| A recent news report said that Canadians are not | | | | contributed since TFSAs began in 2008. (You might |
| saving nearly enough money to ensure their | | | | win; don't be so pessimistic.) Anyway, that might |
| continued financial security. Our pensions are in | | | | even be as much as $15,000 if you haven't made |
| jeopardy, too. So, in 2008, the Canadian government | | | | any contributions so far-a lot of bucks the feds can't |
| was worried enough about our savings habits they | | | | touch. And there's no limit-every year, another $5000 |
| introduced Tax Free Savings Accounts-TFSAs-to | | | | gets added to what you're eligible to contribute. Or, |
| encourage us to save more. | | | | put in a bit every month. You don't have to put in |
| A TFSA allows every Canadian aged 18 years or | | | | the whole $5000 all at once. |
| older to contribute up to $5000 in after tax dollars to | | | | Sounds appealing, doesn't it? Or, are you thinking, |
| a TFSA. You can take the money out again | | | | "Nice idea, but where will I ever get that kind of |
| whenever you like-no hidden penalties, taxes, or | | | | cash"? Think your car-or truck-or any other vehicle |
| other limitations, either. And you can contribute on | | | | you own that's under eight years old. You can apply |
| behalf of your spouse or common-law partner, | | | | for a car title loan and use your vehicle as collateral. |
| income splitting to benefit the higher wage earner in | | | | Even if you have bad credit or a bankruptcy in your |
| your home. You can contribute to a TFSA for other | | | | credit history, because your car is your collateral |
| family members, too. | | | | against the loan, odds are you'll get the loan since it's |
| A TFSA can help you set money aside for your | | | | secured. You get to keep your car, and get a wad |
| children's education, a special family vacation, or a | | | | of cash, possibly as much as 40% of the wholesale |
| down payment on a new home. Because the interest | | | | value of your vehicle. |
| you earn on your deposits isn't taxed, and there are | | | | That's a good start on a TFSA. Think about those |
| no penalties for taking your money out whenever | | | | things you want, like a down payment for a new |
| you want, TFSAs are a great way to save more | | | | home, something really special for yourself, or maybe |
| money faster. TFSAs also do not affect your GST | | | | a family vacation. Use a car title loan to get you the |
| credit, Old Age Security, the Child Tax Credit or | | | | cash to jumpstart your savings for that extra special |
| other similar federal programs. | | | | purchase. Don't wait to see if you can make life |
| And, if you can only save a portion of the $5000 | | | | better for yourself. Apply for a car title loan today. |
| each year, the unused amount rolls over into the | | | | It's a simple form you fill out online. And you'll hear |
| next year. So, if you win the lottery next year, you | | | | back quickly, usually in less than one day. Don't wait; |
| can load up your TFSA with whatever you haven't | | | | your Tax Free Savings Account is waiting for you. |