Tax-Free Savings Accounts (TFSA)
GPTKB entity
Properties (44)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
savings account
|
| gptkbp:age |
18 years or older
|
| gptkbp:benefits |
investment diversification
flexibility in withdrawals emergency fund savings for retirement long-term savings strategy no impact on tax credits short-term savings strategy |
| gptkbp:contribution |
increases each year
$6,000 anytime within limits |
| gptkbp:country |
gptkb:Canada
|
| gptkbp:deployedTo |
tax-free
|
| gptkbp:financials |
stocks
mutual funds investment firms bonds credit unions GICs tax-free growth offered by banks important for retirement planning important for tax strategy important for wealth accumulation not tax-deductible contributions |
| gptkbp:forward |
unused contribution room
|
| gptkbp:governs |
gptkb:Canada_Revenue_Agency
|
| gptkbp:hasContribution |
1% per month
|
| https://www.w3.org/2000/01/rdf-schema#label |
Tax-Free Savings Accounts (TFSA)
|
| gptkbp:impact |
does not affect federal benefits
|
| gptkbp:introduced |
2009
|
| gptkbp:investmentFocus |
ETFs
real estate investment trusts (REITs) high-interest savings accounts compounded tax-free |
| gptkbp:maxRange |
$81,500 (as of 2023)
|
| gptkbp:passenger_traffic |
no tax on withdrawals
|
| gptkbp:recordings |
must keep records of contributions
|
| gptkbp:rollingStock |
no rollover to RRSP
|
| gptkbp:submissionDeadline |
end of the calendar year
|
| gptkbp:takeoffDistance |
anytime
|
| gptkbp:transferFee |
can transfer between accounts
|
| gptkbp:uses |
used for various savings goals
|