Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [tax-free-savings]

For questions related to investments which are tax-free.

For questions related to investments which are tax-free.

31 questions
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Scared of money being "locked away" in retirement accounts

I have a reasonably comfortable emergency fund, some other savings, and some accounts I manage myself invested in stocks and funds. However I have only a minimal sum in pensions and retirement accounts. I have noticed that these accounts often…
Vality
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Are U.S. I Bonds good for extra savings?

I recently ran across an article about where to park extra cash that mentioned US I Bonds. I had never heard of them before. How do they work? Limitations or rules? Really tax free? I've had EE US savings bonds from my grandparents (seems to…
Jay
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What is the best approach to save money for College for three kids?

I have three kids ages 4, 3 and 0 and I am concerned about the cost of college education for my daughters. A lot of the "public" schools (not community colleges) cost between $20,000 to $24,000 a year (and some others even more than that). That is a…
Viriato
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8
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2 answers

Savings Accounts for Future Child Expenses

If I were looking to have a kid in the next 3-6 years, what (if any) tax-advantaged plans exist to help saving for future, related expenses? To be more specific, there are numerous types of savings plans that offer pre-tax contribution, reduced…
WannabeCoder
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7
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1 answer

US ISA equivalent for tax exempt investment & savings

In the UK you can put up to £11,520 per year into an Individual Savings Account (ISA). This account allows you to invest in stock, unit trusts, index funds etc. and all income and capital gains are free of tax. Crucially, there is no requirement…
Gus Paul
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5
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2 answers

Tax deferred savings limits and early retirement possibilities

I've been listening to some financial independence podcasts where people claim that if you save 75% of your income into tax deferred retirement accounts, you wind up paying no income tax even with an income like $100k, since you would only have $25k…
Scott Anderson
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1 answer

How do I organize my investments to generate the maximum tax free income - in the UK?

I want to organize my investments to maximise the use of annual tax free allowances in the UK. Assume no income from employment, so Investment Ideas to maximise use of the Personal Allowance are invited. The following is what I believe we can…
john blair
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Year end for ISAs, is it worth squeezing more in quickly?

I opened an ISA about a month back (only have £110 in it at the moment) Tax year ends on 5th April, I could afford to put £1000 in my ISA, I would be skint until the next payday at the end of April though. Should I do it? Would I actually benefit…
James
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4
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3 answers

Confused about 'tax free income'

I'm from New Zealand and just started working here in the UK in July 2016 on a 2 year working holiday visa. My partner and I both started working around the same time (different employers), however I noticed that the deductions on our pay slips were…
Hillary Emma
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2 answers

Is there a trick with ISAs in the UK

I was looking on ISA faq on moneysavingexpert and I noticed the following: I do not understand the trick, say I put GBP100 on a 3% account and that ISA pays 1%. Can I NOT pay tax on the GBP3 I made just by switching it to ISA ?
statquant
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4
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Any savings vehicle which is sheltered from both US and Canadian income taxes?

I'm a US citizen living in Canada as a permanent resident. I earn income and receive interest/dividends from both countries. I file income tax returns in both countries. Every year I hear encouragement in Canada to contribute to a Tax-Free Savings…
Jim DeLaHunt
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3
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1 answer

TIAA-CREF equivalent or else other tax-sheltered plan types in Canada, beyond TFSA?

After reading the book "Money: Master The Game" by Tony Robbins, he mentions that many Americans use a TIAA-CREF account for tax sheltered savings. Besides a registered TFSA (Tax Free Savings Plan), is there an equivalent in Canada?
eniacAvenger
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Is there a limit on how many times I can transfer my Individual Savings Account (ISA) in a given year? [UK]

The United Kingdom Individual Savings Account (ISA) provides a tax-efficient saving mechanism. It is possible to transfer your ISA from one bank to another, but is there any limit on how many times you can jump to the bank with the best interest…
Daniel Fortunov
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1 answer

In a Canadian TFSA, does interest earned within the account count toward the contribution limit?

I know that there is a limit in the contribution per year in a TSFA. At the moment (2016), if you have never made a contribution then you can contribute around $ 46 500. BUT, even though all interests, dividends, capital gains, withdrawals, etc. are…
Maximus Decimus
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How does a TFSA work? Where does the interest come from?

I have extremely little knowledge about finance in general, but I have had a TFSA for several years now and know that my money keeps magically growing. Exactly where does the interest I gain come from? And if it's tax-free, how is this "profitable"…
LanceLafontaine
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