You are allowed to save up to R36,000 per year in a TFSA, or R3,000 per month. 10X allows for a lumpsum contribution of R1,000 minimum or a monthly contribution of R500. You also have the option to make monthly or annual contributions as and when you please.
What happens if you want to contribute more than R36,000 per year?
If you contribute more than your annual allowable amount of R36,000 in a tax year, the amount contributed above the annual allowance will be taxed at a rate of 40%, regardless of your personal income tax rate.
Why TFSAs are a good idea
- You don't pay tax on any interest or capital gains
- You can access your cash any time you need it
- Reach your goals, and make new ones
- Invest up to R36,000 per tax year
- Lifetime contribution limit of R500,000
10X TFSAs are better because we offer
- Competitive, long-term results
- Low fees
- No platform fees or advisor fees
- Simple and easy to sign up
- Highly diversified portfolios
- Clear, transparent reporting that is easy to understand
The sooner you start, the sooner you can #10XYourFuture.
Don't wait too long. Apply online or speak to one of our financial consultants who will guide you through your application.
To find out more about our Tax-free Savings Account, click here.
You can also apply online here.
