Tax-Free Savings Account (TFSA)
Beginning in 2009, individuals 18 years of age and older* can contribute up to $5,000 per year to a TFSA where the holdings grow and earn income tax-free. The contribution limit was increased to $5,500 in 2013.
The TFSA may be a suitable savings vehicle for you, depending on your specific financial plan. Given the tax-free nature of the investment income and flexibility regarding withdrawals and re-contributions, there are many options we could explore and take advantage of.
The savings you build in the TFSA can be used at any time and for multiple purposes – it’s completely up to you! Whether you have short, medium or long-term savings goals, such as saving for a special purpose or supplementing your other tax sheltered plans, we can help determine the right solution for you.
For more information or to arrange an appointment, please contact:
Gary Apelbaum (905) 707-1980 or Gary.Apelbaum@nbpcd.com
* For BMO Nesbitt Burns, TFSA holders are required to be of the age of majority to open a TFSA. For some jurisdictions (B.C., N.S., N.B., Nfld., Yukon, North West Territories, Nunavut) the age of majority is 19.