Tax-Free Savings Account from Foresters Asset Management Inc.
Introducing the Tax-Free Savings Account - another great new option from Foresters Asset Management Inc. for saving your money tax-free.
TFSAs are available to Canadian residents who are 18 years of age and older and have a valid Social Insurance Number. The contribution amount on a TFSA is up to $5,500 in the initial year. Thereafter annually, the TFSA $5,500 annual contribution dollar limit will be indexed to the inflation rate. The indexed amount will be rounded to the nearest $500 increments. Any unused contribution room will accumulate and will be carried forward indefinitely.
Key features of a TFSA:
- Tax-free growth
- Flexibility to contribute and make withdrawals
- Save for short or long-term goals
- No tax on withdrawals
- Any amount withdrawn can be recontributed in future years
- Withdrawals are not considered income; they do not affect your eligibility for income-tested government benefits or tax credits
- Can hold many of the same investments as RRSPs
- imaxxFunds TFSA Investment Application [Approved version to use]
For more details about TFSAs:
- Visit the question and answer page on the Canada Revenue Agency website.
- Speak to your advisor