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Tax-Free Savings Accounts, TFSAs

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Tax-Free Savings Accounts (TFSAs) Guaranteed Investment Plan 5 Year investment plan Unit trust linked investment plan

Tax-Free Savings Accounts

Most South Africans don’t save enough. You can secure your financial future by making smarter decisions today. If you start saving early, regularly and consistently, you can reach your investment goals through the various stages of your life. To date, the earnings from savings and investment products have been subject to tax. However, to encourage a culture of personal savings, Government has for the first time introduced tax-free savings accounts (TFSA). A tax-free savings account (TFSA) is a savings product that offers individuals tax savings benefits. If you choose to save through such a product, you benefit from not having your savings taxed! You can contribute a lump sum or a regular investment to a tax-free savings account. In accordance with legislation, your contributions are limited to: R30 000 every year; and R500 000 in total over your lifetime. If you contribute more than these limits, you will incur tax penalties. (See FAQ’s) All the returns and proceeds from tax-free savings products are completely tax-free. This means that when you invest in these products, you will not pay any capital gains tax (CGT) or tax on interest and dividends earned. You have the flexibility to withdraw from a tax-free savings account (TFSA) at any time. However if you withdraw it will count against your yearly and lifetime contribution limits. For example, if you invest R30 000, and before the end of the same tax year withdraw R10 000, leaving a balance of R20 000, the R10 000 that you withdrew will count against your yearly limit. Your yearly contributions are always limited to R30 000. What you should do to get the most from a Tax-free Savings Account (TFSA): Start to contribute as early as possible. Only on the longer term will you truly experience the ‘magic’ benefit of compounding interest; Consistently contribute as much as you can, within the yearly and lifetime contribution limits; Do your risk profile calculation to ensure that you choose the most appropriate investment funds for your investment goals; Leave the money in your investment to grow for as long as possible; and Try your best not to withdraw the money you have already invested in this product.
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