TFSA

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Unused contributions and amounts withdrawn are carried forward to the next year to increase maximum contribution room.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  Funds can be withdrawn at any time (subject to investment restrictions).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.

Call us today  250-562-5415 or contact us.


*Mutual funds and other securities are offered through Credential Securities , a division of Credential Qtrade Securities Inc.  Credential Securities is a registered mark owned by Avisio Wealth Inc.  Mutual funds are offered through Credential Asset Management Inc.


 

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