Anyone who is 18 years old and above can open this account. You can withdraw the funds at any time and use them on anything. You can use it for emergency expenses, for education or for a vacation- the choice is yours.

The contribution limit for TFSA is not prorated in a year if the account holder  

• Is turning 18 years
• Becoming a resident or a non-resident of Canada
• Or passes away.

 Get in touch with Rupinder Rai for further details. 

In the case of your untimely death, if you have nominated a beneficiary for your TFSA account that the amount would be transferred to their account. This holds the same for partner, spouse, and children if there is no successor holder. The amount would remain sheltered from taxes. 

However, at the time of your passing away if your TFSA account had excess contributions and if the same amount is transferred to another’s TFSA account, they will have to pay the 1% tax on the excess contribution. Check tru medical.

Although you can contribute more towards your RRSP account within a financial year, the contributions that you make are tax-deductible when you withdraw which makes TFSA in Brampton a better investment option. Also, withdrawals cannot be re-contributed in subsequent years.

All-in-all TFSA in Brampton can help you save for your future, achieve your financial goals faster, and assists you in avoiding a financial crisis. You can consult with Rupinder Rai before you open an account. She can advise you on what to and how much to invest so it doesn’t create a financial strain on your monthly budget.