Tax-Free Savings Accounts
The savings you accumulate in your TFSA are tax-free and can be used anytime, for any purpose.
The Tax-Free Savings Account (TFSA) was introduced in 2009 and offers Canadians a unique and flexible planning opportunity to save for their investment goals. Your contributions to a TFSA are not tax deductible for income tax purposes, however your savings grow tax-free inside your account. In addition, withdrawals from a TFSA are tax-free as there is no tax payable when you make a withdrawal from your TFSA and the amount withdrawn in the current year will be added to your contribution room at the beginning of the next year.