The Tax-Free Savings Account

Saving just got a whole lot easier!

The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn. Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not tax deductible.

Visit CRA for more information. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account.html