Tax-Free Savings Account (TFSA)
TFSA applications are available for Manulife Mutual Funds. Sign up for a Tax-Free Savings Account and begin making contributions. Tax-Free Savings Accounts (TFSAs) were introduced for Canadian residents aged 18 years and older.
The TFSA may be suitable for nearly everyone: those who are starting to save, have taxable investments, are approaching retirement or are retired. Individuals may deposit up to $5,000 every year beginning in 2009 (will be indexed to inflation in subsequent years) into a TFSA. Savings can grow, and be withdrawn at any time, without incurring any tax*. And the money can be used for any purpose, for short-term goals like buying a new car, home renovations or longer-term retirement needs.
A few of the benefits of the TFSA:
- Save tax free and still have the flexibility to withdraw at any time for any purpose
- Choice from a wide range of investments
- No tax on any withdrawals from the TFSA
- All investment growth within the account is tax sheltered*