A Tax Free Savings Account(TFSA) is a flexible registered general-purpose savings plan that allows Canadian residents to earn tax free investment income. In 2015 the tax-free contribution limit was raised from $5500 to $10,000 by the Conservative government. Although with the change in government, it has been announced that starting January 1, 2016 that the annual contribution limit will be going back down to $5500. TFSA contribution room is carried forward and accumulates in future years when contributions are missed. So if you have never contributed to a TFSA before, you have $41,000(starting 2016) of cumulative contribution room to allow investment income to grow tax-free.
A TFSA allows you to work with a wide range of financial products from mutual funds, GIC’s, to stocks and bonds. Our expert financial advisors will help you manage your TFSA so that you can grow your wealth and achieve your financial goals.
Find out more about Tax Free Savings Accounts on the Canadian Revenue Agencies Website:
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