What is a TFSA?
A Tax Free Savings Account (TFSA) is a registered investment or savings account that allows for tax free gains. The amount of money that can be contributed to a TFSA is limited each year. A TFSA can be used for any savings goal and withdrawals can be made free of tax.
What Makes a TFSA Halal?
The TFSA is just an account with some tax rules around it. It is how the money that is deposited into this account gets invested that will make it halal or not. The focus here should not be the account type but the underlying investments. As long as that cash is being used to buy Shariah-compliant investments such as the Manzil Halal Portfolios then you should be able to sleep peacefully at night.
Benefits of a Halal TFSA
Earn investment income, tax-free
Any gains you earn in the account is not subject to tax.
The ability to withdraw your savings, tax-free
You can withdraw your money at any time and for any purpose.
Contribute to your spouse’s TFSA
Keep in mind, your total contribution to any account cannot exceed the maximum amount allowed.
The money you put in your TFSA account gets invested into the Manzil Halal Portfolios. This means your money is not just growing tax-free, but you can sleep peacefully at night knowing it's growing through halal means.
We partnered with a Robo-Advisor, WealthBar, so you can access the Manzil Halal Portfolios and get financial advice.
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Your Money is Safe with WealthBar
Funds managed by WealthBar are held with custodian members of Canadian Investor Protection Fund (CIPF). This provides limited protection for customer accounts, in case of the custodians’ insolvency for up to $1 million per account type category.
- WealthBar is a registered portfolio manager.
- Advanced technology to secure your account.
- Protecting your personal information.
- Total transparency.