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Saint John New Brunswick

Tax Free Savings Account

It's a great incentive for Canadians to save their money
and have the interest grow tax-free.
Call 506 214 5433.

Everyone can save! Any Canadian can open a TFSA if they've filed a tax return and are 18 years of age or older.
Earn without taxes! A TFSA lets you invest without being taxed on interest or investment earnings.
Contribution room grows. Initially, your annual contribution room is $5,000 in a calendar year. In future years, the federal government may increase the annual amount in $500 increments to recognize the impact of inflation.
If you don't use it, you won't lose it! Unused contribution room gets carried over to the next calendar year. There is no limit to how much contribution room can be carried forward.
Withdrawals don't impact contribution room. If you take money out of your TFSA, you don't lose the contribution room – you get it back in the following calendar year. Your contribution room for the next calendar year will increase to reflect the amount of your withdrawal.
Keep it simple, consolidate. While you can hold more than one TFSA across a number of financial institutions, you'll need to be careful not to over-contribute. Total contributions across all accounts can't exceed your accumulated contribution room. Each year you'll be assessed a 1% penalty on the amount you exceed your accumulated contribution room.
Keep what you earn! Unlike an RRSP, you don't deduct your TFSA contributions from income on a tax return. However, the earned interest or growth won't be taxed. And money you take out of your TFSA won't affect federal income-tested benefits and credits.
Help others save! TFSA contributions are made with after-tax dollars, so you can help your spouse or adult children in setting up their TFSAs. The interest they earn on this gift isn't taxable to you or them.
Why wait? We off an enhanced, short-term non-registered GIC rate right now! Your 2008 earnings will be taxable but the enhanced rate means your net return is comparable to a lower tax-free rate.



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