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If you don’t have a Tax-Free Savings Account (TFSA), you may be missing one of the most important personal savings vehicles for Canadians.
Keep more of your money in your pocket
If you don’t have a Tax-Free Savings Account (TFSA), you may be missing one of the most important personal savings vehicles for Canadians.
About TFSAs
A TFSA is an account that helps you set aside money for short and long-term financial goals. Just like its name, it helps you save money, tax free – for as long as you choose.
Canadian residents aged 18 (or 19 in some provinces) or older can open a TFSA. Any capital gains or income earned in the account is typically tax-free, even when money is withdrawn, as there are situations for which taxes could be payable.
To learn more about TFSAs, visit cra-arc.gc.ca/tfsa.
TFSA fast facts
Important features
To discuss how you can save with a TFSA or to learn more, contact your advisor.
1 https://www.canada.ca/content/dam/cra-arc/prog-policy/stats/tfsa-celi/2022/tbl1-en.pdf
2 https://www.canada.ca/content/dam/cra-arc/prog-policy/stats/tfsa-celi/2022/tbl3-en.pdf
3 https://www.canada.ca/content/dam/cra-arc/prog-policy/stats/tfsa-celi/2022/tbl3b-en.pdf
Information contained in this article is provided for information purposes only and is not intended to provide specific financial, tax, insurance, investment, legal or accounting advice and should not be relied upon in that regard and does not constitute a specific offer to buy and/or sell securities. You should always consult your financial advisor or tax specialist before undertaking any of the strategies discussed in this article to ensure that all elements and your personal circumstances are taken into consideration in developing your individual financial plan. Information contained in this article has been compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made with respect to its timeliness or accuracy.
