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Put your savings in a Tax-Free Savings Account (TFSA) to earn tax-free investment income
Put your savings in a Tax-Free Savings Account (TFSA) to earn tax-free investment income
Did you know that you can invest $5,000 of your savings each year in a Tax-Free Savings Account, where it will grow tax-free?
The 2008 federal budget introduced an important tax measure: the creation of a Tax-Free Savings Account (TFSA). Income earned in this registered savings account is tax-free. The TFSA is an additional tool to help you save money and reduce your taxes.
Who is it for?
This savings account is for investors who are 18 and over and who:
- want to earn tax-free income on their savings
- don't want to pay taxes on income generated and withdrawals made from the account
- have contributed the maximum to their RRSP and are seeking an additional tax shelter
Maximum contribution for 2009 and 2010: $5,000 per year.
You can plan your investment in a Desjardins TFSA now by contacting an advisor at your caisse.
Find out more
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