Canada’s Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income Continue reading “Tax-Free Savings Accounts”
Tag: RRSP
Registered Retirement Savings Plan, a Canadian program permitting retirement savings to be accumulated tax free until withdrawal, as well as deductible contributions to reduce tax payable.