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Tax Free Savings Account (TFSA)

Tax Free Savings Account (TFSA) is a new savings or investment account available to Canadians age 18 or older. Although contributions are not tax deductible, the TFSA is a great tax sheltered account to grow your savings and meet both your short and long term investment goals.

  • Capital gains and other investment income will not be taxed
  • Withdrawals are allowed and will be tax-free
  • Unused TFSA contribution room can be carried forward to future years
  • Withdrawals form a TFSA will¬†create contribution room for the next year
  • You can carry forward your unused contribution room indefinitely
  • $5500 Allowed for 2016
 

 


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