GROW YOUR MONEY FASTER
TAX FREE SAVINGS ACCOUNT
As the name suggested, any investment income within the TFSA is 100% tax free. This allows your money to grow faster than a taxable account.
How to Qualify
If you're a Canadian resident who has reached the age of 18 in Ontario, you are eligible for TFSA. Each year, you are qualified for the annual contribution amount as defined by the CRA as long as you are a Canadian resident age 18 or above.
For 2019, the annual contribution limit is $6,000, making the lifetime contribution limit to $63,500. The annual contribution amount is designed to increase as indexed to inflation. You may contribute as a lump-sum or on a monthly basis.
unused contribution room
If you have not maximized your TFSA, any contribution room that you have not used in previous years are automatically carried forward to the current year. Therefore, your total contribution room would be comprised of old contribution room from previous year as well as new contribution room in current year.
You may make partial or full withdrawal from your TFSA anytime you want, tax free. The withdrawal is then added back to your contribution room in the following year.
Your TFSA can be invested in a wide range of options - GICs, bonds, mutual funds, ETFs, stocks, and structured products. We will design your portfolio based on your investment need.