Tax Free Savings Accounts (TFSAs) are one of Canada's hottest savings tools for Canadians over the age of 18.  A TFSA is a registered savings account that allows you to invest up to $5,500 per year and withdraw funds whenever you'd like, all without a penny paid in taxes.

Here's how it works:

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 2018 is $5,500. For more information on finding out your contribution room: Contributions. 

Call us at 403.320.4600 or ask us for more information.