The TFSA is a registered saving account which allows you to accumulate tax free savings to realize projects throughout your life. It is used for:
- house renovation;
- buying a car;
- starting a business;
- financing a trip.
Ask a meeting for TFSA now!
- Registered savings plan you can use to grow your money tax-free to carry out your projects and put money aside for a rainy day
- Contributions are not income-deductible
- Withdrawals are non-taxable[ 1 ]
- Income earned in a TFSA does not affect your eligibility for federal benefits and credits
- To open a TFSA, you must:
- have a Social Insurance Number (SIN)
- be 18 years of age or over
- be a resident of Canada
- The maximal annual contribution is cumulative:
- 2009 to 2012: $5,000
- 2013 and 2014: $5,500
- 2015 : $10,000
- 2016 : $5 500
Example : For 2015, TFSA contribution room was $41,000 and for 2016, it’s $46,500 if you were never contributed.
- Annual unused contribution room, along with withdrawals from your TFSA during previous years, is cumulative. Learn more about your TFSA contribution rights at the Canada Revenue Agency site.
- Overcontributions are subject to a tax of 1% per month.
1. Certain restrictions may apply depending on the investment chosen.