This week, the government announced some great news . . . the annual Tax Free Savings Account (TFSA) limit for 2013 is going up to $5,500. Many articles this week suggested that increasing the limit by $500 is not a big deal for most Canadians. To me any increase is positive whether big or small. The TFSA is an amazing financial tool and although it is coming to it’s fifth year, we have yet to see the true power of this account. In case you are not sure about how the TFSA works, here’s a few articles I wrote from the past:
- TFSA Basics: Contributions and Withdrawals
- Investing your TFSA
- TFSA or pay down debts
- TFSA or RRSP: The new debate
- Problems with over contributing to the Tax Free Savings Account
- The Great RRSP Debates
- Who will use Tax Free Savings Accounts?
- Understanding the Tax-Free Savings Account (TFSA)
- Tax Free Savings Accounts (TFSAs) won’t replace RRSPs for retirement savings
This Week I Wrote:
- On Monday I shared Some Harsh Realities of Investing.
- On Tuesday Sarah wanted to know, Do You Have a Holiday Spending Plan?
- I also talked about the importance Family Financial Values
- On Thursday Scott discussed at length all there is to know about The Fiscal Cliff.
- Over at GroupBenefitsOnline, I also talked about Financial Literacy for Employees
Other Great Reads:
- This week Million Dollar Journey listed 4 Tips on Being Successful with Your Online Education.
- We all know we need to save more, which is why Gail Vaz-Oxlade shared some tips on what to do when you Can’t Find the Money to Save?
- November is Financial Literacy Month and MoneySense shared a whole list of links with their post about how Bloggers Offer Their Best Financial Tips.
- The Canadian Finance Blog discussed warranties this week in their ongoing series on Putting Financial Theories to the Test.
- If you’re in the market for a new home, you’ll want to read the Canadian Personal Finance’s blog post on Things to Look for When Browsing for a New House.
- This week the Canadian Couch Potato examined The Promise of Low Volatility.
- Boomer and Echo had a unique experience recently and went about Test Driving a New Rewards Credit Card from American Express.
- If you’ve been looking for a condo, you’ll be relieved to hear that according to Bank Nerd, Affordable Condos Finally Coming to Vancouver.
- The Canadian Financial DIY announced some Good-ish News: TFSA Limit Rising to $5500 in 2013.
- This week the Canadian Dream Free at 45 finished up its series on Retirement Calculations 2012 – Part IV.
Original post by Jim Yih