A TFSA (tax-free savings account) is an investment account. This account helps you keep money aside to earn income without paying taxes to reach your savings goals.
Why open a TFSA?
As a tax-preferred account, a TFSA allows you to save more by not paying taxes on the income you earn. There’s no minimum balance for you to start investing.
With Neo, your goals, values, timelines, and risk tolerance are built into a custom portfolio designed with you at the heart of it.
Who can open a TFSA?
To open a TFSA, you need to:
- Be at least 18 years old
- Have a valid SIN
- Be a resident of Canada
TFSA contribution limit
The amount you can contribute to your tax-free savings account is limited. This limit is adjusted annually and can be found in your CRA account.
Exceeding this limit will have tax implications.