Tax Free Savings Account (TFSA)
A Tax-Free Savings Account is a new way for residents of Canada to set money aside, tax-free, throughout their lifetimes.
Contributions to a TFSA and the interest on money borrowed to invest in a TFSA are not tax deductible. The income generated in the TFSA is tax-free when withdrawn.
The TFSA contribution limit for 2020 is $6,000, the same as 2019.
With the TFSA limit of $6,000 for 2020, the total room available in 2020 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $75,000
To start taking advantage of the TFSA, please call us today!