Tax-Free Savings Account

What is a TFSA?

A tax-free savings account is ideal for medium- or long-term savings projects. The returns generated in the account are not taxable, even if you make a withdrawal. Additionally, your money can be accessed at any time, which makes it an excellent emergency fund.

How much can you contribute to your TFSA?

You can contribute up to the limit set for the year underway, regardless of your income. Furthermore, you may carry forward any unused contribution amounts into future years.

Key advantages of the TFSA

  • The income earned on your contributions to the TFSA is not taxable.

  • Withdrawals are not taxed and may be made at any time, which makes it an excellent emergency fund.

  • Unused contribution room is carried over to the following year, which means that you can contribute more than your annual limit.

  • This is the ideal solution for your medium- and long-term savings projects, like a trip or the purchase of a home or car.