TFSA - Tax Free Savings Account 

Author: Kevin Slater |

A savings account where investments can grow tax free for future major purchases. 

  • TFSA's are available to Canadians residents age 18 and over.  
  • Tax free-- Investment income, including capital gains and dividends, or interest earned in a TFSA is not taxed in most cases.  
  • Withdrawals do not affect your government benefits.  
  • After a withdrawal you will receive your contribution room back in the amount of the withdrawal the following calendar year.  
  • In 2019 you have $63,500 in TFSA room if: 
    • You have never used a Tax free savings account  
    • You were age 18,  a Canadian resident by december 31, 2009  
  • On January 1, 2020 you will receive an additional $6,000 of room. 


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