Orooj Financial

1. What is TFSA?

TFSA or Tax-free Savings Account is a popular savings investment in Canada that allows you to save without being taxed on the growth of your investment when you withdraw your funds. You can use this investment for your retirement, holiday expenses, new car, health related emergencies or home renovations.

2. Who should consider TFSA?

Any Canadian SIN card holder of 18 years of age or above is eligible to open a TFSA.

3. Benefits of TFSA

TFSA is a highly recommended because of several benefits:

  • Flexible withdrawals
  • Tax-free investment 
  • No income required
  • No limit to lifetime contribution
  • No credit or impact on Federal Benefits
  • Eligible for life
  • Indefinite carry-forwards
  • Perfect choice for quick investment growth
 
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