Tax Free Savings Accounts

A Tax Free Savings Account (TFSA) is an investment product introduced by the federal government in January 2009.  A TFSA allows taxpayers to save money by earning interest income tax-free throughout their lifetime.  An individual person can invest in a TFSA if they are a resident of Canada, are at least 18 years of age and hold a valid Social Insurance Number card.  There are no age limit restrictions to this investment option.

The contribution limits have been $5,000 per year from 2009 to 2012, and $5,500 for 2013 and 2014, and $10,000 for 2015 and $5,500 for 2016.  And unused contributions carried forward as well.  You will not be taxed on any income or capital gains earned on your TFSA investments and you will not be taxed on any funds withdrawn from your TFSA.   Contributions to your TFSA will not be tax deductible. Excess contributions will be subject to a penalty tax by the government.  A great feature of the TFSA is that if you can make contributions and then make a withdrawal, you can re-contribute the withdrawn funds in the next tax year.  You can withdraw funds at any time, making TFSAs a great option for both short term and long term savings. 

All registered products held in a savings or term deposit are insured by Deposit Insurance Corporation of Ontario (DICO).

Learn More about TFSAs.


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