Tax Free Savings Account

A Tax Free Savings Account (TFSA) can be an effective way to save for short and long term goals. You pay no income tax on any investment growth in the plan, and no tax when you withdraw your savings.

The advantages of opening up a TFSA include:

  • For those who have maximized their RRSP contributions, a TFSA will provide you with another investment vehicle with tax advantaged savings for retirement
  • Can contribute up to $5,000 per year (indexed starting in 2013). Any unused contribution room may be carried forward to future years
  • There is no maximum age after which savings must be converted into income
  • Withdrawals will not affect income eligibility to various income-based credits such as Old Age Security
For more information, Contact us today to see how we can put together an action plan to get your saving priorities on track.