Tax Free Savings Accounts are one of Canada's best savings tools for those over the age of 18.  A TFSA is a registered savings vehicle that allows you to invest up to a set amount per calendar year ($6,000 in 2019) and withdraw funds whenever you'd like, all without a penny paid in taxes.

Here's how it works:


Earn income tax-free


Make income-tax free withdrawals any time


Contribute up to a maximum of $6,000 in 2019

TFSA Eligibility

In order to be eligible for a TFSA you must be 18 years of age or older and have a valid social insurance number (SIN). Non-residents of Canada may be subject to different regulations. For more information on eligibility: Who can open a TFSA?

Opening a TFSA

You are able to hold a variety of investments within your TFSA including: mutual funds, term deposits, GICs or other qualified securities. Contact your 1st Choice Savings branch today to learn more about tax free savings accounts and to register your investments as a TFSA. 

TFSA Contribution Limit & Taxes 

Your contributions are not tax deductible, but you get to enjoy tax-free growth on your savings, which is like a government sponsored gift for Canadians. The annual contribution limit for 2019 is $6,000. For more information on finding out your contribution room.

Call us at 403.320.4600 or ask us for more information. 


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