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Group Tax Free Savings Account (TFSA)

What is a Group Tax Free Savings Account (TFSA)

A Group TFSA is a type of registered savings account that allows contributions to grow on a tax free rather than a tax deferred basis. Employees and Employers can contribute to a Group TFSA and the biggest benefit is all withdrawals and income earned within the TFSA are not taxable.

Why a Group TFSA

  1. Tax Efficient – Any and all investment growth within the Group TFSA is earned on a Tax-Free basis.
  2. Better Fees – Think of a Group TFSA as a common investment, shared between you and your employees.
  3. Offering in Conjunction with a Group RRSP – A Group TFSA is typically only set up in combination with a Group RRSP or Deferred Profit Sharing Plan.
  4. Liquidity – Any employer/employee deposits made to a Group TFSA can be withdrawn at any time by the plan member.
  5. Annual Contribution Limit – Any contribution made to a Group TFSA reduces the members available TFSA contribution limit. The annual contribution limit is set by CRA and is announced before the start of every new year.

Services Offered

Many financial services companies look at group investment plans as “set it and forget it”, but we think people lose out on incredible value when any investment is looked at this way. When your plan is managed by Advantage Pacific, we regularly look at the fund options the employees of your plan have picked and will make recommendations to them of how they can rebalance their portfolio to better fit their risk tolerance, other investing preferences and how they could change their fund line up to earn a better rate of return.

All the plans we set up are customizable, meaning employees get to pick their own fund options. We prefer this as each employee is going to have a different risk tolerance and different investment preferences. As often as your employees would like, we will meet with them in person, on the phone, or though Zoom to review and reassess their risk tolerance to ensure they are invested correctly. All of this is no cost to the employee and is covered by the commission the fund company pays to us when you set up your plan.

Authorized distributor for The Canada Life Assurance Company, Equitable Life Insurance Company, The Manufacturers Life Insurance Company, Pacific Blue Cross, Sunlife and Benecaid. Manulife & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

 

ABOUT US

Advantage Pacific Benefits Consultants specialize in setting up and managing high quality, cost effective, sustainable Group Benefits Plans and Group RRSPs for businesses of all sizes in all sectors.

We also provide administrative services to all our clients at no extra cost, these services include processing new member enrollments, member terminations, beneficiary designations, maintaining all member files, and being available to all plan members to answer questions and help with claims submissions.

We also have internal insurance experts and strategic partnerships with independent portfolio managers to meet any person or businesses need for Investments, Life/Critical Illness/Disability, or Business Overhead Insurance.

CONTACT US

Phone: 778-349-8774

[email protected]

1244 4th Ave,
Prince George, BC, V2L 3J4

Monday – Friday: 8:30 AM – 4:00 PM
Saturday: By Appointment
Sunday: Closed
After Hours Appointments Available by Request

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