TFSA and our club
http://www.budget.gc.ca/2008/pamphlet-depliant/pamphlet-depliant2-eng.asp
Starting in 2009, we can contribute $5000 to a Tax-Free Saving Account and avoid paying taxes on gains/interest. I think this is generally considered good news for investors and I certainly plan to use it. Now, although I enjoy our club immensely, I'm afraid tax free growth will have to take priority over our club. :)
In our "loose" constitution, we had a concept of minimum annual contribution (around $2000?). In light of this new TFSA, do we want to ammend that? I am not planning to pull money out of the club but I think my first $5000, not going to my RRSP and mortgage, will go to TFSA. (Not to mention the wedding costs, and RESP down the road, long road :)
I just wanted to start the discussion around continuing the club without making annual incremental contributions. Thoughts?
posted by Junk Bonds @ 3/26/2008 10:22:00 PM
3 Comments:
I do not remember mentioning of 2K annual contribution. I reviewed the draft constitution (first post). Did not find anything there either. So I don't think there are any worries Eddie;)
Actually, read my first post entitled "Old constitution", that's the important one :)
When I first glanced at this post, and being the stock junkie that I am, I thought that TFSA was a stock symbol! One that I didn't recognize!
I think we can be flexible with annual investment amounts depending on club members wishes. The club's size currently allows us to be flexible. When's the wedding, I need to save up for a new suit:)
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