Tax Free Savings Account
What is a TFSA?
The TFSA initiative was initiated in 2009 to offer individuals aged 18 and above, with a valid social insurance number (SIN), an opportunity to save money without incurring taxes over their entire lifetime. Contributions made to a TFSA cannot be claimed as deductions for income tax.
​
Any funds deposited and any profits accrued within the account, such as investment income and capital gains, are typically exempt from taxation, even upon withdrawal. It's important to note that administrative fees associated with a TFSA, as well as any interest paid on loans taken to make contributions to a TFSA, are not eligible for tax deductions.
Tax-free savings account
HOW TFSA WORK?
Tax-free growth
Interest, dividends, and capital gains earned in a TFSA are tax-free.
Tax-free withdrawals
Your TFSA withdrawals are also tax-free and can be made whenever you want
Save money for any reason
You can use TFSA funds to save up for anything – a house, a wedding, dream vacation, retirement, etc