Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account (TFSA) is a registered savings account that lets you grow and withdraw your money tax-free, making it a great option when saving for short and long-term goals. The TFSA was introduced by the Government of Canada in 2009. It was designed to help Canadians that are 18 years or older save money tax-free.
Benefits of TFSAs
Tax-free growth and withdrawals
You pay no tax on qualified investment income that you earn in your TFSA and you can withdraw funds from your TFSA without paying tax.
Not just a savings account
Your TFSA can hold a variety of qualified investments (like a savings account) including cash, stocks, bonds, guaranteed investment certificates (GICs) and mutual funds.
A flexible way to save
Withdrawing from your TFSA does not mean permanently losing your contribution room. Contribution room accumulates each year, so you can re-contribute withdrawn contribution amounts in the following year(s).
Comfort and convenience
A TFSA offers you the flexibility to save for various short-term and long-term goals, usually, with easy access to your money depending on the type of investment you hold.
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