4 scrabble pieces on a table containing the letters TFSA

Harness the power of a TFSA

27/01/2022 | Financial Planning

A Tax Free Savings Account (TFSA) is a registered investment account that lets your earnings grow tax-free. Invest for any goal – from a new car, to a renovation, to supplementing your retirement income– and never pay tax on withdrawals.

An excellent complement to an RRSP, a TFSA is an important part of every financial plan.  Since 2009, when TFSAs were introduced, every Canadian adult has accumulated annual contribution-room which can be carried-forward indefinitely.  For 2022, $6,000 has been added to your existing lifetime limit and brings the total to $81,500.

Once you make a deposit, you can withdraw your money for any reason, at any time, tax-free.  When you make a withdrawal you don’t lose-out on your contribution-room!  You can add the withdrawal amount back into your TFSA the next calendar year or anytime thereafter. This is one of the best investment savings vehicles in Canada.

If you are carrying excess cash or idle balances in your bank chequing-account or savings-account, consider using this money to top up your CAPCORP TFSA.  Bank balances earn very little interest.  In a TFSA this money can be put to work to earn tax-free growth.

Put your money to work – Email us at info@capcorp.ca and let us help you open a TFSA or, if you already have one, we can help you to make use of your extra 2022 contribution room.


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