The Tax Free Savings Account (TFSA) is a flexible, registered account that currently provides an annual contribution limit of $5,500 (in 2017) to Canadian Residents 18 years of age or over. TFSAs became available in 2009, when the contribution limit was set at $5,000 annually. In 2013 the limit rose to $5,500 and the contribution limit was $10,000 for one year in 2015.

Unused contribution room is carried forward to future years. Furthermore, any amounts withdrawn from a TFSA in a given year may be added back to the TFSA as early as the following year – in addition to the normal contribution limit. For more information about TFSAs please call us at 613-236-9101.

Mutual Funds provided through FundEX Investments Inc.

© Scrivens Insurance and Investment Solutions 2017

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