CELI | Services financiers - Épargne individuelle | Lussier Dale Parizeau


A Tax-Free Savings Account (TFSA) is a savings vehicle that allows you to shelter your earnings from income tax – regardless of your annual income.

A TFSA can help you meet several goals: putting money aside to buy a house or a car, setting up an emergency fund, or saving for retirement or school. Most TFSA-eligible investments are the same as for RRSPs.

Amounts contributed to a TFSA are not deductible for income tax. Investment income earned (capital gains, interest or dividends) are not taxable, even when withdrawn.

How much can I contribute to a TFSA?

Open since 2009 to all Canadian residents who are 18 and older and have a social insurance number, the TFSA has cumulative annual contribution limits ($10,000 in 2015). If you do not contribute the maximum amount, you can carry forward your contribution room to future years.

For 2017, the contribution limit is $5,500. Your cumulative contribution room in a TFSA is $52,000 if you have never contributed.

You can withdraw money from your TFSA at no cost at all time if you need emergency cash or simply want to treat yourself.

Your federal income benefits such as old age security (OAS) benefits or guaranteed income supplement (GIS) will not be reduced by gains or withdrawals from your TFSA.

Choosing to invest in an RRSP or a TFSA depends on your goals and financial situation.

Thinking of opening a TFSA? Talk to one of our financial security advisors! They will help you choose the best strategy for your current situation.




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