What is a Tax-Free Savings Account?
The Tax-Free Savings Account (TFSA) program began in 2009, it was introduced by the Canadian government as new kind of savings account to help residents of Canada with a Social Insurance Number (SIN) save money for various stages in their life.
The TFSA can hold various investment benefits, such as cash, stocks, bonds, GICs and mutual funds, the growth of which will not be tax-deductible.
Any contribution or any income earned in the account is generally tax-free, even when it is withdrawn. This is a great way to build you short term savings, long term savings or even an emergency fund. This is a must have savings account for all Canadians who are trying to build their financial security. Add this account to your financial plan, contact our team of financial experts and investment planners to open an account now.