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Tax-Free Savings Account

Tax-free savings accounts or TFSA allows you to set aside some amount of money in eligible investments. The savings that you earn through interest, dividends, and capital gains are completely tax-free. You can withdraw these savings at any time. For more details, get in touch.

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Tax-Free Savings Account

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  1. Tax-Free Savings Account (TFSA) What is Tax-Free Savings Account?

  2. A brief about TFSA • TFSA helps you meet your savings and investment goals. It was introduced in 2008 by the Canadian government for the general population as a means of starting a savings account with long-term goals. It is one of the most important personal savings vehicle since the introduction of the RRSP since 1957. Read on to find out more about TFSA. One of the major advantages of having a TFSA account is, the earnings that you get through dividends and interests are completely tax-free. Also, you have the benefit of withdrawing at any time. As of now, the maximum amount an individual can put into a TFSA is $6,000. If you withdraw some amount, you have room to deposit the same amount back in the account. All withdrawals are tax-free.

  3. Criteria to Open a Tax-Free Savings Account • You have to cross the legal age threshold to open and contribute to a tax-free savings account Brampton. In most of the provinces, it’s 18, however in some territories, it’s still 19. Once an individual crosses that age and can open the account. Also, the contribution limit is not prorated in the year, and individual turns 18, he or she dies or becomes a resident or a non-resident of Canada. It is advisable not to over contribute to your TFSA, if you do, a 1% tax would be chargeable on the excess amount. This will continue to be so until the excess amount is withdrawn or absorbed by the unused contribution room.

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  5. Contact Us Tel:1 844-552-4678 E-mail : info@CanadianLIC.com Address :Canadian L.I.C. Inc,2969 Bovaird Dr East, Unit 2 Brampton , ON L6S 0C6 (Airport Rd. & Bovaird Dr. E intersection Near LA fitness) Website: https://www.canadianlic.com/

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