TAX-FREE SAVINGS ACCOUNT (TFSA)
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What is a Tax-Free Savings Account (TFSA)?
A TFSA is a registered investment account that helps Canadians save money while offering the flexibility to hold various investment types, such as mutual funds, segregated funds, insurance GICs, and more. It’s not just a regular savings account—it’s a powerful tool for achieving both short-term and long-term financial goals.
Unlike a Registered Retirement Savings Plan (RRSP), which is primarily for long-term investments, a TFSA provides the flexibility to save for immediate needs, like purchasing a car or a down payment on your first home.
- How Does a TFSA Work?
If you’re a Canadian resident, 18 years or older, with a Social Insurance Number (SIN), you’re eligible to open a TFSA. Once you start contributing, your investments grow tax-free, and any income earned—whether interest, dividends, or capital gains—is also tax-free. Additionally, there are no taxes on withdrawals.
- Who Can Open a TFSA?
- Must be a Canadian resident, age 18 or older, with a SIN.
- Non-residents with a SIN may open a TFSA but should consult a tax specialist, as contributions are subject to a 1% monthly tax.
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Investment Options for Your TFSA
we provide investment solutions tailored to your financial goals and risk tolerance
Segregated Funds
Combine the benefits of mutual funds with protection against market downturns..Guaranteed Interest Funds
Enjoy fixed returns and 100% capital protection.High-Interest Savings Accounts
Save risk-free and earn competitive interest rates.Daily Interest Funds
Earn daily interest, paid monthly, to grow your investments steadily