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 Investment income, including capital gains and dividends, earned in a TFSA is not taxed, even when withdrawn.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:
“I never could get on with representative individuals—but people who existed on their own account and with whom it might therefore be possible to be friends.”
—E.M. (Edward Morgan)