How to Use Your TFSA to Make $5,985/Year in Tax-Free Income [Yahoo! Finance Canada]
First National Corporation (FXNC)
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Source: Yahoo! Finance Canada
If so, it pays to invest in a tax-free savings account (TFSA). All forms of employment income are taxable, as are investments not held in registered accounts (RRSPs and TFSAs). Further, even investments held in RRSPs become taxable eventually – although you can defer RRSP taxation for decades. So, the TFSA is far and away the Canadian retirement vehicle with the best combination of tax-sheltering and withdrawal flexibility. In this article, I will explore how to get $5,985 per year in income from your TFSA. Invest $89,328 at a 6.7% yield If you invest $89,328 at a 6.7% dividend yield , you will get $5,985 per year in dividend income. The investment needed to hit the income target is arrived at by dividing the annual income target by a given yield. I went with 6.7% as it's high but reasonably attainable. Yields approaching 10% (at least trailing yields approaching 10%) are out there, but such high yields tend to indicate that the markets view a stock as risky. Whereas 6.7% see
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FXNC
Earnings
- 7/31/24 - Beat
FXNC
Sec Filings
- 10/8/24 - Form 13F-HR
- 10/4/24 - Form 4
- 10/4/24 - Form 3
- FXNC's page on the SEC website