• 43 Church St, P.O. Box 1502 St. Catharines ON L2R 7E1

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Tax Free Savings Account

How They Work

The TFSA is a registered savings account that allows taxpayers to earn investment income tax-free inside the account. Contributions to the account are not deductible for tax purposes, and withdrawals of contributions and earnings from the account are not taxable.

Any individual (other than a trust) who is resident in Canada and 18 years of age or older is eligible to establish a TFSA.

Every year individuals can contribute up to their contribution room for the year. Your contribution room is derived from three amounts:

  • Your allocated maximum contribution.
  • Withdrawals made in the previous year are added to the contribution room for the year.
  • Unused contribution room are added to the contribution room for the year.
A TFSA is permitted to hold the same investments as a registered retirement savings plan. This includes mutual funds, GICs, fixed income investments and certain shares of small business corporations.

The CRA will determine TFSA contribution room (based on information provided by issuers) for each eligible individual who files an annual T1 individual income tax return.

For answers to other Frequently Asked Questions visit the website link below:

Tax Free Savings Accounts

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43 Church St, P.O. Box 1502
St. Catharines Ontario L2R 7E1
rich@richandres.com
Phone: (905) 688-3093
Fax: (905) 688-4848
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Mutual funds are offered through Investia Financial Services Inc. The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed have not been approved by and are not those of Investia Financial Services Inc. This website is not deemed to be used as a solicitation in a jurisdiction where this Investia representative is not registered.