TFSA (Tax Free Savings Accounts) are a rather novel understanding for Canadians. The mechanics are easy you would possibly maybe presumably well be in a field to contribute $5,000 a twelve months (yearly since 2009) to the TFSA, the profits earned in your contributions accumulates tax free and whilst you snatch it out of the belief you beget now not pay any profits tax on the withdrawal. The belief is comparable to the RRSP (Registered Retirement Savings Thought) with the tall difference that the contributions have to now not a deduction and therefore any withdrawals from the belief have to now not taxable.
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