Tax Free Savings Account (TFSA)

Beginning January 2009, The Tax-Free Savings Account (TFSA) has allowed Canadians over the age of 18 to set aside money that earns interest tax-free each year.

New TFSA Room for 2020 is $6000.  It is also $6000 for 2021!  Please contact the Canada Revenue Agency to find your contribution limit based on unused contributions and funds previously withdrawn from a TFSA.  Another way to find out out what your TFSA contribution limit is based on unused contributions and funds previously withdrawn, sign up for the Canada Revenue Agency “My Account” found on the CRA website.

For more information:

*Please note: The Holder is responsible for ensuring the maximum contribution limit is not exceeded. An excess contribution will result in a penalty tax of 1% per month for each month that the excess contribution amount remains in the TFSA.