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A Tax Free Savings Account (TFSA) is a registered investment or savings account that allows for tax free gains. The amount of money that can be contributed to a TFSA is limited each year. Contributions are made with after-tax dollars, which means withdrawals and interest earned is tax free! A TFSA is perfect for any savings goal.
TFSAs were first introduced by the Canadian government in 2009. They were designed by the Canada Revenue Agency to function as a registered investment account that can hold mutual funds, ETFs, bonds or cash savings, allowing for income-tax free gains.
TFSA Rules you Need to Know
To find out your available TFSA contribution room:
A Registered Retirement Savings Plan (RRSP) is an investment account that is registered with the Canada Revenue Agency (CRA) and allows you to save money on a tax-deferred basis until you retire – a tax-efficient way to build your retirement savings.
The plan can hold a variety of investments allowing you to tailor a portfolio to fit you.
Registered Education Savings Plan (or RESP) is an investment plan that helps parents, family and friends save for a child’s post-secondary education.
All locked-in RSPs originate from Registered Pension Plans (RPP). RPPs are plans where funds are set aside by an employer, an employee, or both to provide a pension when the employee retires.