tax-free savings account (tfsa)
A TFSA is a way for people who are 18 and over to shelter investment earnings and withdrawals from tax. They’re a great complement to your RRSP investment strategy or to save for a short-term goal, like a kitchen upgrade or vacation.
investment income is tax-free
Contributions to TFSAs are not deductible for tax purposes and earned interest does not have to be claimed.
unused contribution room carries forward
It’s no big deal if you don’t make your annual maximum contribution because you won’t miss out. All your unused contribution room will carry forward. Not sure about your TFSA room? Please call CRA Tax Information Services (TIPS) at 1-800-267-6999 to find out.
leaves your family in a better position
No matter what stage in life you’re in, designating a beneficiary to your funds is something you should give some thought to. Just as with registered accounts, you can name a beneficiary to your TFSA account to ensure you’re always taking care of your loved ones. Find out more.