SELF-DIRECTED RRSP/TFSA
  
A self-directed RRSP/TFSA account is held outside of a bank or credit union.
This is not a brokerage account where investors can buy and sell stocks on platforms such as RBC Direct Investing, CIBC Investor's Edge, TD Direct Investing, Scotia iTrade, or BMO InvestorLine.
A self-directed account enables eligible investors and accredited investors to invest in a greater range of investment products such as exempt market securities, syndicated mortgages, mortgage investment corporation shares, and private mutual fund trust units such as the OCMI Mutual Fund Trust.
T5 SLIPS
T5 Statement of Investment Income is mailed out by the end of February each year.
However, keep in mind that these tax slips can also be uploaded into an investor portal.
And some organizations will e-mail a password-protected T5 slip that usually includes the last few digits of your social insurance number.
Call the organization if you have not received your T5 slip by the end of March.
TFSA CALCULATOR
The Tax-Free Savings Account (TFSA) was introduced in 2009 to help Canadians save for retirement without incurring tax on the earnings inside the TFSA.
The contribution limit started off at $5,000 per year and the amounts vary year to year.
If you have never set up a TFSA investment, then your lifetime contribution limit is $95,000.
The interesting part is when the investment inside your TFSA increases dramatically, like when a real estate investment is sold inside a private mutual fund trust, and the profit is distributed back into the TFSA account, your investment limit increases to the amount inside your TFSA plus the annual contribution limit.
This is one wealth building strategy through optimizing your TFSA.
This video explains TFSA contribution and what happens when you withdraw money.
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