Tax-Free Savings Account
Did you know that if you earn any interest on your desposits annually, you must claim it on your income tax return? TFSAs are a Government of Canada registered investment that allows you to earn interest, dividends, or capital gains all tax-free! Annual contribution limits are set by the federal government and withdrawals are not taxed.
Historical contribution limts:
2009-2012 - $5,000 per year
2013-2015 - $5,500 per year
Unused contributions and amounts withdrawn are carried forward to the next year to increase maximum contribution room. Invest in term deposits, Mutual Funds, stocks or bonds. Save for any purpose with no time contraint for using the funds. Funds can be withdrawn at any time (subject to investment restrictions).
Who can open a TFSA? Any individual who is a Canadian resident with a valid Social Insurance Number (SIN) and is 18 years of age or older, there is no maximum age limit.
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