With a TFSA, you’ll be able to save faster for important goals such as your retirement, a child’s education, a new car or a family vacation because all investment growth gained within a TFSA is tax-free. As of 2009, individuals 18 and over can contribute to a TFSA.
TFSA contributions
Investors may contribute up to $5,000 per year into a TFSA. What’s more, withdrawals are permitted at anytime and amounts withdrawn will be added back to your contribution room in the following year. Any unused contribution room will be carried forward for use in future years indefinitely.
Tax & TFSAs
Contributions to a TFSA are not tax-deductible and are made with after-tax income. Assets held in a TFSA and any withdrawals will not be subject to tax.
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Eligible TFSA investments
TFSAs will be able to hold the same investments as RRSPs, such as mutual funds, stocks and bonds.
To review frequently asked questions about TFSAs, click here.
All Renaissance Investments and Axiom Portfolio products can be held within a TFSA. Click here to review the Renaissance Investments family of funds.