Tax Free Savings Accounts
What’s a TFSA?
A TFSA is a Tax-Free Savings Account to which you can contribute at age 18 or older. Here’s how you can benefit from a TFSA:
- You don’t pay tax on any money earned in a TFSA or on money you withdraw.
- There’s no contribution deadline, which means you can contribute to a TFSA at any time. Any unused contribution room is carried forward on January 1 each year.
- If you withdraw money from a TFSA, you can add it back to your account (but you must wait until the following year to do so).
- You can put your TFSA funds towards many things, including academic courses, a down payment on a home and other large expenses.
With each new calendar year, every Canadian adult gains $6,000 of new Tax Free Savings Account (TFSA) contribution room. The lifetime limit is currently set at $75,500 making TFSA’s one of the best vehicles for long term savings because growth and withdrawals are tax-free.
We can help you open a TFSA account or top-up your existing TFSA by making a new contribution or moving money from an existing non-registered account.
Please connect with our team at any time to discuss these options.
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