Financial Literacy Month



November is Financial Literacy Month (FLM) and this year marks the 10th anniversary!
FLM highlights the importance of financial literacy and focuses on helping Canadian’s gain financial confidence to make informed financial decisions relevant to their circumstances by equipping them with practical tips and tools. Financial literacy is important not only for the financial well-being of individuals, but also for the economy.

In light of FLM, we are excited to announce our $10,000 sponsorship with JABC (Junior Achievement of British Columbia). Each year, more than 230,000 students across Canada participate in JA`s financial literacy, work readiness, and entrepreneurship programs. Through these programs, students gain the knowledge and confidence they need to succeed in school, business, and life. Our partnership with JABC will help prepare students to enter the work world by teaching them important life skills such as: career mapping, learning how to create a personal budget and developing actionable strategies to help them achieve their goals.



To learn more about JABC and their programs,
please visit their website here.











This month is around Tax Free Savings Accounts (TFSA)

See below to learn some interesting facts about our TFSAs:





The Basics
The Tax-Free Savings Account (TFSA) is a registered savings account introduced by the Federal Government in 2009. Investment income in the account – whether interest, dividends or capital gains – is not taxable, even when the money is withdrawn. A TFSA can be used for a variety of needs, from purchasing a new car, renovating a house, starting a small business or taking a family vacation.

Who can sign up for a TFSA?
Anybody in British Columbia can open a TFSA account, provided they meet the following conditions:
✔ Resident of Canada
✔ 18 years of age or older
✔ Have a valid Social Insurance Number (SIN)


How do withdrawals affect my
contribution room?

Any amounts withdrawn from your TFSA, get added onto your contribution room in the following year.
For example, if you had grown your TFSA to $30,000 and decided to withdraw it all, in the following year you will get the new year’s allotment, plus the $30,000 you previously removed. If you had withdrawn those funds in 2019, in 2020 you could contribute a total of $36,000.


How much can you contribute into your TFSA each year?
Each year’s contribution limit is set by the Federal Government prior to the start of each year. Your contribution limit begins accumulating in the year you turn 18. For instance, if you were 18 or older in 2009, you would be eligible for the full contribution limit. Any unused contribution room from the previous year is added to the contribution for the next year.