With a Tax-Free Savings Account (TFSA) the options are endless. In 2009, the Canadian Government introduced the opportunity to save more and faster regardless of what your needs may be. Whether saving for a house, car, further education, a vacation or additional retirement savings, one account allows your individual goals to be met.

Notable Features

  • A TFSA will allow savings without paying tax on any income or capital gains earned.
  • Up to $5,000 can be invested each year ($10,000) per couple. Any unused contribution room is carried forward indefinitely.
  • Withdrawals can be made at any time, for any need, but may not be replaced until the following calendar year.
  • TFSAs are transferable to your spouse/common-law partner upon death.
  • TFSAs will not affect eligibility for federal income tested benefits.

Whatever the need may be, savings is an aspect that affects every Canadian in a unique and individual way; and for over 85 years, we have provided Canadians with sound financial protection and peace of mind solutions to help you and your family for years to come.

How much will your tax savings be investing in a TFSA vs. a taxable account? Calculate your savings with the Government TFSA Calculator.

Equitable Life of Canada offers financial solutions for your life.