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Top 10 Things to Know about the Tax-Free Savings Account
- You can open a Tax-Free Savings Account if you are 18 years of age or older and a Canadian resident.
- The Tax-Free Savings Account lets you invest while not being taxed on interest or investment earnings.
- You can open savings accounts, GIC's and mutual funds tax-free.
- Unlike an RSP, money you put into your Tax-Free Savings Account cannot be deducted from your income on your tax return.
- You can contribute a maximum of $5,000 each year.
- If you take money out of your Tax-Free Savings Account, you don't lose the contribution room. You get it back in the following year.
- Just like an RSP, when you file your tax return each year, the government will determine your remaining available Tax-Free Savings Account contribution limit for the coming year. Any unused contribution room gets carried over to the following year.
- You can have more than one Tax-Free Savings Account and you can also have Tax-Free Savings Accounts with more than one financial institution. Just keep track of how much you've contributed so you don't exceed your limit.
- Unlike an RSP, you don't have to pay any tax on money you take out of your Tax-Free Savings Account, and withdrawals don't affect your ability to qualify for Federal benefits – so you're not penalized for saving.
- You can start saving tax-free with ING DIRECT today!