Stewart Financial Services

Tax-Free Savings Account (TFSA)

 

An important part of any financial plan is savings. Short-term goals such as a vacation or long-term goals like retirement depend on your savings. The Tax-Free Savings Account (TFSA) allows Canadians to save money for any purpose, without paying taxes on the investment growth earned. Whether you need those savings for today or well into the future, investing in a TFSA can help you achieve your savings goals.

 

How the TFSA works:

• Canadians aged 18 and older can now save up to $5,000 every year in a TFSA.
• Your contributions to a TFSA will not be deductible for income tax purposed but investment income, including capital gains you earn in a TFSA will not be taxed, even when withdrawn.
• You can carry forward unused TFSA contribution room to future years.
• You can withdraw funds from the TFSA at any time for any purpose.
• The amount you withdraw can be put back in the TFSA in a future year without reducing your contribution room.
• Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
• TFSA assets can be transferred to a spouse upon death without affecting their contribution room.

TFSA More Information
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Contact Stewart Financial Services for more information about TFSAs and other Registered Investment opportunities to meet your current and future needs and lifestyle.