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Tax-Free Savings Accounts allow you to save up to $5,000 per year, and the interest that you earn from the money you save is non-taxable forever. Where RRSPs are merely tax-deferred and intended for retirement, you are able to make withdrawals from your Tax-Free Savings Account at any time, and you will never have to pay tax on the interest you earned.
Although it is designed for long-term investing, a TFSA is highly flexible, allowing you to choose how much you want to invest at any given time, making it the perfect complement to your RRSP.
Click here to read more about Tax-Free savings accounts
You must be 18 years of age or older.
As of 2011, you deposit up to $15,000 in your tax-free savings account, but this will eventually be lowered to an annual limit of $5,000.
Josslin would be happy to provide you a quote on your tax free savings account. Please contact Romano Klomp if you have any questions or would like a quote.