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DEFINITION of 'Tax-Free Savings Account TFSA

An account that does not charge taxes on any contributions, interest earned, dividends or capital gains, and can be withdrawn tax free.

Tax-free savings accounts were introduced in Canada in 2009 with a limit of $5,000 per year, which is indexed for subsequent years.

In 2013, the contribution limit was increased to $5,500 annually

The contributions are not tax deductible and any unused room can be carried forward.

This savings account is available to individuals aged 18 and older and can be used for any purpose.



Read more: Tax-Free Savings Account (TFSA) https://www.investopedia.com/terms/t/tax-free-savings-account-tfsa.asp#ixzz5DBnZCPQ9
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