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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.
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.
Your financial freedom begins by defining your immediate goals as well as your long-term goals. By understanding your priorities, our financial experts will have a clear vision to personalize your road to financial freedom.
You can now access an even larger selection of convient account services. Our financial experts can help you compare and choose the best option to suit your needs.
Whether you're dreaming about that perfect new home, the vacation spent at a villa in Tuscany, or the thrill of conquering the wide-openroad in your new RV, come and talk to us first.
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