Tax Free Savings Account (TFSA)
Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account (TFSA) is a registered investment account where all earnings, including interest, grow completely tax-free. Although contributions are made with after-tax income and don’t provide a tax deduction like RRSPs, any withdrawals from your TFSA are entirely tax-free! Anyone aged 18 or older can open a TFSA, making it a versatile investment tool for both short- and long-term goals.
Each year, new contribution room is added, typically ranging from $5,000 to $10,000, depending on the government’s guidelines. It’s crucial to avoid over-contributing, as TFSAs are closely regulated by the Canadian government. We always recommend verifying your exact contribution limit with your accountant or online before making the maximum deposit.
Setting up a TFSA with us is simple and convenient. We handle all the paperwork electronically, allowing you to open your account from the comfort of your home, while on the go, or from your office between meetings.
Authorized distributor for The Canada Life Assurance Company, Equitable Life Insurance Company, The Manufacturers Life Insurance Company, Pacific Blue Cross, Sunlife and Benecaid. Manulife & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
