Tax-free Savings Account

Tax-Free Savings Account from Foresters Asset Management Inc.

Introducing the Tax-Free Savings Account - another great new option from Foresters Asset Management Inc. for saving your money tax-free.

TFSAs are available to Canadian residents who are 18 years of age and older and have a valid Social Insurance Number. The contribution amount on a TFSA is up to $5,500 in the initial year. Thereafter annually, the TFSA $5,500 annual contribution dollar limit will be indexed to the inflation rate. The indexed amount will be rounded to the nearest $500 increments. Any unused contribution room will accumulate and will be carried forward indefinitely.

Key features of a TFSA:

  • Tax-free growth
  • Flexibility to contribute and make withdrawals
  • Save for short or long-term goals
  • No tax on withdrawals
  • Any amount withdrawn can be recontributed in future years
  • Withdrawals are not considered income; they do not affect your eligibility for income-tested government benefits or tax credits
  • Can hold many of the same investments as RRSPs

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