• TFSA stands for the Tax Free Savings Account
  • Anyone can have an account—almost: Any Canadian resident over 18 years old can contribute to a TFSA.
  • Annual limit: In 2021, the contribution limit for TFSA is $6000. For this year, your cumulative contribution limit is $75,500.
  • Withdraw funds with ease: Unlike an RRSP, a TFSA is a registered savings product that will allow you to make withdraws anytime tax free.
  • Tax-free, but also Tax-receipt-free: Also unlike an RRSP, you will not receive a tax receipt for your investments. The tax savings occurs at the source since you will not be required to pay taxes on earned interest.
  • To learn more, visit our website.