Tax-Free Savings Account (TFSA)
What is a Tax-Free Savings Account?
Tax-Free Savings Accounts (or TFSAs) were launched in 2009 as a new savings option for Canadians. TFSAs allow you to put money into eligible investment options, and then have those savings grow tax free. Our members typically use TFSAs as a mid- or long-term savings option:
- Planned purchases, such as purchasing a car, renovating a home, or taking a family vacation
- Saving for a rainy day
- Launching a business
- Saving for retirement