Tax free savings plan canada

tax free savings plan canada

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TFSA Explained - Investing Tax Free - Canadian Tax Guide Chapter 2
A TFSA is a type of registered investment account, which means you can hold income-generating investments in it versus just cash (like a savings account). Tax-Free Savings Accounts are available to Canadian residents aged 18 and older and who have a valid social insurance number (SIN). A tax-free savings account (TFSA) is a registered account you can use to save or invest, without paying taxes on the earned interest or dividends.
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A TFSA is a flexible way to grow your money. The features, benefits and rules for registered accounts are determined by the Government of Canada. Before you start investing in a TFSA , make sure you know what your contribution limit is.