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Tax Free Savings Account (TFSA)


There are many advantages to investing in a tax free savings account; the main advantage being that you can save your money tax-free. This money can be withdrawn at any time without being taxed, and it is not considered income earned for the year either.

There is a contribution limit of $6,000 for the tax year 2022 but any unused contribution room from previous years is carried over to the following years. Also, any amount withdrawn is added to your contribution room in the following years.

Eligibility:
- Must be a Canadian resident
- Must be 18 years of age or older
- Must have a Social Insurance Number (SIN)

TFSA vs RRSP





Tax deduction for contributions

Tax-free withdrawals

Tax-free growth

Annual contribution limit


Need earned income to contribute

Carry-forward of unused contribution room 

Contribution room restored after withdrawal

Minimum age for contribution

Maturity limit

Penalty for over-contributions

Spousal contributions

Impact on government benefits such as OAS and GIS

TFSA

No   

Yes

Yes

$5,500


No

Yes

Yes

Age 18

None

1% per month

Not subject to income attribution rules

No

RRSP

Yes

No

Tax deferred until withdrawn

18% of earned income up to an annual maximum (determined annually)

Yes

Yes

No

None

Age 71

1% per month

Income attribution rules apply

Yes
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2022 © Clark Financial Group is an insurance brokerage licensed to sell life insurance and investment products in Ontario, Canada.  Policy obligations are the sole responsibility of the issuing insurance company. Issuance of coverage is subject to underwriting by the respective insurance company. Please see policy documents for full terms, conditions, and exclusions. The logos and trademarks used here are owned by the respective entities. Refer to our Privacy Policy and Terms of Service sections for additional information.
  • Home
  • Our Services
    • RRSP
    • TFSA
    • Calculators
  • The Team
  • Contact Us
    • Mailing List