Ronel Talks Money: Tax-free Savings
It is savings month, and we are discussing tax-free savings accounts (TFSA). Zibusiso Moyo, the Head of Client Solutions for Savings and Investments at Standard Bank is joining me at this Ronel Talks Money show. We are discussing which accounts / investments classify as tax-free savings, the tax benefits, the applicable limits, can you have more than one tax-free savings account, and what will happen if you exceed the limits. Zi also shares her top investment tips.
Questions that we answer during the interview:
- Tell us about your journey
- Explain TFSA in layman’s terms?
- Do you believe TFSA achieve its purpose motivating people to save?
- What are the current tax limits?
- What types of accounts / investments qualify as TFSA?
- How to ensure you select an investment that qualifies?
- Do once-off as well as recurring investments qualify?
- Can you have more than one TFSA?
- What happens if you withdraw from your TFSA? Can you withdraw from one TFSA and deposit into another?
- Apart from the tax benefits, are there other reasons why people should have a TFSA?
- How to start investing in a TFSA?
- What would your top investment tips be for the viewers?