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  • Writer's pictureZAREENJIT KAUR LALL

Tax-Free Savings Account (TFSA)

A tax-free savings account (TFSA) is an account in which contributions, interest earned, dividends, and capital gains are not taxed, and can be withdrawn tax-free. It can hold certain investments including mutual funds, securities, and bonds as well as cash

  • Tax-free savings accounts (TSFAs) are available to Canadian residents age 18 or older.

  • TSFAs let you save money on taxes because the gains on investments in the account are not taxed and withdrawals can be made tax-free.

  • There is an annual contribution limit to TSFAs; in 2020 that limit is C$6,000.

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