Canada Tax-Free Savings Account Guide


Enhance your savings with TFSA

Canada Tax-Free Saving Plan (TFSA) is also a type of savings account in which the amount invested by individuals & returns is tax-free. Unlike RRSP accounts the withdrawals made from TFSA accounts are tax-free. Tax-free withdrawals make TFSA an excellent emergency saving fund that can be accessed anytime. TFSA amount can be used for any purpose like buying a car, house, education, etc.
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Important features of tax-free savings account in Canada

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This is all you need for opening a TFSA account

Apart from opening a TFSA savings account in a bank, investment can be made in Bonds, Segregated Funds, Exchange-traded funds, Stocks, and Insurance.

Different types of RRSP/TFSA plan available

There are various investment plans available under RRSP or TFSA accounts that you can choose on the basis of your risk tolerating ability and investing profile. The benefits will be received depending upon the term and conditions of the account you are having. Type of investment options available are:

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