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From all of us in The McGoey Financial Group, wishing you and your families all of the very best of the Holiday Season and a wonderful start to 2024.

In keeping with our tradition, we recently updated our team photo and also included our ‘fun shot’. We hope you enjoy!

We look forward to connecting in the New Year.

Happy Holidays!

The McGoey Financial Group

For the second year in a row, Tax Free Savings Accounts (TFSA) contribution limits are increasing.  This year to $7,000 (from $6,500).  Canada Revenue Agency increases contribution room adjusted to inflation – and rounded to the nearest $500.  This newest increase brings the cumulative lifetime contribution room to $95,000 (provided you were 18 or older when the program began back in 2009).

Fully funded TFSAs are becoming a more important savings tool to integrate with other wealth planning.  Commonly used to help fund major purchase goals – with larger savings pools now created our clients are increasingly using the accounts to integrate with retirement income and estate planning.  TFSAs carry beneficiary designations where other taxable investment accounts (and bank accounts) do not offer this option. This designation can simplify future estate planning (and reduce taxes) by keeping more assets outside of your Will.

Important to remember that unused TFSA contribution room carries forward so Canadians can catch up on unused contribution room from previous years.  Review your Notice of Assessment to verify your maximum contribution room.  Here’s a summary of the annual contribution room since the program began:

*Source: CRA

If we see inflation much higher than long-term averages in 2024, we may see yet another increase in 2025, but time will tell.  For now, we’re here to help with your TFSA planning.  Contact us with any questions or if you need help with your contribution plans in 2024.