Last call EasyVSTRs! You still have a few days to make a contribution to your Tax-Free Savings Accounts (TFSA).
Every year, tax season draws to a close at the end of February, with the next tax year kicking off on the 1st of March. If you want to maximize your Tax-Free Savings Account, this means that there's a limited time to fill up your annual limits for this current period, before the next tax year begins on 1 March 2023.
By putting your money into exchange-traded funds, unit trusts or bundles, you can invest up to R36 000 in a single financial year (between 1 March and the end of February) without paying any tax on the profit, interest, or dividends you may earn. And the best part? You won't have to worry about any monthly fees!
With some banks only allocating funds into our accounts 48 hours after you make a payment, EasyVSTRs who want to make final contribution into their TFSA will have to do so by no later than Monday, the 27th of February, or we will not be able to guarantee the allocation to your account within this tax year. This should ensure that we receive and allocate your funds in time, thereby making efficient use of your annual contributions.
Want to learn more about TFSAs? You can learn more about it here.
Missed the budget speech? Here are some highlights!
Read: 2023 Budget Speech Summary - what it means for you!