Tax-Free Savings Account
Canadian residents can earn tax-free investment income with a TFSA.
What is a Tax-Free Savings Account?
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for income tax purposes, any investment income or capital gains earned in the account is tax-free even when it is withdrawn.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.