Tax-Free Savings Account (TFSA)
Great way to grow your savings, it’s tax free
What is a TFSA (Tax-Free Savings Account)?
It is a way for the Canadian residents to set money aside tax free throughout their lifetime. Contribution to a TFSA is not deductible for income tax purposes and any amount contributed as well as any income earned in the account is generally tax-free when it is withdrawn. Make sure to check your TFSA contribution room before making any contributions, as the limit may be different for everyone.