Learn about opening, managing and understanding tax implications of a Tax-Free Savings Account (TFSA), including what happens upon the account holder's death. Always verify your contribution room with your financial institution records to avoid over-contribution. The Tax-free Savings Account (TFSA) is a registered savings account that functions like an investment account. Contributions to a TFSA, administration fees and the interest on money borrowed to invest in a TFSA are not tax deductible. The income generated in the TFSA is tax-free when withdrawn. Any Jan 1, 2026 · TFSA records from 2025 will be processed by April 2026. It can hold cash savings and investments that generate tax-free income. The TFSA allows Canadian residents who are 18 years of age or older with a valid Canadian social insurance number to set money aside tax-free during their lifetime. Jun 22, 2017 · About the tax-free savings account (TFSA) In 2009, the federal government introduced a savings vehicle called the tax-free savings account (TFSA). The most reliable way to know how much you can contribute Help with the TFSA Contribution Page A Tax-Free Savings Account (TFSA) is a way for residents of Canada to set money aside, tax-free, throughout their lifetime. TFSAs are overseen by the Government of Canada but administered by Canadian banks and financial institutions. A Tax-Free Savings Account is a new way for residents of Canada over the age of 18 to set money aside, tax free, throughout their lifetime. This is the best time to check your TFSA contribution room in your CRA account. Jan 24, 2025 · Information for individuals on tax-free savings account (TFSA). Jan 6, 2026 · Contributing to a TFSA Updated TFSA contribution room available in CRA account starting April 2026 TFSA records from 2025 will be processed by April 2026. . Learn about opening, managing and understanding tax implications of a Tax-Free Savings Account (TFSA), including what happens upon the account holder's death. What happens to a Tax-free Savings Account (TFSA) when a holder dies and different types of TFSA beneficiaries. Nov 16, 2021 · The Tax-Free Savings Account (TFSA) was introduced by the Government of Canada in 2009 to help Canadians save and invest their money – tax-free – throughout their lifetime.

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