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What is a Tax-Free Savings Account (TFSA)?
A Tax-Free Savings Account (TFSA) is a registered plan that allows you to grow your savings tax-free. Through a TFSA, you can put your savings into eligible investments such as cash, stocks, bonds, GICs and mutual funds.
You’re not taxed on any income you earn within the account, so it’s a great way to save for any goals short, medium or long-term goals.
The annual contribution limit for 2020 is $6,000: Any unused contribution room is carried forward. If you’ve never contributed to a TFSA before but have been accruing contribution room every year since 2009, you can contribute up to $69,500 in 2020.
Annual contribution limit from 2019 to 2020 is $6,000. Annual contribution limit from 2016 to 2018 was $5,500. Annual contribution limit for 2015 was $10,000. Annual contribution limit from 2013 to 2014 was $5,500. Annual contribution limit from 2009 to 2012 was $5,000. Annual TFSA contribution limit subject to change by the federal government.
You can put back any amount you withdraw: The amount you withdraw can be re-contributed to your TFSA the following year or years.
>> See which TFSA account option may be suitable for you and how to apply.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.