Having a Tax Free Savings Accounts (TFSA) account is an excellent way to save and invest your money while protecting it from taxation. However, there are a number of rules pertaining to TFSA’s that everyone should about if you are looking to maximize the benefits you can get.

Tax free savings account (TFSA) holders who are currently being audited by the Canada Revenue Agency are being banned from making withdrawals as dealers are trying to limit their exposure and avoid being responsible for the tax bill.

Up until recently, retirement was simply thought of as the official end to the working life after which one would collect pension cheques and stay at home. However, with people living longer and wanting to fulfill their dreams and accomplish goals, we are seeing a shift in how people think about retirement.

All investors realize the value of the Registered Retirement Savings Plan (RRSP). Since 1957, this has been a powerful vehicle for Canadians to save for retirement. Benefits enjoyed by RRSP contributors include tax deductions, tax-deferred investment growth and tax deferral. However, many investors are caught unaware of their alternatives when their RRSP expires soon after retirement - when an investor turns 71 the RRSP must be closed.

Below are three of the major alternatives investors have when it comes to transferring their RRSP funds after the age of 71.