A Tax Free Savings Account is a relatively simple investment structure that allows you to contribute up to $7,000 per year into a tax-sheltered account. Unlike withdrawals from an RRSP, withdrawals from a TFSA are not taxable.
The main benefits of setting up a TFSA are:
In order to set up a TFSA, you must be over the age of 18 and a Canadian Resident.
To receive additional information for how a TFSA can fit into your overall financial plan, please contact us.