Whatever you want to save for a car, a vacation, your first home, an emergency fund or perhaps a wedding, a TFSA is a great way to help you reach your goal. You can contribute up to the annual contribution limit, increased by any contribution room accumulated since 2009 and all previous withdrawals.
You can hold a wide variety of investments in your TFSA, just like an RRSP.
And while contributions are not tax deductible, investment growth or income is tax-free, even when withdrawn.
With a TFSA, you have easy access to your money. You can make withdrawals at any time, and for any purpose. And, the amount you withdraw is added to future contribution room, starting in the next tax year.
