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What are the advantages of saving in a Tax-Free Savings Account (TFSA)?
TFSAs are a great way to save for a wide range of goals. You can use your TFSA savings to buy a new car, pay for school, take a vacation, or put money away for a down payment on a home, or even your retirement. You can access your money tax-free anytime (subject to any limitations on the investments held) and re-contribute amounts that you withdraw beginning in the year after you withdraw the funds.
TFSAs are a flexible registered savings plan that allows you to save without paying tax on your investment income or withdrawals.
If you are a Canadian resident and have reached the age of majority in your province or territory of residence, you are eligible to open a Tax–Free Savings Account (TFSA) with TD. If the age of majority is 19 where you live, you’ll accumulate contribution room from age 18.
>> See which TFSA account option may be suitable for you and 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.