Tax-Free Savings Account (TFSA)

Tax-Free Savings Accounts are available and allow you to set money aside in eligible investment vehicles, tax-free.

How the TFSA works:

• Contributions to a TFSA will not be deductible for income tax purposes; but investment income, including capital gains earned in a TFSA will not be taxed even when withdrawn.
• Unused TFSA contribution room can be carried forward to future years.
• You can withdraw funds from the TFSA at any time for any purpose.
• The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room.
• Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
• Contributions to a spouse's TFSA will be allowed and TFSA assets can be transferred to a spouse upon death.