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    ​Tax-Free Savings Account (TFSA)

    Building Wealth Tax-Free

    A Tax-Free Savings Account (TFSA) is a simple investment option designed to help you save money. It lets you save your after-tax income and pay no further taxes on those funds or their investment returns.

    What are the features of a TFSA?

    Enjoy freedom

    Use the money in your TFSA for any reason you like.

    Tax-free

    Your TFSA savings grow tax-free and withdrawals are tax-free.

    Access your money any time

    Withdraw money any time (subject to investment restrictions).

    Withdrawals carry over

    Withdrawals increase your contribution limit the following year.

    Contribute to your future

    Unused contribution room can be carried forward to use in future years.

    Worry-free withdrawals

    Withdrawals don’t affect your eligibility for federal income-tested benefits.

    You should think of a TFSA if...

    • You’ve maxed out your RRSP
    • You need a down payment for a home or vehicle (a TFSA withdrawal doesn’t have to be repaid)
    • You want a vacation
    • You just want to put some money on the side
    • You need access to your savings before retirement
    • ​You’re retired and you need a tax-free place to save
    • You’re a low-income senior
      • Since tax-free TFSA withdrawals won’t be added to your income, they won’t trigger any reductions in Old Age Security benefits or the Guaranteed Income Supplement.
    • You’re married or have a common-law partner
      • TFSA holders can name their spouse as a beneficiary and roll the proceeds over to them upon their death and spouses can contribute to their partner’s TFSA.  This means couples can shelter up to $11,000 worth of new investments every year from tax.
    • You want to receive dividends from foreign investments, as there is no foreign content limit on a TFSA

    TFSA Contribution Limit

    How much can you contribute?

    Year(s)Contribution limit
    2009-2012$5,000
    2013-2014$5,500
    2015$10,000
    2016$5,500
    2017$5,500
    2018$5,500
    2019$6,000

    Please consult your Notice Of Assessment or call the Canada Revenue Agency (CRA) at 1-800-959-8281  to find out your personal TFSA contribution limit. Unused contributions from previous years can be carried over and past withdrawals can be re-contributed in the following year.

    You can also use our TFSA Calculator to gain more insight. 

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