Have you maxed out your RRSPs, or are you looking for tax sheltered investments that will carry you well into retirement? You may want to get started on the ASBE Group Tax Free Savings Account (TFSA) -- the only Tax Free Savings Account built specifically for Non-Teaching Employees of School Boards in Alberta.
How the Alberta School Board Employee Group TFSA works:
Unlike an RRSP, you don't get tax savings when you initially invest. Instead, your investment grows tax free inside your Tax Free Savings Account (TFSA) -- so you don't pay any tax when it comes time to take it out -- including all of the growth.
Typically, the yearly contribution room is $6,000 and any unused contribution room is carried forward. If you have never contributed -- you could have up to $81,500 (as of January 2022) worth of contribution room.
With the Alberta School Board Employees Group TFSA, you get your statement together with your Alberta School Board Employees Group RRSP statement -- so you can easily see all of your investments in one place. And you get access to the same incredible range of investment options as you get with your ASBE Group RRSP!
A bonus for those people approaching 71: unlike your RRSP, your Group Tax Free Savings Account has no age limit to withdraw. With an RRSP, you have to start withdrawing from it by the end of your 71st year. With the TFSA, you can keep your money in it as long as you want to and take it out whenever you want -- 100% tax free!
Online contributions make it as easy as paying a bill! Set up your TFSA contributions as a payee in your online banking. More information here.
Contact us today to take advantage of growing your investments tax-free through the only Group Tax Free Savings Account (TFSA) built specifically for Non-Teaching School Board Employees in Alberta!