Tax Free Saving Account (TFSA)

Saving just got a whole lot easier

The new Tax-Free Savings Account (TFSA) is a flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

How the Tax-Free Savings Account Works

• Canadian residents age 18 or older can contribute up to $5,000 annually to a TFSA.
• Investment income earned in a TFSA is tax-free.
• Withdrawals from a TFSA are tax-free.
• Unused TFSA contribution room is carried forward and accumulates in future years.
• Full amount of withdrawals can be put back into the TFSA in future years.
Re-contributing in the same year may result in an over-contribution amount which would be subject to a penalty tax.
• Choose from a wide range of investment options such as mutual funds, Guaranteed Investment Certificates (GICs) and bonds.
• Contributions are not tax-deductible.
• Neither income earned within a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit.
• Funds can be given to a spouse or common-law partner for them to invest in their TFSA.
• TFSA assets can generally be transferred to a spouse or common-law partner upon death.


Business is not just doing deals, business is having great products, doing great engineering, and providing tremendous service to customers. This is what, Vishal has done for us.
Hukum, Toronto, ON
Along with his helpfulness, he has a shining personality and is very eager to make his clients completely satisfied!! We would definitely recommend Mr. Vishal Trivedi to anyone who is looking for any type of insurance.
Zafar and Saira, Brampton, ON
Vishal has been our insurance agent for years now, and we are absolutely pleased with his professional, customer-focused approach. He regularly keeps us updated on our policies and any new offerings that maybe of interest to our family.
Corey & Charmion, Brampton ON