Tax Free Savings Account
Tax Free Savings Account (TFSA)
Beginning in 2009, individuals 18 years of age and older1, can contribute up to $5,000 per year to a TFSA where the holdings grow and earn income tax-free.
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 anytime 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, I can help determine the right solution for you.
Please feel free to contact me about how a TFSA can complement your overall wealth management plan or to set up your TSFA today so that you’ll be ready to contribute by January 1, 2009.
1For BMO Nesbitt Burns, TFSA account holders are required to be 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.