TFSA (Tax Autonomous Of Charge of charge Savings Accounts) are a relatively fresh thought for Canadians. The mechanics are simple you can contribute $5,000 a year (every year since 2009) to the TFSA, the income earned on your contributions accumulates tax autonomous of charge and when you capture it outside of the plot you do not pay any income tax on the withdrawal. The plot is alike to the RRSP (Registered Retirement Savings Plot) with the huge difference that the contributions are not a deduction and therefore any withdrawals from the plot are not taxable.
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August 5, 2011
TFSA – What Is It And Should You Have One?
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