Thinking of Opening a Tax-Free Savings Account (TFSA)?
This is a guide from the FCAC on TFSA savings accounts. A Tax-Free Savings Account (TFSA) is a kind of savings account registered with the federal government. The key benefit is that you do not have to pay taxes on earnings within the account (including interest, dividends or capital gains) or on money you withdraw from the TFSA. However, contributions to the account are not tax-deductible.