(TFSA) Back

 

Tax-free savings account (TFSA) is a wonderful savings vehicle that came into existence in 2009. Any one over the age of 18 years can contribute based on their contribution room .Even though contributions don’t give any tax break but does not attract any taxes upon withdrawal regardless of the amount of growth. Unlike RRSPs the amounts withdrawn can be reinvested January 1st next year along with contribution room of next year.  Although Tax Free Savings Account (TFSA) can be a great tool to supplement retirement funds additionally it can also be used to save for any purpose, such as: