Tax Free Savings Account (TFSA)
A
Tax-Free Savings Account (TFSA) is just that: a vehicle that allows you to invest your money in a
flexible, registered account and in which your savings will grow
tax-free.
The funds in a TFSA can be
used for various reasons depending on your personal needs:
- To supplement your retirement income;
- To plan for a vacation;
- To cover any health-related emergencies;
- To fund home renovations;
- To buy a new car;
- And much more!
There are also
many benefits of using a TFSA as an investment tool:
- Flexible withdrawals;
- Tax-free growth;
- No limit to a lifetime contribution;
- You are eligible for life;
- Your contribution room can be carried forward;
- No proof of income is required;
- Great for quick investment growth.
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