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Tax Free Savings Account

Maximize Your Savings With a Tax-Free Savings Account (TFSA) in Mississauga

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Harpreet Saini:
1(800) 385-1254
Ravinderjit Basra:
1(800) 385-1254

TFSA Plans

An Old Couple Saving Their Money Through TFSA Plan
What are TFSAs?
A federal government tax-sheltered savings programme intended to encourage Canadians to save and invest for short-, medium-, and long-term goals.
Benefits at a Glance
  • Investments inside a TFSA are tax sheltered.
  • Contributions are after-tax (no deduction).
  • Withdrawals are tax-free (no withholding).
Beneficiary
  • There is no spousal TFSA.
  • There is no income attribution.
  • A TFSA may have a successor holder (spouse) or a named beneficiary.
Contributions
  • Annual Limit: $5,500 per year (beginning at age 18) + Previous Contribution Room + Withdrawals from previous years
  • For 2018, the total contribution room since 2009 is $57,500.
  • Contribution Period: Every year from January 1 to December 31.
  • Contributions above the overall contribution limit are subject to a 1%/month penalty (refer to the CRA website).
  • A client’s contribution room can be found in their Notice of Assessment, CRA MyAccount
  • (online), Notice of Reassessment, and T1028
  • In-kind contributions: capital gains must be declared, capital losses cannot be claimed
  • The current market value is used to calculate the contribution amount.
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Call Us for Any Questions

Harpreet Saini: 1(800) 385-1254

Ravinderjit Basra: 1(800) 385-1254

FAQs

Get in touch with your bank or financial institution where your TFSA is held. They'll likely ask you to fill out a form to specify how much you want to withdraw and where you want the money to go. You can withdraw money from your TFSA at any time without tax consequences.

You can have multiple TFSA accounts, but the total contributions must not exceed your contribution room.

TFSA (Tax-Free Savings Account) began in 2009 as a savings vehicle with tax-free growth.

You can check your TFSA contribution room through the Canada Revenue Agency (CRA) website.

You can open a TFSA account with the help of our Advisors at Top Choice Insurance or  through banks, credit unions, and other financial institutions.

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