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Tax-Free Savings Account (TFSA)

What is a Tax-Free Savings Account (TFSA)?

The TFSA is one of the best accounts for savings you can have. Anyone aged 18 or over can open a TFSA and save up to $5,500 tax-free. Withdrawals are tax-free too.

 

Tax free savings, every year

This registered savings account operates separately from your other tax allowances. Since withdrawals are also tax-free, they don't count as earned income and so won't affect the calculations of any government benefits you may receive such as OAS, GIS or Child Tax benefit.

 

How much can I save?

You can save up to $5,500 per year, and make as many withdrawals as you wish. However, even if you withdraw money, you can't put in more than the current TFSA contribution limit of $5,500 total in any tax year.

 

Key features of the TFSA

  • Tax free savings on up to $5,500
  • Tax free withdrawals, anytime
  • Available to anyone aged 18 or over with a valid social security number
  • Withdrawals do not affect federal benefits or credit test calculations

 

Tax-free savings for everyone

There are very few financial accounts that literally anyone can open, but the Tax-Free Savings Account is truly available to all. You can save as much or as little as you can afford, and if you don't use all of the $5,500 allowance in one year, you can use that allowance up in years when you can save more. If you decide to save more than the $5,500 limit, the balance over the limit will be taxed at just 1%.

 

How Jeff can help

If you've never opened a TFSA, just call Jeff. He'll help you start saving for the future with this tax-efficient savings account. He'll also talk through your finances if you wish, and suggest ways to make your hard-earned money work better for you.

 

For more details on all tax-free savings accounts including the TFSA, call us at 519-485-5801

Find Us

Get in Touch

7 St. Andrew Street

Ingersoll, Ontario

N5C 1K6 Canada

 

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