Saving just got a whole lot easier!
Tax-Free Savings Account (TFSA)
What is a TFSA?
TFSA allows you to set money aside in eligible investments and watch those savings grow tax-free throughout your lifetime. Interest, dividends, and capital gains earned in a TFSA are tax-free for life. Your TFSA savings can be withdrawn from your account at any time, TAX FREE.
How does a TFSA works?
TFSA - allows cash inside the account to grow tax free
Investments available in a TFSA:
- mutual funds
- securities listed on a designated stock exchange
- guaranteed investment certificates
- certain shares of small business corporations
How much can you contribute to a TFSA
* Canadian residents, age 18 and older, can contribute up to $5,500 annually to a TFSA.
* Those who cannot contribute will be able to carry forward their unused contribution room to future years.