Tax Free Savings Account (TFSA) is a multi-purpose savings vehicle for which you do not pay tax in income or investment gains, but your contributions are not tax free.
Whether you need to use your savings now or in the future, TFSAs help you achieve your goals. If you are over 18 you can save up to $5,500 every year in a TFSA. You can carry forward unused TFSA contribution room to future years. The assets under this account can be transferred to a spouse upon death without affecting their contribution room.
This investment plan is more beneficial to you if you are a retiree, as it gives you more opportunities to reduce government taxes.
If you are still paying down your mortgage, and saving for retirement or investing into your children’s education, TFSA may not be the best choice for you.
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