TFSA

A TFSA is a government approved savings plan that allows contributions to be made based on predetermined limits by the government.  Any investment income and capital gains are not taxed, even when withdrawn.  There are a number of investment options within a TFSA Plan so that you can maximize the benefit for your future needs. 

Individuals who are a resident of Canada that are 18 years old with a valid Social Insurance Number can invest in a TFSA. There is no maximum age restriction.

A TFSA is a great option if you don't want to pay tax on the interest you earn on your investment.  The money you make is yours to keep!

Contribution limits are announced by the government each year.   Unused contribution room carries over year to year.  Keep in mind there are penalties for over contributing to your TFSA.  The current lifetime contribution limit (as long as you were 18 years or older in 2009) is $81,500. 

Year	Limit
2022	$6,000
2021	$6,000
2020	$6,000
2019	$6,000
2018	$5,500
2017	$5,500

Withdrawals can be made at any time depending on the product you have invested in and the maturity date of that product.  

 

If you've made any withdrawals from your TFSA, that contribution room becomes available again the year after you made the withdrawal.