A Tax-Free Savings Account (TSFA) is among the best investment vehicles available in Canada. People use their TFSA to prepare for a rainy day, to help save for a big expense such as home improvements or a bucket-list vacation, and even as an alternative or complement to RRSP retirement savings.
A Tax-Free Savings Account allows you to save money without paying taxes on the growth. As long as you are above the age of 18, you could save up to $5,500 every year in a TFSA. All contributions will not be tax deductible even when withdrawn. In short, a TFSA is a tax-efficient way to increase your savings way beyond what you have in RRSP. Speak with a Life100 advisor today on the advantages of saving with a TFSA, in Toronto, Brampton, Ajax, Markham or anywhere in the Greater Toronto Area.
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