Grow your wealth tax-free! Read this blog to unlock 2024's new TFSA limit & master strategies for skyrocketing returns.

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

9. Thank you