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.**
A 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 OneVest Halal Portfolios, then your investment is Halal.**
These Shariah compliance certificates issued by Manzil's Shariah Supervisory Board ensure that OneVest's Halal Portfolios, products and services comply with the Shariah standards set by AAOIFI.**
Investment fund and portfolio management services are provided by OneVest. All portfolio holdings and performance data are sourced from OneVest.
Any gains earned in a TFSA account are not subject to tax.
Withdraw money from a TFSA at any time and for any purpose.
Keep in mind, the total contribution to any account cannot exceed the maximum amount allowed.
The money put in the TFSA account gets invested into Halal Portfolios. This means that the investing is not just growing tax-free, but it’s growing through Halal means.
Manzil Invest - Investment fund and portfolio management services are provided by OneVest*
Future value of RESP Account
Total Investments
Total Profits
Potential tax savings
Disclaimers:
*Manzil Invest is a strategic partner of OneVest Management Inc. (“OneVest”). OneVest offers wealth management products and services to Manzil customers. OneVest Management Inc. is registered as a Portfolio Manager in each of the provinces and territories of Canada, and as an Investment Fund Manager in the provinces of Alberta, Ontario Quebec, and Newfoundland and Labrador. Upon opening your account, OneVest will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
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*** Your capital is at risk with any type of investment. Past performance is not a guarantee of future results or success. Please read OneVest’s investment risk disclosure for more information.
