Is one of the newest investment vehicles available to Canadians.
Your yearly TFSA limit is $5,000. Initial contributions, as well as the income earned in the account (investment income and capital gain) are tax-free, even if withdrawn.
If the maximum yearly limit of $5,000 is not met, you are permitted to add to this amount (Contribution Room) over and above the $5,000 the following year. This contribution room also applies if money has been withdrawn during the year.