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TFSA Tips for young families

(NC) Still wondering how to use a Tax-Free Savings Account to your best advantage?

“When you're starting a family, setting financial priorities can be a challenge,” said Tannis Dawson, a tax and financial planning expert with Investors Group. “A TFSA is a flexible way to save and minimize your taxes at the same time.”

Dawson offers these TFSA tips for young families:

Save for emergencies and large short term expenses like a vehicle, vacation or home down payment without having to liquidate investments and paying taxes on the income.

Save for a home in addition to or instead of the RRSP Home Buyers Plan.

Save for education in addition to or instead of non-registered savings, the RRSP Lifelong Learning Plan or RESPs.

Save for your children: as a parent, you retain control of TFSA funds and when to disburse them.

Save to start a business: TFSAs are a tax-effective way to save the initial equity you need and can be used as security for bank financing.

Save for retirement in addition to your RRSP contributions.

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Source: This column, written and published by Investors Group Financial Services Inc. (in Quebec – a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments. Contacta financial advisor for specific advice about your circumstances. More information on this topic can be obtained from your Investors Group Consultant.

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