The Tax-Free Savings Account (TFSA) is an account that provides tax benefits for saving in Canada. Contributions to a TFSA are not deductible for income tax purposes. Investment income, including capital gains and dividends, earned in a TFSA is not taxed, even when withdrawn.
Read more about Tax-Free Savings Account: History, Benefits, How TFSAs Differ From RRSPs, Eligible Investments, Contribution Room, Overcontributions, Similar Accounts in Other Countries, See Also
Famous quotes containing the word account:
“You should try to understand every thing you see and hear; to act and judge for yourselves; to remember you each have a soul of your own to account for; M a mind of your own to improve. When you once get these ideas fixed, and learn to act upon them, no man or set of men, no laws, customs, or combinations of them can seriously oppress you.”
—Jane Grey Swisshelm (1815–1884)