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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