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:
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:
HOW WE HELP
Without barely a moment’s thought, you would…
Do you ever feel like life is too automated? Maybe…
You have worked all your life and saved for…
After years of living the “rat race”, you are looking…
First you were putting on their diapers. Then you…
About Us
We serve individuals, families and businesses in the Calgary area. Our primary goal is to help each client meet their unique financial goals. We are never satisfied until you are.
Free Consultation
