Canadian residents can earn tax-free investment income with a TFSA.
A Tax-Free Savings Account (TFSA) is registered with the Canadian government. Canadian residents over the age of 18 may set money aside in a TFSA throughout their lifetime. While there is a contribution limit for TFSA accounts and TFSAs are not tax-deductible for income tax purposes, any investment income or capital gains earned in the account is tax-free even when it is withdrawn. To learn about contribution limits and other TFSA rules, visit the Canada Revenue Agency website, or ask a Kindred Financial Planning Team member for advice.
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