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Why open a Tax-free Savings Account

Tax-free Savings Account (TFSA) is a program designed to help Canadians save money.

1. You can contribute up to $5,500 each year, and you can carry forward the unused amounts to the following year.

2. You can use it for vacation, home car or whatever you want without tax penalty.

3. You can hold other investments in your TFSA account, like GICS, stocks, bonds, and mutual funds.

4. You can re-contribute the you take out this year the next year.

5. You have to be 18 year or older to participate.