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OPINION 2018 TFSA maximum contribution stays the same Using a flexible, tax-free method o f saving has many benefits, writes Watson OAKVILLE - The Tax- Free Savings Account con­ tribution limit for 2018 re­ mains at $5,500. Introduced by the feder­ al government in 2009, the TFSA provides a flexible tax-free method of saving. However, a TFSA is more than a savings account. It is an investment account where you don't pay tax on the capital gains. To be eligible, you must be 18 years or older, a Cana­ dian resident and have a valid social insurance number. If a you have maximized TFSA contributions in the past, this year's contribu­ tion is $5,500. Contribution room in a TFSA can be carried for­ ward. If you have been eli­ gible to contribute since 2009, but haven't, your total contribution amount is now $57,500. PETER WATSON Column If you haven't maxi­ mized your contributions in the past, the contribu­ tion room previously avail­ able can be made this year plus the 2018 contribution of $5,500. A strong TFSA feature is the ability to re-contrib- ute funds withdrawn in previous years. However, you cannot withdraw and re-contribute to your TFSA in the same calendar year. The method of calculat­ ing this year's TFSA con­ tribution is fairly simple. Assume you maximized your TFSA contributions in the past, but last year withdrew $10,000. You can contribute this year's limit of $5,500 plus the $10,000 that you withdrew last year. There are a few com­ mon mistakes investors make concerning a TFSA. Not starting a TFSA is the first mistake. Having the ability to use a flexible and tax-free method of sav­ ing provides many bene­ fits. Not to use those bene­ fits is a mistake. You don't pay taxes on income earned on your TFSA investments. Paying more taxes than are re­ quired is a mistake. Also, not investing your money for growth is a mis­ take. Holding cash or some other fixed-income invest­ ment that pays a very low interest rate within a TFSA is not taking advan­ tage of the valuable tax- free benefits. - Peter Watson is an agent of, and securities products are provided by, Aligned Capital Partners Inc. (AC­ PI). A C P I is a member o f the Investment Industry Regulatory Organization o f Canada and the Canadi­ an Investor Protection Fund. The opinions ex­ pressed are those o f the author and not necessarily those o f ACPI. Peter Wat­ son provides wealth man­ agement services through Peter Watson Investments. • GET CONNECTED Visit insidehalton.com/events to submit your own community events for online publishing. R i c k y W o n g CPA, CA, MBA, B. Eng V o te d B e s t A c c o u n ta n t b y O a k v i l le B e a v e r R e a d e rs f o r 11 C o n s e c u tiv e Y e a rs • Accounting • Auditing • Taxation1 For more information please check our website w w w .r ic k y w o n g .c a A s k f o r J o h n www.jmcconcrete.ca •STAMPED CONCRETE • INTERLOCKING • EXPOSED AGGREGATE • FLAGSTONE • FRENCH CURBS •RETAINING WALLS • GARAGE FLOORS • FREE ESTIMATES 3 .M . C™ C o n cre te In te r lo c k in g Oakville's Favourite Patios & Driveways! 19 Halton District School Board Education Development Charges Region of Halton Notice of Public Meetings PUBLIC MEETINGS FOR EDUCATION DEVELOPMENT CHARGES (EDC) BY-LAW All meetings held at J.W. Singleton Centre, 2050 Guelph Line, Burlington First M eeting POLICY REVIEW PUBLIC MEETING Wednesday, April 18 ,2018 @ 7 p.m. TAKE NOTICE that on April 18, 2018, the Halton District School Board will hold a public meeting pursuant to Section 257.60 of the Education Act. The purpose of the meeting will be to review the current EDC policies of the Board and to solicit public input. Any person who attends the meeting may make a representation to the Board in respect of the policies. The Board will also consider any written submissions. A Policy Review Document setting out the Board's policies for the current EDC By-law will be available on or before April 4 ,2018, at the Board's administration offices during regular office hours and on the Board's website at www.hdsb.ca. Im m ediately fo llow ed by Second M eeting SUCCESSOR BY-LAW PUBLIC MEETING Wednesday, April 18 ,2018 @ 7:30 p.m. TAKE NOTICE that on April 18,2018, the Halton District School Board will hold a second public meeting pursuant to Section 257.63 of the Education Act. The purpose of the second public meeting is to consider the continued imposition of EDC and a successor by-law and to inform the public generally about the Board's EDC proposal. Any person who attends the meeting may make a representation to the Board in respect of the proposal. The Board will also consider any written submissions. All submissions received in writing and those expressed at the public meeting will be considered prior to the enactment of an EDC By-law. On Wednesday, May 16,2018, the Board will consider the adoption of a by-law that will impose EDC in the Region of Halton. The EDC background study required under Section 257.61 of the Education Act (including the proposed EDC By-law) setting out the Board's EDC proposal will be available on or before April 4,2018, at the Board's administrative offices during regular office hours and on the Board's website at www.hdsb.ca. Third Public M eeting IN CONSIDERATION OF BY-LAW ADOPTION Wednesday, M ay 16 ,2018 @ 7 p.m. TAKE NOTICE that on May 16, 2018, the Halton District School Board will hold a third public meeting. The purpose of this meeting is to consider the enactment of a successor EDC By-law that will apply in the Region of Halton. Any person who attends the meeting may make representations to the Board in respect of this matter. Written submissions, filed in advance of the meeting, will also be considered. All interested parties are invited to attend the public meeting. The Board would appreciate receiving written submissions one week prior to the public meetings, so they may be distributed to Trustees before the meetings. Submissions and requests to address the Board as a delegation should be submitted online at www.hdsb.ca (search "delegation by-law"). Any comments or requests for further information regarding this matter may be directed to Domenico Renzella, General Manager of Planning, Halton District School Board, at (905) 335-3663, ext. 3375 or renzellad@hdsb.ca. 1200 S pee rs R d ., U n i t 12, O a k v i l le , O n t . L 6 L 2X 4 ( 905) 845 -1408 | F a x (905) 845 - 59311 r ic k y @ r ic k y w o n g .c a Andrea Grebenc, Chair of the Board Stuart Miller, Director of Education | O akville Beaver | Thursday, M arch 22, 2018 insidehalton.com http://www.rickywong.ca http://www.jmcconcrete.ca http://www.hdsb.ca http://www.hdsb.ca http://www.hdsb.ca mailto:renzellad@hdsb.ca mailto:ricky@rickywong.ca