Interest and investment income earned in a TFSA isn’t taxed, accelerating your savings growth.
You can take money out for any goal at any time without penalty, and re-contribute it the following year.
You can contribute up to $7,000 to your TFSA annually, with any unused amount rolling over to the next year.
Your TFSA can hold a variety of investments, including mutual funds, term deposits and even savings accounts.
Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account is a versatile and accessible way for Canadians to grow their wealth while enjoying complete tax-free benefits. Contributions are not tax-deductible, but all investment income—whether interest, dividends, or capital gains—accumulates entirely tax-free within the plan. Even better, withdrawals can be made at any time and for any purpose without tax consequences, and the contribution room is restored the following year. With flexible access to funds, the TFSA is an excellent option for both short-term savings goals, such as a vehicle or vacation, and long-term investments like retirement. Offering unmatched tax advantages and financial flexibility, the TFSA is a valuable complement to any savings strategy.
We’ll be happy to help review your goals and see if a TFSA is the right solution to reach them.
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Try our TFSA calculator to see how tax-smart investing can help your savings grow faster.
There’s lots of ways to save, but a TFSA might just be the secret weapon you’ve been looking for.
Confused by the difference between TFSAs and RRSPs? We’re here to help break it down for you.