A Tax Free Savings Account is an investment account that allows you to meet short and long term goals. The dividends, interest, capital gains or any growth within the account is tax free. Any amount withdrawn from a TFSA is also tax free.
The current contribution limit sits at $5500/year. You are able to carry forward your unused contributions indefinitely.
This type of account is eligible for individuals 18 years and older who hold a Social Insurance Number (age may vary depending on provinces). The benefits of this account is that you do not require an earned income in order to contribute to a TFSA.
Withdrawals from your TFSA account can be done at any time and in any amount. However, you are only allowed to re-contribute the withdrawn amount after the year it was withdrawn.
Take advantage of the benefits of incorporating a TFSA account into your savings portfolio.
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