Canada's Tax Free Savings Account

Tags:: Tax Free Savings Account Tax Free Savings Tax Free Account Tfsa Tax Free Accounts

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By: timtfsa
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Updated: 08-Sep-09
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Basic English
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Added: 09-Dec-08

The Canadian government has introduced a new way to save, called the Tax Free Savings Account, or TFSA. It allows Canadian citizens of legal age to open a Tax Free Account, and contribute up to $5000 annually. These savings can grow tax free for life, and there is no penalty for withdrawing funds at any time. Where an RRSP is for retirement, the TFSA is for everything else in your life!