Saving for your dream vacation? Building an emergency fund for a rainy day?
A Tax Free Savings Account (TFSA) is a great way to save money – tax free.
A TFSA can be invested in a variety of products like savings accounts, GICs, Mutual Funds*, ETFs*, and Index-Linked GICs*. The choice is very personalized, your advisor can help.
You have to be at least 18 years old to invest in a TFSA, and the government sets limits on how much money you can put into a TFSA.
Over-contributing to a TFSA carries hefty penalties, so be sure to know your limit.
Connect with a PenFinancial Advisor, check your most recent Notice of Assessment, or login to your CRA MyAccount to see your current contribution limit.
Get your hands on this useful brochure packed with valuable information about the Tax Free Savings Account, in accordance with the latest legislation effective from April 2023. And don’t hesitate to reach out to a knowledgeable PenFinancial Advisor today to get answers to any questions you may have about a TFSA.
Download the TFSA brochure →
TFSAs and RRSPs work in different ways. The money you contribute to a RRSP actually reduces your income and offers you tax breaks in the year you contributed. Great, but when you begin to withdraw from a RRSP down the road, you’ll be taxed on that money as income.
The money you contribute to a TFSA doesn’t reduce your income for the year, so don’t expect a big tax refund because of it. But on the bright side, when you withdraw from your TFSA, it doesn’t count as income.
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