Investment

TFSA

Since 2009, individuals aged 18 and over can contribute to a TFSA (Tax-Free Savings Account) of their choice.

This new investment vehicle now allows you to contribute up to $10,000/year.

TFSA Features:

• The contribution was from 2009 to 2012, $5,000/year then 2013–2014 the contribution increased to $5,500/year;
• Starting in 2015, $10,000/year and the cap is fixed for life;
• Unused contributions are carried forward to the following year;
• All earnings accumulate tax-free;
• No tax payable on death or withdrawals;
• You can have multiple TFSAs;
• You can transfer your existing TFSA to another TFSA tax-free.