:35","slug":"3-good-reasons-to-contribute-to-a-tfsa","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/3-good-reasons-to-contribute-to-a-tfsa\/","title":{"rendered":"3 good reasons to contribute to a TFSA"},"content":{"rendered":"<p>With retirement coming up, maybe you\u2019ve cut back on your work hours and have a better idea of what to expect when the time comes. You also realize that you don\u2019t have as many financial commitments. And if you have kids, they\u2019ll soon be leaving the nest, if they haven\u2019t already. Your home might already be paid off or about to be, which takes a huge financial load off your shoulders.<\/p>\n<p>You might have more funds at your disposal, which you could use to save for retirement and beyond\u2014money to make the most of those proverbial golden years and reduce the chances of outliving your savings.<\/p>\n<p><strong>Consider a\u00a0TFSA<br \/>\n<\/strong>Whether you\u2019re actively planning for retirement, have recently retired or are long retired, a\u00a0<a href=\"https:\/\/www.batirente.com\/en\/my-tfsa-my-project\/\" target=\"_blank\" rel=\"noopener\">TFSA\u00a0<\/a>is a great savings and investment vehicle. It\u2019s become very popular over the years, and for good reason:\u00a0the income it generates is tax-free and you can make withdrawals with no tax penalty.<\/p>\n<p>But there are many other benefits to having a\u00a0TFSA. Here are 3\u00a0you should know about, especially if retirement is on the horizon.<\/p>\n<p><strong>1. Lots of good reasons to contribute<\/strong><\/p>\n<p>While a\u00a0TFSA\u00a0can meet many needs, it\u2019s especially worthwhile if you\u2019re in one of the following situations:<\/p>\n<ul>\n<li>There are special things you want to save for\n<ul>\n<li>A\u00a0TFSA\u00a0gives you tax-free access to funds to use however you want\u2014to buy the car of your dreams, to cover renovations or to finance anything else you want to do.<\/li>\n<\/ul>\n<\/li>\n<li>You\u2019ve maxed out your\u00a0<a href=\"https:\/\/www.batirente.com\/en\/my-rrsp-my-retirement\/\" target=\"_blank\" rel=\"noopener\">RRSP<\/a>\n<ul>\n<li>TFSA\u00a0gives you another way to grow tax-free savings.<\/li>\n<\/ul>\n<\/li>\n<li>You want to keep saving after you\u2019ve retired\n<ul>\n<li>As soon as you turn 72, you can\u2019t make any more\u00a0RRSP\u00a0contributions, but there\u2019s no age limit on\u00a0TFSA\u00a0contributions.\u00a0Allowable contributions that haven\u2019t been used since\u00a02009 accumulate\u00a0and carry forward; any funds you withdraw in one year will be added back to your contribution room for the following year.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>2. You can still take advantage of various government credits and benefits<br \/>\n<\/strong>Since the money you take out of your\u00a0TFSA\u00a0isn\u2019t taxable, you don\u2019t have to include it on your tax return. That means withdrawals have no impact on your eligibility for federal\u00a0income-based\u00a0credits and benefits like:<\/p>\n<ul>\n<li>Canada Workers Benefit (CWB)<\/li>\n<li>Guaranteed Income Supplement (GIS)<\/li>\n<li>GST\/HST\u00a0credit<\/li>\n<\/ul>\n<p><strong>3. It can be transferred<br \/>\n<\/strong>Unlike an\u00a0RRSP, a\u00a0TFSA\u00a0is not subject to family patrimony rules, but it could be part of shareable property, depending on the matrimonial regime that applies to your relationship.<\/p>\n<p>In the event of death, your\u00a0TFSA\u00a0can be transferred to your spouse or heirs, depending on what you specified in your will. However, any unused contribution room will be lost.<\/p>\n<p><strong>Transfer to spouse<\/strong><\/p>\n<ul>\n<li>The value of the funds at death will be transferred to the spouse\u2019s\u00a0TFSA, where they can continue to grow.<\/li>\n<li>There\u2019s no impact on the spouse\u2019s individual contribution room, even if it has all been used.<\/li>\n<li>The funds transferred to the spouse\u2019s\u00a0TFSA\u00a0are still tax-free.<\/li>\n<\/ul>\n<p><strong>Transfer to heirs<\/strong><\/p>\n<ul>\n<li>Heirs have no tax to pay on the value of the\u00a0TFSA\u00a0on death, only on the increased value generated after death.<\/li>\n<li>If the heirs have\u00a0TFSA\u00a0contribution room, they can then get the benefits of the\u00a0TFSA\u00a0by contributing the amounts they inherited.<\/li>\n<\/ul>\n<p><strong>Still have questions about TFSAs? <\/strong><br \/>\nContact the\u00a0<em><strong>Member Services Centre\u00a0<\/strong><\/em>at 1\u00a0800\u00a0463-6984, Monday to Friday, 8\u00a0a.m. to 8\u00a0p.m., or by email at\u00a0<a href=\"mailto:batirente@dsf.ca\">batirente@dsf.ca<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With retirement coming up, maybe you\u2019ve cut back on your work hours and have a better idea of what to expect when the time comes. You also realize that you don\u2019t have as many financial commitments. And if you have kids, they\u2019ll soon be leaving the nest, if they haven\u2019t already. Your home might already be paid off or about to be, which takes a huge financial load off your shoulders. You might have more funds at your disposal, which you could use to save for retirement and beyond\u2014money to make the most of those proverbial golden years and reduce the chances of outliving your savings.<\/p>\n","protected":false},"author":3,"featured_media":20278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[30,40,32],"class_list":["post-9347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-goals","tag-contribute","tag-plan","tag-tfsa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>3 good reasons to contribute to a TFSA - B\u00e2tirente<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.batirente.com\/en\/3-good-reasons-to-contribute-to-a-tfsa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 good reasons to contribute to a TFSA - B\u00e2tirente\" \/>\n<meta property=\"og:description\" content=\"With retirement coming up, maybe you\u2019ve cut back on your work hours and have a better idea of what to expect when the time comes. You also realize that you don\u2019t have as many financial commitments. And if you have kids, they\u2019ll soon be leaving the nest, if they haven\u2019t already. Your home might already be paid off or about to be, which takes a huge financial load off your shoulders. 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