Tax Free Savings Accounts

Information About Tax-free Savings Accounts


What to know about this topic:


In the Comfort Life Spotlight


Doing Taxes

The Canadian government's Tax Free Savings Account, introduced in 2009, is a widely available tax-free savings vehicle that older adults should seriously consider. The greatest benefit is the ability to add money (up to your limit) and take out money with no tax deductions.

Canadian residents can deposit up to $5000 per year that the account has been open. That means that after three years that account can hold up to $15 000 without taxes being charged. That also means that if you are unable to deposit up to your limit you can roll-over that amount into the next year's total.

How this affects Canadian Seniors

There really is no downside to filling your Canadian Tax Free Savings account.

For more information:








Comfort Life is a division of Our Kids Media™ ©2002-2021   •   Disclaimer: Information presented on this page may be paid advertising provided by the retirement care advertisers and is not warranted or guaranteecd by ComfortLife.ca or its associated websites.  •   See Terms and Conditions.

The Comfort Life eNewsletter

Sign up today to receive tips and advice on retirement living, retirement communities, home care and other services.

First Name:
Email:
Postal Code

Comfort Life

*Bonus: sign up and immediately receive a free digital edition of Comfort Life Retirement Living Guide

100 pages, featuring the top retirement communities and care with expert advice on choosing, financing and making the move.


TOP