Canadians need to save for many different purposes over their lifetimes. Reducing tax on savings can help. That is why the Government has introduced the Tax-Free Savings Account (TFSA) in 2009. It is the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP).
The TFSA allows Canadians to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetimes. Your TFSA savings can be used for any purpose, such as maximizing your savings in a tax free environment or to purchase a new car, renovate a house, start a small business or saving to take a vacation. Canadians from all income levels and all walks of life can benefit.
Annual TFSA Limit
Accumulated TFSA Contribution Room
* The TFSA annual room limit will be indexed to inflation (in future years) and rounded to the nearest $500. For example: 2017 CPI of 1.6% would result in $5,500 + $88 = $5,500 Annual TFSA Limit or $57,500 Accumulated TFSA Contribution
Room for 2018 Limits.
Updated: Fall 2017
Macnaughton & Ward Financial represents numerous Financial Institutions offering TFSA’s in the form of High Interest Accounts, GIC’s, Investment Funds, Segregated Funds, Equity Linked GIC’s and more.