Tax Free Savings Account (TFSA)

The benefits of opening a TFSA

A TFSA can be an effective way to save for your future.

Here are some reasons to open a TFSA:

  • TFSAs grow on a tax free basis meaning that all of the interest earned on your deposits grows tax free.
  • If you are looking for a flexible way to save, a TFSA is a good option as it allows you to carry forward any unused contributions to subsequent years. In addition, you are able to credit any withdrawals that you have made back to the TFSA enabling you to benefit from the maximum savings potential.
  • You may already be investing the maximum amount possible into your RRSP. In this case, investing money into a TFSA allows you to draw supplementary income from it when you retire, without having to pay any tax on the withdrawals.

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