How to Make the Most of Your TFSA in 2024

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• Sharp Asset Management Inc.

• How to Make the Most of Your TFSA in 2024

• 416-722-9009

• contact_at_sharpasset.com

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• 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.

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• 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.

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• 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

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• 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

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• 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.

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• 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.

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• Contact us

• 21 Greenwin Village Road, Toronto, Ontario, M2R
  2R9

• P.O BOX 74539 Humbertown Centre,
• 270 The Kingsway Toronto, ON M9A 5E2

• 416-722-9009

• contact_at_sharpasset.com

• www.sharpasset.com

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• Thank you