Tax Free Savings Account (TFSA)
Tax free Savings Account (TFSA)
A TFSA is a registered investment account in which all interest is earned completely tax free! Deposits are made with after tax income so you won’t get a deduction for deposits like you would an RRSP, but when you withdraw money from a Tax-Free Savings Account you don’t pay tax (I promise this is not too good to be true)! Anyone can open a TFSA as long as they are 18 or older. A TFSA is an excellent short- and long-term investment vehicle.
Each year you are given $5,000 to $10,000 worth of new contribution room, the amount depends on how generous the government of Canada is feeling. Since these accounts are monitored closely by the Government of Canada, it is important to ensure you don’t overcontribute and we will always ask you to double check online or with your accountant what your exact amount of contribution room is before we make the maximum deposit to your TFSA.
We make opening these accounts easy, as we can do all the paperwork electronically so you can open the account literally from the comfort of your living room, while you are driving between job sites, or from your office in between meetings.
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