Tax-Free Savings Accounts Are Now Available:

As of January 1st, 2009, all Canadians over the age of 18 can open a Tax-Free Savings Account (TFSA), which allows you to put aside $5,000 per year. 

All income earned in the TFSA – including capital gains – is tax-free. 

Additional Details:

• Unused contribution room is carried forward year-to-year
• Money can be withdrawn and put-back at any time without any penalty
• Neither income earned in, or withdrawals from TFSA`s can affect your eligibility for federal income-tested credits or benefits

For more information on Tax-Free Savings Accounts, please visit your local bank branch, or refer to the websites below:

Canada Revenue Agency (CRA) – Tax-Free Savings Accounts:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/menu-eng.html

Finance Canada – Tax-Free Savings Accounts:
www.tfsa.gc.ca

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