SAVING MADE EASY
TFSA
Who is Eligible?
Any Canadian resident age 19 and over are eligible. However, the accumulation of contributions will begin at age 18.
What is it?
A TFSA allows you to accumulate growth in a tax-free savings account. Any withdrawals from the account are tax free as well. The contribution limit is $5000/ year. Any un-used contribution room can be carried forward continuously. Withdrawals can be made at any time. Any amounts withdrawn from your TFSA can be re-contributed the following year.
The TFSA’s provide a means for saving for short or long-term goals.
For more CRA information on the TFSA’s, click here or contact us for more info.