How to Make the Most of Your TFSA in 2024

1. Sharp Asset Management Inc. How to Make the Most of Your TFSA in 2024 416-722-9009 contact@sharpasset.com

2. Unlock Tax-Free Growth: Secrets to Maximizing Your TFSA in 2024 A TFSA, or Tax-Free Savings Account, is a registered savings account available to Canadian residents aged 18 or older. It allows you to save and invest money with the key benefit that any investment income or capital gains you earn grow tax-free. Difference between a TFSA and RRSP: A TFSA lets you grow money tax-free and access it anytime, perfect for any goals. An RRSP lowers your taxes now but taxes your withdrawals later, ideal for long-term retirement savings. Choose based on your goals and when you need the money.

3. Benefits of a TFSA Grow your money tax-free: Keep all your investment gains, unlike other accounts with taxes. Invest flexibly: Choose from stocks, bonds, funds, ETFs, and even cash. Contribute any time: No deadlines, use your contribution room whenever you want. Withdraw tax-free: Access your money without tax implications, anytime. Perfect for everyone: Great for all Canadians, regardless of age or income level.

4. Contribution Limits & Room Current TFSA limit: $7,000 in 2024 (up from $6,000 in 2022) Cumulative contribution room: Starts in 2009 or at age 18, whichever is later Example: If, for example, you open your first TFSA in 2024, the total cumulative room is $95,000, if you were 18 or older in 2009. No deadlines, contribute anytime based on your available room Warning: Avoid over-contributions, penalties apply

5. Investment Options and How to Maximize a TFSA A TFSA is not just a savings account, it's a flexible investment vehicle Invest in a wide range of options: stocks, bonds, mutual funds, GICs, ETFs Make regular contributions, even small amounts can grow significantly Diversify your portfolio to spread risk and maximize returns Rebalance your portfolio periodically to maintain the desired asset allocation Seek professional advice from qualified financial advisors if needed

6. Is a TFSA Good for Day Trading or Long-Term Investing Goals? Day Trading Red Flags: CRA scrutiny: Frequent, short-term trades may raise flags about business activity, potentially leading to tax implications on capital gains. High-risk, high-stress: Day trading requires significant time, effort, and risk tolerance, potentially compromising the TFSA's long-term benefits. Lost compounding: Focusing on short-term gains can miss out on the exponential power of compounding interest over decades.

7. Is a TFSA Good for Day Trading or Long-Term Investing Goals? Long-Term Investing Advantages: Tax-free growth: Let investment gains accumulate year after year, completely tax-free, boosting your overall returns. Compounding magic: Invest early and let time work for you, watching your money grow exponentially with tax-free compounding. Flexibility: Adapt your TFSA to your evolving goals, from retirement planning to education savings or future purchases.

8. Contact us 21 Greenwin Village Road, Toronto, Ontario, M2R 2R9 416-722-9009 contact@sharpasset.com P.O BOX 74539 Humbertown Centre, 270 The Kingsway Toronto, ON M9A 5E2 www.sharpasset.com

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