A Tax Free Savings Account (TFSA) is a registered investment or savings account that allows for tax free growth. Deposits to a TFSA are limited each year. A TFSA can be used for any savings goal and withdrawals can be made free of tax.
TFSA is an acronym for Tax Free Savings Account. Think of a tax-free savings account (TFSA) as a basket. You can pick what to put in that basket from several financial instruments—guaranteed investment certificates, segregated funds and actual cash savings. The Canadian government introduced TFSAs in 2009 as a way to encourage people to save money. Since you paid tax on the money you put into your TFSA, you won’t have to pay anything when you take money out.
Unlike an RRSP, you’re free to withdraw at any time without penalty, but there are government-mandated limits to how much you can contribute every year.
At Archway Insurance, our brokers are committed to helping you secure the financial future. That’s why we work with financial services providers to equip you with a comprehensive savings plan tailored to your needs, lifestyle and budget. We will work hard to find a solution that meets your needs and expands your overall financial plan to it’s fullest potential.
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