Tax Free Savings Account (TFSA)

The tax-free savings account option allows for you to save money for any of your needs without having to pay taxes on the investment’s growth. Though your contributions are taxable funds, any growth and investment income will not be taxed even when the funds are withdrawn. After the age of 18, you are able to save up to $6000 every year in your TFSAs. A benefit about the TFSA is that there is no fee for withdrawals. You have full access to your funds at any point and you are able to choose if you’d like to invest for a short term or long-term period. Insurance with Ajay can further advise you on your investment options today.