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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.