The Tax-Free Savings Account

What is the Tax-Free Savings Account? The TFSA is a savings account where your contributions or your earnings are tax-free. This type of account is available since 2009. You may deposit up to $5,000 a year in a TFSA. If you start contributing in a TFSA in 2011 and you do not make a contribution in 2012, the eligible amount for 2012 will be deferred to 2013. You will then be able to put $10,000 in that account. Take advantage of the TFSA to pay less income tax! And call me so I can help you to save money and to pay less income tax.

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