Home Retirement Glossary Tax Free Savings Account (TFSA)

Retirement


DEFINITION

Tax Free Savings Account (TFSA)

A Tax-Free Savings Account (TFSA) account is a way for individuals in Canada who are 18 and older to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Funds withdrawn from the the account are generally tax-free.

RESOURCES

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