TFSA

A Tax Free Savings Account (TFSA) lets you grow your savings and access your money tax-free.

Is a TFSA for you?

Whether you are saving for the short-term or the long-term, a TFSA may be for you.

How TFSAs work

If you are a Canadian resident, 18 years of age or older, and have a Social Insurance Number (SIN), you can open a TFSA.

You can save up to $5,000 a year, and any unused contribution room is carried over indefinitely. The amount you withdraw is added to your contribution room for the following year.

You can open more than one TFSA, but make sure you keep track. the penalty for over-contribution is 1% on the excess amount each month.

Eligible investments for TFSAs include cash, guaranteed deposits, segregated and mutual funds, stocks and bonds.

Key Features and Benefits

Tax Free Growth

Tax-free growth means you never have to pay taxes on interest, dividends or capital gains from your investments. ie: If you save $5,000 a year over 20 years, it could mean as much as $26,333 more in your pocket.