Savings & Investments
Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account allows you to save money without paying taxes on the growth.
About Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account allows you to save money without paying taxes on the growth.
A Tax-Free Savings Account (TFSA) 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.
Benefits of a TFSA
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 can save up to your annual TFSA contribution limit every year. Contributions are not tax deductible, but withdrawals — including any growth — are tax-free. In short, a TFSA is a tax-efficient way to increase your savings way beyond what you have in an 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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