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The tax treatment of a TFSA is the opposite of a registered retirement savings plan (RRSP). Unregistered accounts are subject to tax and hold after-tax money, the TFSA is described as a tax-free account holding after-tax money, and the RRSP is described as a tax-deferred account holding pre-tax money that will be taxed on withdrawal.
This may mean choosing a tax-advantaged investment account or holding your investments longer for a lower tax rate. For example, if you invest in your workplace 401(k) account, the amount you ...
Tax advantage refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax-reduced, tax-deferred, or tax-free. Examples of tax-advantaged accounts and investments include retirement plans, education savings accounts, medical savings accounts, and government bonds.
Contributions to 529 college savings plans are made with after-tax dollars. Once money is invested in the account, it grows tax-free, and withdrawals from the plans are not taxed when the money is used for qualified educational expenses. [2] Only 2.5 percent of all families had 529 college savings accounts in 2013. [3]
Tax-advantaged retirement accounts where contributions may be tax-deductible, and growth is tax-deferred until withdrawal. Retirement plans such as a 401(k) and 403(b)
Savings accounts are available mainly at federally-insured banks and credit unions, providing a secure means to store your money while earning a small to moderate amount of interest. Although many ...
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