Tax-Free Savings Accounts (TFSA)

Tax-Free Savings Account (TFSA)

Do you have a savings account with your bank?  

Tax-Free Savings Account (TFSA) is like a savings account, however the main difference is that a TFSA can be treated like a savings account or an investment account.  What makes it such an attractive option is that you will not be taxed on earnings within a TFSA (like interest, dividends and capital gains).  Furthermore, you can conveniently withdraw money from your TFSA at any time without having to pay taxes on it.  Just be aware — there are specific rules in place to make sure you do not over-contribute, which could lead to a surprise tax charge.  

As with any financial goal or endeavor, you will benefit from working with a financial industry professional.  If you feel ready to receive the perks of having a TFSA, we can help you get the most out of it and keep you from making costly mistakes.  Click here to book your free consultation today.