Tax-Free Savings Account (TFSA)

This registered savings account may be the most important personal savings vehicle introduced since registered retirement savings plan (RRSP).

Available to Canadian residents 18 years of age or older.
Annual contribution limit of $5,000 starting in 2009 (indexed to inflation for subsequent years).
Contributions will not be tax-deductible.
Any amounts withdrawn and any gains, losses or income generated by investments held within a TFSA will:
- Not be taxable.
- Not affect eligibility for federal income-tested benefits or tax credits.
- Be added to the contributor's TFSA contribution room for the following year (withdrawals only).
Any excess contributions will be subject to a tax of one percent per month on the highest excess amount for the month.
The annual contribution limit will be indexed to inflation annually and rounded to the nearest $500.
Unused contribution room will carry forward indefinitely. TFSA's are a nice addition to other registered savings options. They will be particularly attractive to you if you have:
- Existing non-registered investment accounts that they could transfer to a tax-exempt TFSA.
- Have already maximized their RRSP contributions and are looking for alternative ways to enhance their retirement savings or shelter investment income.
- Seniors over age 71 who can't contribute to RRSP's.
- Have a low, modest income and feel that the deduction provided by RRSP contributions is of limited value.
- Wish to preserve income-tested benefits.

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