2016 Tax Free Savings Accounts

2016 Tax Free Savings Accounts

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Tax-free savings accounts are available for Canadian residents who are 18 years of age or older. The first tax year that they were available was 2009.
There is no deadline for contributions to a TFSA, as the unused contribution room is carried forward into the next year. However, a withdrawal in any year increases the TFSA room in the following calendar year. Thus, if you are thinking of making a withdrawal close to year end, make sure it is done by December 31st, in order to have the withdrawal amount added back to the TFSA room sooner.

For additional information in PDF format: 2016 TFSA summary


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Author: will

30+ year tax professional preparing individual tax returns for Canadians and non-residents of Canada.

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