What To Know About Tax Free Savings Account
Posted by Ken Richter on
When it comes to saving money and maximizing your investments, understanding the various financial tools available to you is crucial. One such tool that has gained popularity in recent years is the Tax-Free Savings Account (TFSA). Introduced in Canada in 2009, the TFSA offers individuals a way to save and invest money while enjoying tax advantages.
Here are the highlights of a TFSA:
- Tax-Free Growth and Withdrawals:
The primary benefit of a TFSA is that any income earned within the account, including capital gains, dividends, and interest, is tax-free. Unlike a traditional savings account, where interest is subject to taxation, the TFSA allows your investments to grow without incurring taxes. Additionally, any withdrawals made from the…
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