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A Tax-Free Savings Account (TFSA) is a Canadian savings vehicle that offers tax advantages by allowing your investments to grow tax-free. Contributions to a TFSA are not tax-deductible, but all withdrawals, including earnings and interest, are completely tax-free. Introduced in 2009 with an initial annual contribution limit of $5,000, this limit was increased to $5,500 in 2013. Unused contribution room can be carried forward indefinitely. Available to Canadians aged 18 and older, TFSAs provide flexible savings options for any financial goal.
A TFSA is a flexible, registered savings account introduced by the Canadian government in 2009. Any Canadian resident aged 18 or older with a valid Social Insurance Number (SIN) can open one. Contributions to a TFSA are not tax-deductible, but withdrawals are completely tax-free, including any gains or income earned within the account.
