
TFSA
Tax-Free Savings Account
Did you know that if you earn any interest on your desposits annually, you must claim it on your income tax return? TFSAs are a Government of Canada registered investment that allows you to earn interest, dividends, or capital gains all tax-free! Annual contribution limits are set by the federal government and withdrawals are not taxed.
Historical contribution limts:
2009 - 2012 | $5,000 per year |
2013 - 2014 | $5,500 per year |
2015 | $10,000 |
2016 - 2018 | $5,500 per year |
2019 - 2021 | $6,000 per year |
Unused contributions and amounts withdrawn are carried forward to the next year to increase maximum contribution room. Invest in term deposits, Mutual Funds*, stocks* or bonds*. Save for any purpose with no time contraint for using the funds. Funds can be withdrawn at any time (subject to investment restrictions).
Who can open a TFSA? Any individual who is a Canadian resident with a valid Social Insurance Number (SIN) and is 18 years of age or older, there is no maximum age limit.
Call us today 250-562-5415 or contact us.
*Mutual funds and other securities are offered through Credential Securities , a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Avisio Wealth Inc. Mutual funds are offered through Credential Asset Management Inc.