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Introduction of the Tax Free Savings Account in 2009

Canadians need to save for many different purposes over their lifetimes.   Reducing taxes on savings can help.  That’s why the government introduced the Tax-Free Savings Account (TFSA).

It is a flexible and tax-efficient registered savings plan that enables Canadians to set money aside in an eligible investment vehicle and watch those savings grow tax-free throughout their lifetime.  TFSA savings can be used for a variety of purposes and are not specified for retirement purposes only.  Canadians from all income levels and walks of life can benefit.

Product Information:

  • Starting January 1, 2009, Canadian residents aged 18 years or older will be able to contribute up to $5000 per year into a TFSA, regardless of their earned income.
  • Contributions will not be tax-deductible, but any investments within the TFSA will grow tax-free.
  • Any unused contribution room can be carried forward to future years and any amount withdrawn from a TFSA can be re-contributed in a future year without reducing contribution room.
  • All withdrawals are tax-free and can be used for any purpose.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits
  • Contributions to a Spouse’s TFSA will be allowed and TFSA assets can be transferred to a spouse upon death

How is a TFSA Different From An RRSP?

  • Contributions to an RRSP are tax deductible and reduce your income for tax purposes.  In contrast, your TFSA savings will not be deductible
  • Withdrawals from an RRSP are added to your income and taxed at current rates.  Your TFSA withdrawals and growth within your account will not – they will be tax free.

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