Accumulate Savings Tax Free
  • If you are over the age of 18, you can now save for any financial goal by opening any number of TFSAs and accumulating savings on a tax free basis. None of your investment income within a TFSA is taxable.
  • You have total flexibility since you can withdraw any combination of contributions and earnings at any time . Those withdrawals are not included in taxable income.
  • Unused TFSA annual contributions can be carried forward idefinitely to future years.
  • Any amounts withdrawn can be put back in a TFSA at a later date without reducing your contribution limit.
  • Because your withdrawals are not included in taxable income, neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
  • You benefit from increased flexibility in tax planning since contributions to a spouse’s TFSA will be allowed and TFSA assets can be transferred to a spouse upon death.

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