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​Tax Free Savings Account (TFSA)

Tax Free Savings Account (TFSA)

Overview

Make your money grow with a tax-free account.

If you've already made your annual RRSP contribution to reduce your taxable income and are still looking for a tax-free savings growth opportunity, a TFSA may be the answer. Capital gains in the form of interest and dividends grow tax-free for life – and they aren't taxed at withdrawal.

 

Key Features
  • 1- to 5-year terms or open savings available
  • Contributions are not tax deductible, but the investment income earned in your TFSA is tax-free, even upon withdrawal
  • Unused contribution room can be carried forward
  • Withdrawn amounts can be redeposited the following year without reducing your contribution room
  • Contributions and withdrawals will not affect your eligibility for federal benefits like the Guaranteed Income Supplement and Canada Child Tax Benefit
  • TFSA assets can be transferred to your spouse or partner on your death without affecting their contribution room
  • You must be at least 18 years of age and have a Canadian social insurance number
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)

​Create your own future.

You’ve worked hard for your money all your life. Now, let your money work for you. Let our experts help you plan your retirement.