A tax-free savings account allows you to put money aside and watch it grow tax-free. This allows Canadians residents (age 18 or above) to save for short term and long-term requirements. The income earned in TFSA is tax-free. Withdrawals from a TFSA are also tax-free as contributions are not tax-deductible. That means if you earn $5,000 on your investment, it is 100% yours to keep without any tax obligation. This money can be used as a cushion in case of emergency, like losing a job or for an unexpected expense like car or house repairs.
A short term loan is one that is taken out to meet a short-term personal or business capital requirement.
Because it is a form of credit, it entails repaying the principal amount plus interest by a specified due date, which is normally one year after the loan is obtained.
A short-term loan is an excellent choice for small enterprises or start-ups that do not yet qualify for a bank credit line.
The loan involves smaller amounts of money borrowed, ranging from $100 to $100,000.
It must be paid off within six to a year – at most, 18 months – in most situations.
Long-term loans can run anything from a few months to 25 years.
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