The Tax Free Savings Account (TFSA) was officially made available to the Canadian public in January 2009. It is the most important personal savings vehicle introduced since the introduction of the Registered Retirement Savings Plan (RRSP). Below are 10 TFSA considerations:
1) If you are a Canadian resident, aged 18 years or older, you can save up to $5,000 every year in a TFSA.
2) If you cannot contribute $5,000 each year you are can carry forward the unused amount to future years.
3) Individuals can provide funds to their spouse or common-law partner to invest in their TFSA, up to the spouse’s or common-law partner’s available room.