Tax-Free Savings Account (TFSA)

Tax-Free Savings for Canadians

Canadians 18 and older (based on the Provincial age of majority) can contribute up to $5,000 per year to a Tax-Free Savings Account (TFSA).

This is the single most important savings vehicle, that allows your money to grow tax-free, since the introduction of the Registered Retirement Savings Plan (RRSP).

Outside of saving for retirement, a TFSA allows Canadians to put money aside for important purchases throughout their lifetimes: renovations, family vacations, schooling etc.