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|What is a Tax-Free Savings Account?
A Tax-free Savings Account (TFSA) is an account that lets your deposits grow quickly through tax-free compounding. You pay no income tax on investment returns earned in the account, and there are no taxes on amounts you withdraw.
How can it help me?
A TFSA makes sense for just about everybody. Anyone who earns taxable interest in a simple bank savings account can turn it into tax-free interest with a TFSA. Whether you’re saving for travel, home renovations, your children’s education or your own retirement, a TFSA is a good idea.
A TFSA is especially well suited to:
Any Canadian resident over the age of 18 with a social insurance number can open a TFSA. There is no minimum contribution required to start an account, and you can contribute as much as $5,000 every year.