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Tax free savings account in Canada

by Guest2557 | 12 years, 9 month(s) ago

Tax free savings account in Canada - Tax-Free Savings Account introduced by the Government of Canada in the 2008 Budget is welcomed by the Minister of Finance Jim Flaherty and Minister of National Revenue and Minister of State (Agriculture) Jean-Pierre Blackburn.

Tax free savings account allows Canadians age 18 or above to contribute maximum of $5,000 per year to the Tax free savings account (TFSA) both the investment income in Tax free savings account and withdrawals from it are tax free.

Both the old and the young don’t have to worry about any current plans or benefits; Neither income earned within a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit.

Tags: account, Canada, free, savings, tax

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Guest5709

There is no such a thing as tax free saving, there must be some fine print that says you pay some sorts of fees, which would add up to the amount of tax anyways.
Report (0) (0) | 12 years, 9 month(s) ago