A Tax Free Savings Account is a way to save or invest money without paying tax on the income it earns, and you can withdraw it tax-free.  It is a way for individuals who are 18 years of age or older, and who have a valid social insurance number, to set money aside tax free throughout their lifetime.  There are no restrictrions on the way Tax Free Savings Account contributions and earnings may be used..........purchase a car, renovate your home, start a business or just save for a rainy day!

Contributions:

The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room.  All TFSA contributions made during the year, including the replacement of re-contribution of withdrawals made from a TFSA, will count against your contribution room. The TFSA contribution room is made up of:

• your TFSA dollar limit
• any unused TFSA contribution room from previous years; and
• any withdrawals made from the TFSA in the previous year

Your TFSA contribution room information can be found by going to one of the following services:

• My Account
• MyCRA
• Represent a Client
• Tax Information Phone Services (TIPS)

For additional information, review the Government of Canada TFSA website.

Take a look at our TFSA calculator to help you see how much money you could save!  Contact Hamilton Sound Credit Union to review your TFSA options.