The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).
Don’t Get Penalized on Your TFSA – Tax Free Savings Account Many Canadians were caught on this. For example in 2009, the first year of the TFSA, the limit was $5,000. Here is the sequence of events that may have occurred for a TFSA investor. $5,000 deposited on January 1, 2009 $2,000 withdrawn on June …
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TFSA versus RRSP The Tax Free Savings Account, TFSA, was introduced in 2009. The current contribution limit for both 2009 and 2010 is $5,000. If you don’t use it, you don’t lose it i.e. the limits are cumulative. Therefore, if you are age 18 or over in 2009, you now have $10,000 of TFSA room. …
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