How to Use a TFSA to Earn $250 Per Month in Tax-Free Passive Income [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
The Canadian Tax-Free Savings Account ( TFSA ) is an awesome financial engineering tool introduced in 2009. It allows individuals to legally avoid paying personal taxes on future investment income and capital gains. When used effectively, the account helps investors retain more wealth in retirement accounts, improve tax efficiency in an investment plan, and make monthly tax-free passive income However, the TFSA is also a two-edged sword. Investment losses realized in the account can't be used to reduce income taxes for the tax year. Tax loss harvesting won't work for you on TFSA losses. Investment gains are all yours to keep, and the losses are all yours to bear. ADVERTISEMENT Conservative investors who are afraid of making losses in a TFSA or those with limited capacity to absorb investing losses could still make investments that earn low-risk income every month. Here's how to design a TFSA that generates $250 in monthly passive income. Among your investment options are low-
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BMO
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- 5/29/24 - Beat
BMO
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- 7/1/24 - Form FWP
- 7/1/24 - Form 424B2
- 7/1/24 - Form 424B2
- BMO's page on the SEC website