TFSA in Thorold Ontario

TAX-FREE SAVINGS ACCOUNT (TFSA)

A fresh approach to your savings.

The Tax-Free Savings Account (TFSA) is available beginning in 2009 to Canadian Residents age 18 or older. TFSA allows taxpayers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime. There are no restrictions on the way TFSA funds (contributions and earnings) may be used (ie purchase a car, renovate a home,start a small business, take a family vacation, or just save for a "rainy day"). All income levels and all walks of life can benefit from a TFSA. But only a careful review of each person's financial situation will determine how to optimize use of RRSPs, RESPs,RRIFs and TFSAs.

TFSA Eligibility
The individual owning the TFSA is the "Holder". Any individual person (not trusts or corporations) who meets all of the following three requirements is eligible to open a TFSA:

  • Resident in Canada
  • 18 years of age or older
  • Holds a valid Social Insurance Number (SIN)
  • There is no maximum age limit to open or hold a TFSA and a person may hold more than one TFSA.
Note: The Holder is responsible for ensuring the maximum contribution limit is not exceeded.

Investing
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Borrowing
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