Tax Free Savings Account (TFSA)

A TFSA is a plan registered with the federal government to shelter tax on income earned on investments held under this type of plan. To be eligible to open a TFSA you must be 18 years of age or older and have a valid Canadian social insurance number (SIN).

As of January 1, 2009 eligible Canadians are permitted to contribute up to $5,000 annually. For each year you were unable to contribute to a TFSA this amount will carry-forward and be added to your eligible deposit room in a future year. Any year you need to withdraw from your TFSA, the capital and any income earned is non-taxable and this amount can be added back to your TFSA deposit room the following calendar year. You can also name a beneficiary on a TFSA, which will save on probate fees and estate administration for your executor if you were to pass away.

There are multiple types of investment options available to you in a TFSA. Whether it is GIC's, Mutual Funds or Segregated Funds, by working with you to identify your goals, we will find the best investment solution(s) for you.

Call or email us to find out how we can assist you with your TFSA solution.