A tax free savings account (TSFA) is an account where income earned on deposits and investments is not taxed. You can also withdraw money at any time without being taxed. Any funds withdrawn from the account can be deposited again at the start of the following year.
You can contribute up to $5,000 per year into your TFSA in addition to any RRSP contribution limit you may have. Contributions are not tax-deductible. Unlike an RRSP, money you contribute to your TFSA won't affect your eligibility for federal income-dependent benefits, like the Guaranteed Income Supplement and Old Age Security.
You also can transfer your Tax Free Savings Account assets to your spouse or common-law partner upon death without it impacting the survivor’s existing contribution room.
TFSA's offer a variety of investment options including GICs, bonds and mutual funds; talk to your EFG advisor to find out more.
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