TFSA
What Is TFSA?
A Tax-Free Savings Account (TFSA) allows you to save and grow your investment tax-free, making it suitable for various financial goals such as emergency funds, major expenses, or supplementing retirement savings.
How much can you contribute to your TFSA?
You can contribute up to the limit set for the current year, regardless of your income. Additionally, any unused contribution amounts may be carried forward to future years.
Key features of the TFSA
Contributions to a TFSA are not tax-deductible.
Withdrawals, including contributions and any capital gains, interest, or dividends, are tax-free at any time.
TFSA withdrawals do not affect income-tested government benefits.
Any withdrawn funds will be added back to your contribution room at the start of the following calendar year.
The income earned on your TFSA contributions is not taxable.
TFSA is a great solution for your medium- and long-term savings plans.