February 27, 2008
Tax-Free Savings Account
For information on the newly announced Tax-Free Savings Account (TFSA) in the Government of Canada Federal Budget 2008, please see our information page on the Tax Free Savings Account.
The 2008 federal budget announced the introduction of a Tax-Free Savings Account (TFSA). According to the Convervative government, it is “the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP)”.
The TFSA is similar to an RRSP. It is intended to help Canadians save money. The contributions you make to the TFSA are made with after-tax dollars but withdrawals are tax-free. So whether saving for a new car or a new house, tax-free savings may help you get there.
Posted by Taxes.ca Editorial Team [permalink]
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