Tax Free Savings Account (TFSA)
Save money. Save tax!
"It's the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP)." - Federal Budget 2008
A new tax shelter for Canadian Christians at every income level
Now, all Canadians aged 18 and older can save up to $5,000 a year in a TFSA where the interest or investment income earned will not be taxed - even when withdrawn.
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Withdraw funds at any time for any purpose, whether it's to buy a car, take a vacation, start a small business. It's your money to use however you want. |
| Withdrawals won't be taxed and won't reduce your accumulated contribution room. Withdraw and re contribute as often as you want.* |
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Unused TFSA contribution room can be carried forward to future years when you may have more opportunity to save or acquire lump sums from an inheritance, selling a house or other means. |
| Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits, such the Canada Child Tax Benefit or Guaranteed Income Supplement. It provides tax deferral benefits without clawbacks. |
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The TFSA's ability to tax shelter investment income is comparable to an RRSP - but unlike an RRSP, money withdrawn is tax free. |
| If you've maximized contributions to your pension plan and RRSP, you can still contribute to the TFSA. |
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The $5,000 limit will rise in future years, in $500 increments, to keep pace with inflation. |
| Open a TFSA with a minimum contribution of $50/month or $500 lump sum. |
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Your FaithLife Financial TFSA is invested in an Individual Savings Annuity (ISA) which provides bonus interest for accounts over $50,000. (Ask to see our ISA product information card for more details.) |
| *Charges may apply if you surrender funds before the end of the term. |