Tax-Free Savings Account

Top Reasons TFSA (Tax-Free Savings Account) is popular with investors:

TFSA offers incredible flexibility and options for investors who wish to grow their money tax-free.


  • TFSA investment can be withdrawn tax-free and without penalty in case of an emergency;
  • TFSA do not have to be converted into a RRIF at retirement;
  • TFSA can hold a vast array of investments (GICs, mutual funds, bonds, stocks or savings accounts);
  • Capital gains and other investment income earned in a TFSA will NOT be taxed;
  • Unused TFSA contribution room can be carried forward to later years;
  • The total amount of TFSA withdrawals in a calendar year is added to the TFSA contribution room for the next calendar year;
  • From 2009 to 2012, the TFSA dollar limit was $5,000; In 2013, it is $5,500;


  • No immediate tax-break like with RRSP;
  • Penalties on excess contributions;
  • Monies withdrawn can only be re-deposited the following year or a penalty is charged;

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