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With a Tax Free savings Account, anyone over the age of 18 can save up to $5,000 per year, tax free. It's probably the most efficient and effective savings accounts available in Canada.

A Tax-Free Savings Account is a registered savings account that operates completely independently of any other savings you may have, in terms of tax. You can deposit up to $5,000 per year, every year, and any withdrawals you make are also tax free. Withdrawals also do not count as earned income in the calculation of many government retirement benefits such as the Canada Child Tax Benefit , Guaranteed Income Supplement (GIS) and Old Age Security (OAS).

A Tax-Free Savings Account:

  • Is free to set up
  • Earns tax-free investment income
  • Shelters savings from tax liability
  • Allows unlimited tax-free withdrawals


Why choose a Tax Free Savings Account

A TFSA really is tax-free savings ready for the taking; you simply need to be a resident of Canada, aged over 18, and have a social insruance number to set one up.  You can contribute up to $5,000 per year into your fund, and if you can't afford to put that much in during one year, any unused allowance can be carried forward into future years.

However, it's the amount you pay in during any year that counts towards the total of $5,000, regardless of whether you draw any money out during the same year. So, if you have contributed $5000, and then withdraw $3000, you can't put that $3000 back into the account in the same tax year without going over the limit. (Overpayments are taxed at 1% per month.) However, you can pay that $3000 back in the following year without affecting that year's contribution level.

While contributions into a TFSA are not tax-deductible, income earned in a TFSA or any withdrawals from it will not affect your eligibility for federal income-tested benefits and credits such as Canada Child Tax Benefit, Old Age Security (OAS),or Guaranteed Income Supplement. A TFSA is as great way to put away savings for later in life without using up 'space' in a RRSP.

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