Tax-Free Savings, Amplify Your Financial Freedom

A TFSA is a savings account that can hold cash as well as various investments. Your TFSA contributions come from your “after-tax” dollars (money you have left after your taxes are paid). This means you won’t have to pay tax when you take money out of your TFSA. In addition, any TFSA investments you have, grow tax-free within the account. This means there’s no tax on the TFSA growth even when you withdraw funds. You can use money from your TFSA at any time, for any purpose. For example, you can use it to fund:
  • a cottage,
  • a wedding,
  • the cost of childcare,
  • the cost of healthcare,
  • an emergency,
  • retirement, etc.
TFSAs are a safe and smart way to grow your savings without stressing too much about taxes. Just make sure you don’t go over your yearly contribution limit. Each year, the government sets a limit on how much you can contribute. Your TFSA contribution limit is the total of these three amounts:
Insurance Canada
Life Insurance Living Benefits Travel Insurance Savings & Investments

Life Insurance (#5)

Living Benefits (#8)
Travel Insurance (#9)
Savings & Investments (#10)

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You can view your TFSA contribution limit on the notice of assessment given to you by the Canada Revenue Agency (CRA). The CRA provides you with this notice every year after processing your tax return.

Remember, your TFSA contribution limit is the total of three amounts:
• $6,500 (as of 2023);
• anything withdrawn the previous year (with the exception of certain qualifying transfers and distributions);
• and all unused contribution room from previous years.
No. Since withdrawals aren’t taxable, you don’t have to report them as income.
If you don’t have room, wait and put the money back in the next year.
If you contribute more than your limit, you’ll receive a 1% penalty for each month you are over the limit.