The new Tax-Free Savings Account (TFSA) is a flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. Your TFSA contributions are not tax-deductible (like an RRSP), but you do not pay tax on any investment income earned inside your TFSA.

You don't need to earn an income to open and contribute to a Tax-Free Savings Account. To open a TFSA you must be a Canadian resident, have a Social Insurance Number (SIN), and be at least 18 years old.

Advantages for opt TFSA:
• Tax-Free Investment Income and Withdrawals
• Flexible Withdrawals
• No Income Requirement
• Indefinite Carry-Forwards
• Lifelong Eligibility
• No Lifetime Contribution Limits
• No Impact on Federal Benefits or Credit



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