Tax Free Savings Accounts

The Tax-Free Savings Account (TFSA) allows tax-payers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime.

There are no restrictions on the way TFSA funds (contributions and earnings) may be used. All income levels and all walks of life can benefit from having a TFSA, and we can help you optimize it!


Any individual who meets all of the following three requirements is eligible to open a TFSA:

  • Canadian Resident
  • 18 years of age or older
  • Holds a valid Social Insurance Number (SIN)

There is no maximum age limit to open or hold a TFSA and a person may hold more than one TFSA.

TFSA Contribution Limit and important facts

Contributions to your TFSA may only be made by you, the holder, and the amount in not tied to your income sources or levels.

  • As of January 1st 2013, Canadian residents, age 18 and older, can contribute up to $5,500 annually to a TFSA. This is an increase from the annual contribution limit of $5000 for 2009 through 2012 and reflects indexation to inflation.
  • The maximum contribution limit may increase to recognize inflation.
  • Investment income earned from your TFSA is tax-free.
  • Unused TFSA contribution room is carried forward and accumulates in future years.
  • Full withdrawal amounts may be re-deposited into the TFSA in futre years. However, a penalty tax could apply if re-contributing in the same calendar year and it results in an over contribution amount.
  • You can choose from many investment options to capatilize on the tax benefits.
  • Contributions are not tax deductible.
  • Withdrawals from you TFSA are tax-free.

It is also important to note that any unused contribution room will accumulate each year and any unused room is carried forward indefinitely allowing you to catch up in a future year!

Please feel free to touch base with us for any further questions or strategies to optimize your own TFSA.



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