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TAX-FREE SAVINGS ACCOUNT (TFSA)

Growing your money tax-free is amazing. Whether you're earning interest or a dividend, or the value of a mutual fund* goes up, whatever you earn within your Tax-Free Savings Account (TFSA) is yours, all yours.

Why You Should Have a TFSA

✔ Pay no tax on interest and earnings
✔ Contribute up to $6,000 in 2020
✔ Pay no tax on withdrawals

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What is a TFSA?

A TFSA is a government-sponsored account where any money earned inside is not taxed. That means when you earn interest, a dividend or the value of a mutual fund* goes up, you get to keep all of the money you made tax free.

How Does it Work?

Every year you can contribute more money to your TFSA. You can add up to $6,000 in 2020 for a maximum of $69,500 in your lifetime, so far. You’re allowed to withdraw money anytime and can put it all back in the following year if you want.

Yearly Contribution Limits*

YearContribution Limit
2019-2020$6,000
2016-2018$5,500
2015$10,000
2013-2014$5,500
2009-2012$5,000

*Based on the proposed Federal budget changes

See How You Can Grow Your TFSA

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. Please read the prospectus of the mutual funds before investing. Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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