01 Sep Making The Most Of Your TFSA
The Tax-Free Savings Account (TFSA) represents a unique way for Canadians to save money and pay less tax.
• Canadian residents with a social insurance number and who have reached the age of majority in their province can save up to $5,500 every year.
• Investments grow tax-free while inside the account.
• TFSAs can hold a wide variety of investments. Withdrawals can be made at any time for any purpose and are not subject to tax. Unused contribution room can be carried forward indefinitely to future years.
• Withdrawals can be re-contributed in future years.
• Withdrawals are not considered income, so they won’t increase taxable income or affect income-based eligibility for income-tested government benefits or tax credits, including Old Age Security and the Guaranteed Income Supplement.
To read this full article from Fidelity Investments, CLICK HERE. If you have any questions or comments, please be sure to contact Harry Perler or David Olejnik.