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What is a Tax-Free Savings Account (TFSA) and how does it work?
Here is some useful information about TFSAs:
- The TFSA is a government-registered account. It allows you to grow your savings tax-free, regardless of your annual income.
- Withdrawals are tax-free.
- Unused contribution room can be carried forward to future years.
- You can withdraw money from your TFSA at any time and for any purpose.
- You can contribute amounts withdrawn from your TFSA in the year following the withdrawal without reducing your contribution room.
- Neither income earned in a TFSA nor withdrawals from the account affect your entitlement to federal income-tested benefits or credits.
Read our article on TFSAs or visit the dedicated page on our National Bank website to learn more about TFSAs.