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Tax Free Savings Account
A Tax Free Savings Account (TFSA) is perfect for any type of savings goal.
TFSA contributions are made without any taxation, which means you won’t pay taxes when you withdraw your money. These withdrawals are tax free because you made the contributions with after-tax dollars. That means interest earned is also tax free!
- 2020 Contribution Limit: $6,000
Accumulated Contribution Limit (since 2009): $69,500
Do you know your available TFSA Contribution Room?