Tax-Free Savings Account

The Tax-Free Savings Account (TFSA) is a useful savings tool for individuals (18 and older) to set money aside tax-free throughout their lifetime. It is a general-purpose investment vehicle that is registered and flexible.

What are the contribution rules?

  • Any contributions or interest earned on money borrowed to a TFSA income tax deductible.

What are the contributions limits?

  • For 2016, the contribution limits have decreased to $5,500, up to a maximum contribution room of $46,500.

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