Canadians need to save for many different purposes over their lifetimes. Reducing tax on savings can help. That is why the Government has introduced the Tax-Free Savings Account (TFSA) in 2009. It is the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP).
The TFSA allows Canadians to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetimes. Your TFSA savings can be used for any purpose, such as maximizing your savings in a tax free environment or to purchase a new car, renovate a house, start a small business or saving to take a vacation. Canadians from all income levels and all walks of life can benefit.
Annual TFSA Contribution Room
Accumulated TFSA Contribution Room
* Important notice: Under proposed legislation, starting January 1, 2016, the annual TFSA dollar limit for 2016 is decreasing from $10,000 to $5,500. The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500. The proposed measure increasing this limit is subject to parliamentary approval.
Macnaughton & Ward Financial represents numerous Financial Institutions offering TFSA’s in the form of High Interest Accounts, GIC’s, Investment Funds, Segregated Funds, Equity Linked GIC’s and more.