Tax-Free Savings Account (TFSA)
The Tax-Free Savings Account (TFSA) is considered to be the most important savings plan introduced in Canada in the past 50 years.
Converting from RRSP
Use it to save for a vacation, a car, home renovations - whatever. The choice is yours.
Tax-Free Benefits
The Three most important benefits are:
- Allowed to contribute a maximum of $5,000 each calendar year
- Your investments grow tax free
- You don’t pay tax when you withdraw money
Examples of investments that can be held in a TFSA are: savings accounts, term deposits, mutual funds.
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