Tax Free Savings Account (TFSA)

February 20, 2009 by · Leave a Comment
Filed under: Blog 

Starting in 2009, Canadian residents who are 18 years of age or older will be able to earn tax-free investment income within a Tax-Free Savings Account (TFSA) during their lifetime. The income generated in such an account (for example, investment income and capital gains) is tax-free, even when it is withdrawn.

The TFSA dollar limit is $5,000 in 2009, and will be indexed to inflation and rounded to the nearest $500 in later years. Unused TFSA contribution room can be carried forward to later years. The total of TFSA withdrawals in a calendar year is added to the TFSA contribution room for the next calendar year. Source: http://www.cra-arc.gc.ca/tx/rgstrd/tfsa-celi/menu-eng.html

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