Tax Free Savings Account

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Tax Free Savings Account

Overview

The Tax-Free Savings Account (TFSA) allows Canadians, age 18 and over, to set money aside tax-free throughout their lifetime. Each calendar year, you can contribute up to the TFSA dollar limit for the year, plus any unused TFSA contribution room from the previous year, and the amount you withdrew the year before.

Canada’s Tax Free Savings Account (TFSA) is the best savings plan since the Registered Retirement Savings Plan (RRSP) was introduced in 1957. It is an easy way for Canadians to invest without paying tax.

You can contribute up to $5,500 a year to a TFSA and, unlike stressful fee-based stocks and mutual funds that require constant attention, with a Fisgard TFSA your money simply grows – TAX FREE!

Understanding the TFSA

Our Guide to the TFSA is full of great information to help the TFSA investor.

FREE GUIDE: Understanding the TFSA

Important Information

  • Qualifying transfers, exempt contributions and specified distributions are not considered in the calculation of contribution room.
  • The annual TFSA dollar limit for 2016 is $5,500.
  • All income earned and withdrawals from a TFSA are generally tax-free. Plus, having a TFSA does not impact federal benefits and credits. It’s a great way to save for short and long-term goals.