A TFSA is a flexible savings account that allows your investments to grow tax-free, with no taxes on withdrawals, making it an excellent option for both short- and long-term savings.
Key Features of a TFSA
Tax-Free Growth: Any investment income earned is not taxed.
Flexible Withdrawals: You can withdraw funds anytime without penalties or tax.
Contribution Room: Annual limit with unused room carried forward.
Investment Variety: Invest in a range of assets like stocks, bonds, and ETFs.
Benefits of a TFSA
Tax-Free Savings: Grow your money without worrying about taxes.
Flexibility: Withdraw funds at any time, for any purpose, tax-free.
No Age Restrictions: Continue contributing throughout your life, even in retirement.
Diverse Investment Options: Choose how you invest your contributions for maximum growth.
Note
This is a general overview of TFSA. Contribution limits and other rules can vary depending on individual circumstances. For personalized guidance, consult a trusted advisor.