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Tax Free Saving Account (TFSA) – lifetimefinancials

Tax Free Saving Account (TFSA)

Tax Free Saving Account

The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account is generally tax-free, even when it is withdrawn. Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible. For 2018, total contribution room since 2009 is $57,500

Benefits

TFSA is a highly recommended because of several benefits:

  • Flexible withdrawals
  • Tax-free investment
  • No income required
  • No limit to lifetime contribution
  • No credit or impact on Federal Benefits
  • Eligible for life
  • Indefinite carry-forwards
  • Perfect choice for quick investment growth