Tax-Free Savings Account (TFSA) is a flexible, registered and general-purpose savings medium for the individuals above 18 years to set money aside tax-free throughout their life. It also provides tax benefits for savings in Canada as contributions to TFSA are not deductible for income tax purposes even when withdrawn.

Canada Insurance Coverage, one of the best insurance companies from Toronto, can provide a Tax-Free Savings Account.

Tax-Free Savings Account includes mutual funds, Guaranteed Investment Certificates (GICs) and savings all in one account.

Major benefits of Tax-Free Savings Account (TFSA) are mentioned as under:

1. TFSA allows you to set money aside in eligible investments and watch those savings grow tax-free throughout your lifetime.

2. Interest, dividends and capital gains earned in a TFSA are tax-free for whole life.

3. You can withdraw from TFSA at any time, for any motive, and all withdrawals are tax-free

4. TFSA is an ideal investment medium to deposit your surplus pension income or Retirement Income Funds.

5. It also allows non-registered GIC interest income to permanently tax-shelter.

6. You need not to earn an income to contribute to a Tax-Free Savings Account.


Registered Investment





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