TFSA - Tax-Free Savings Account, what you need to know.
Introduced by the Federal Government available in January 2009.
TFSA allows taxpayers to save money tax-free throughout their lifetime.
Any individual person may have a TFSA if they meet the following requirements:
No maximum age limit restriction.
Individuals can hold more than one TFSA.
In 2009, individuals can contribute $5,000 maximum.
These contributions are not tax-deductible, however income earned on these funds is not taxed.
Any unused contribution room is carried forward to the next tax year. This allows you to maximize your tax-free income in future years.
Withdrawls can be made at any time and are not reported as taxable income.
- Resident in Canada
- 18 years of age or older
- holds a valid SIN card.
Please ask your Member Service Officer about this product.
We can answer all of your questions and help you pay less taxes.