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What is a Tax-Free Savings Account (TFSA)?

April 26, 2017savings account tax-free tfsa

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What is a Tax-Free Savings Account (TFSA)?

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A Tax-Free Savings Account (TFSA) is a type of savings account in which investment income and capital gains grows tax-free. It was introduced by the Federal Government in the 2008 Budget.

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Tax-Free Savings Account (TFSA) is a type of savings account in which investment income and capital gains grows tax-free. It was introduced by the Federal Government in the 2008 Budget.

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On February 26, 2008, the federal government proposed the introduction of the Tax-Free Savings Account (TFSA) as a new incentive to help Canadians save their money. The TFSA provides Canadians with an investment vehicle in which any interest (or earnings) are not taxed.

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A Tax-Free Savings Account (TFSA) is a new kind of registered account recently announced by the government. Through a TFSA, you can put your savings into eligible investments and not pay tax on the investment income you earn.