Tax Free Savings Account (TFSA)

Starting in 2009, Canadian residents who are 18 years of age or older will be able to earn tax-free investment income within a Tax-Free Savings Account (TFSA) during their lifetime. The income generated in such an account (for example, investment income and capital gains) is tax-free, even when it is withdrawn.

The TFSA dollar limit is $5,000 in 2009, and will be indexed to inflation and rounded to the nearest $500 in later years. Unused TFSA contribution room can be carried forward to later years. The total of TFSA withdrawals in a calendar year is added to the TFSA contribution room for the next calendar year. Source: http://www.cra-arc.gc.ca/tx/rgstrd/tfsa-celi/menu-eng.html

Category:

Education

Tags:

• Tax Free Savings Account
• TFSA
• Tax Free Savings
• QuickTax
• Tax Free

[KidTrunksSSJ2]

TFSA = Team Four Star Abridged. :P

[boipinoi604]

Alright, so what is the catch?

[redlipsbride]

INGdirect has a good one as a high interest rate. If you open one using the Orange Key 34791011S1 you get a free $25 deposited into your new account (minimum deposit of $100)

[snowmank4]

the best TFSA to open is prb with ING Direct as they give the top interest 3% and they have no fees. If anyone wants to open a TFSA with ING, i have a free $25 bonus.

Just use this "orange key" when you sign up 34727970S1. There should be 50 more uses still as the account was created recently.

Hope this helps anyone who would be interested in opening at TFSA. Saving is one of the most important things you should do!

[thanusanmama]

Hi I always use quickTax with my friends but this time how can i input my TFSA into my tax file,

Do i get any T form from the bank or just the statement from the bank is good enough to show to revenue Canada?

[SHMUJEW]

money? whats that?