TFSA (Tax Free Savings)

What is a TFSA?

Any Canadian, 18 years or older can contribute to a TFSA.
Contribution allowance for TFSA's per year:
From 2009-2012 = $5,000
From 2013-2014 = $5,500
2015 = $10,000 per year
From 2016-2018 = $5,500
2019 = $5,500

Total contribution limits from the introduction of Tax Free Savings Accounts in 2009 through 2018 should not exceed $57,500.
Interest earned in a TFSA is NOT reported on your T5- Statement of Investment Income.
Contributions are NOT tax deductible.
Contributions can only be in the name of one owner. Withdrawals of contributions and/or interest income are not taxable.
Withdrawals of contributions and/or interest income will increase the unused contribution room in the following calendar year. Re-contribution in the same year may result in an over-contribution amount, which is subject to a penalty tax.
Unused contribution room can be carried forward. If you don't contribute the maximum amount in a given year, you can carry forward your unused contribution room indefinitely.
For example, if you contribute $3,000 to your TFSA in 2009, your contribution room for 2010 will be $7,000 ($2,000 carried forward from 2009 plus $5,000 for 2010).
TFSAs are separately insured for their full amount by Deposit Insurance Corporation of Ontario(DICO)


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