Tax Free Savings Accounts

Tax Free Savings Account (TFSA)

TFSA is a brand new way to invest up to $5,000 per year with the earned investment income being tax-free.  Starting January 1, 2009 any Canadian resident 18 years and over with a valid Social Insurance Number can contribute up to $5,000.

Highlights:

  • $5,000 maximum TFSA limit for each year starting in 2009
  • Unused contribution room will accumulate each year
  • Contributions are not tax deductible
  • Withdrawals are not reported as taxable income and are not subject to income tax
  • Withdrawals are only restricted to investment terms agreed to
  • Canada Revenue Agency will confirm the contribution room on your annual Notice of Assessment

Visit any one of our branches for more information, download our TFSA Guide (requires Adobe Reader) or you can go online to the Government of Canada TFSA website .

 

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